Yahoo Finance AGCO Corp (AGCO) Joins Innova to Support Modernized Farming
AGCO Corp. AGCO announced that it invested in the Innova Ag Innovation Fund VI of venture capital firm, Innova Memphis. This move is consistent with AGCO's strategy to support the next generation of farming with modern technologies that offer a more automated, digitized, and sustainable future for agriculture.
The transaction marks the first fund investment executed by AGCO Ventures, AGCO's recently launched corporate venture capital initiative.
The Innova team strongly supports early-stage entrepreneurs who are reinventing agriculture. AGCO plans to use this collaboration to capitalize on Innova's expertise in finding and developing high-potential entrepreneurs for agricultural technology. The partnership will gain from AGCO’s industry expertise and Innova’s vision for a technologically advanced farming future and revitalized rural economies.
AGCO has been active on the investment front. It will continue to invest in products, premium technology and sustainable smart farming solutions to improve distribution, enhance digital capabilities, expand product lines and improve factory productivity in order to drive margins and strengthen product offerings.
AGCO delivered an adjusted earnings per share of $2.32 in first-quarter 2024 compared with the prior-year quarter’s $3.51. The reported figure topped the Zacks Consensus Estimate of $2.29.
Revenues decreased 12.1% year over year to $2.93 billion in the March-end quarter. The top line missed the Zacks Consensus Estimate of $2.99 billion. Excluding the favorable currency-translation impacts of 1%, net sales fell 13.1% year over year.
Price Performance
The company’s shares have lost 0.1% in the past year against the industry’s growth of 250%.
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Zacks Rank & Stocks to Consider
AGCO currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the Industrial Products sector are Intellicheck, Inc. IDN, Applied Industrial Technologies AIT and ACCO Brands Corporation ACCO. IDN currently sports a Zacks Rank #1 (Strong Buy), and AIT and ACCO carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Intellicheck’s 2024 earnings is pegged at 2 cents per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 28.9%. IDN shares have gained 13.7% in the past year.
Applied Industrial has an average trailing four-quarter earnings surprise of 8.2%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.62 per share, which indicates year-over-year growth of 9.9%. Estimates have moved north by 2% in the past 60 days. The company’s shares have gained 60.1% in the past year.
The Zacks Consensus Estimate for ACCO Brands’ 2024 earnings is pegged at $1.07 per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 25.9%. ACCO shares have gained 1.5% in the past year.
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