AGCO (NYSE:AGCO) Announces Quarterly Earnings Results, Misses Expectations By $0.25 EPS

AGCO (NYSE:AGCOGet Free Report) released its quarterly earnings results on Tuesday. The industrial products company reported $3.78 EPS for the quarter, missing analysts’ consensus estimates of $4.03 by ($0.25), Briefing.com reports. AGCO had a net margin of 7.96% and a return on equity of 29.50%. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the firm earned $4.47 earnings per share. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. AGCO updated its FY 2024 guidance to 13.150-13.150 EPS and its FY24 guidance to $13.15 EPS.

AGCO Price Performance

Shares of AGCO stock opened at $117.91 on Thursday. The company has a quick ratio of 0.72, a current ratio of 1.62 and a debt-to-equity ratio of 0.44. AGCO has a twelve month low of $109.81 and a twelve month high of $145.53. The business has a 50-day moving average price of $119.69 and a 200 day moving average price of $120.48. The firm has a market cap of $8.83 billion, a PE ratio of 7.66, a P/E/G ratio of 1.49 and a beta of 1.35.

AGCO Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Thursday, February 15th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $1.16 dividend on an annualized basis and a yield of 0.98%. AGCO’s dividend payout ratio (DPR) is 7.54%.

Hedge Funds Weigh In On AGCO

Institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP boosted its holdings in shares of AGCO by 278.0% during the 2nd quarter. Quarry LP now owns 189 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 139 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of AGCO during the 2nd quarter worth approximately $36,000. Covington Capital Management boosted its holdings in shares of AGCO by 227.8% during the 3rd quarter. Covington Capital Management now owns 377 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 262 shares during the last quarter. Coppell Advisory Solutions LLC purchased a new stake in shares of AGCO during the 2nd quarter valued at approximately $51,000. Finally, Fortis Capital Advisors LLC purchased a new stake in shares of AGCO during the 1st quarter valued at approximately $59,000. Hedge funds and other institutional investors own 75.39% of the company’s stock.

Analyst Upgrades and Downgrades

AGCO has been the topic of a number of analyst reports. StockNews.com raised AGCO from a “hold” rating to a “buy” rating in a research note on Thursday, February 1st. Oppenheimer reiterated an “outperform” rating and issued a $153.00 price objective on shares of AGCO in a research report on Wednesday, December 6th. Stifel Nicolaus dropped their price target on AGCO from $160.00 to $153.00 and set a “buy” rating on the stock in a research report on Tuesday, December 19th. JPMorgan Chase & Co. lifted their price objective on AGCO from $142.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, December 4th. Finally, Citigroup lowered their price objective on AGCO from $152.00 to $150.00 and set a “buy” rating for the company in a research note on Friday, October 13th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $146.40.

Read Our Latest Stock Report on AGCO

About AGCO

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AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. It offers horsepower tractors for row crop production, soil cultivation, planting, land leveling, seeding, and commercial hay operations; utility tractors for small- and medium-sized farms, as well as for dairy, livestock, orchards, and vineyards; and compact tractors for small farms, specialty agricultural industries, landscaping, equestrian, and residential uses.

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Earnings History for AGCO (NYSE:AGCO)

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