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AGCO Corp (AGCO) Invests in Greeneye, Boosts Crop Protection
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AGCO Corporation (AGCO - Free Report) made a 2.9% equity investment in Greeneye Technology in order to provide farmers with an advanced crop protection product.
Greeneye offers sustainable solutions to current crop protection methods to meet increasing global demand for food production while focused on boosting farmers’ productivity and profitability. The technology will persuade farmers to invest in more efficient crop protection products, which are cheaper than the broadcast method.
Greeneye is a developing leader in AI-enabled precision spraying technology that identifies and sprays individual weeds, and lowers chemical usage by up to 90% compared to standard broadcast spraying. It also aids farmers in controlling the increasing threat from herbicide-resistant weeds. Greeneye’s solution applies herbicides to emerged crops at commercial speeds of up to 20 km/h without reducing farmers’ productivity. The investment reinforces AGCO Corporation’s focus on farmer-first strategy to deliver best-in-class smart farming solutions, which improve the net farm income of its customers.
Recently, AGCO Corporation made an equity investment of 2.53% in Apex.AI, which develops safety-certified software for mobility and driverless cars. This investment aligns well with the company’s focus on developing value-added solutions for customers and helps open up avenues for driverless vehicles throughout the agriculture and automotive industries.
AGCO Corporations’ investment initiatives reflect a positive market response to its technology-focused products, which are likely to drive sales growth across all regions. The company continues to invest in products, premium technology and smart farming solutions to improve distribution and enhance digital capabilities to drive margins and strengthen product offerings. These improvements will support its investments in precision agriculture and digital initiatives. The company continues to make investments to upgrade system capabilities, expand product lines and improve factory productivity.
AGCO Corporation is benefiting from higher farm income, driven by upbeat agriculture commodity prices, which is encouraging farmers to invest in farm equipment. It expects 2021 sales and earnings to grow on robust end-market demand and strong farm prospects. Net sales for the ongoing year are projected at $10.9-$11.1 billion. In 2020, the company reported net sales of $9.15 billion. The upbeat guidance suggests improved sales volumes, positive pricing and favorable impacts of foreign-currency translation. The company anticipates adjusted earnings per share (EPS) for the current year in the band of $8.75-$9.00. It reported an adjusted EPS of $5.61 in 2020.
Price Performance
AGCO Corporation’s shares have gained 15.4% in the past year compared with the industry’s growth of 23.6%.
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Zacks Rank and Stocks to Consider
AGCO Corporation currently carries a Zacks Rank #3 (Hold).
SiteOne Landscape has an estimated earnings growth rate of around 77.2% for the current year. In the past 30 days, the Zacks Consensus Estimate for current-year earnings has been revised upward by 14%.
In a year’s time, the company’s shares have increased 68%. SiteOne Landscape has a trailing four-quarter earnings surprise of 130.9%, on average.
A. O. Smith has an expected earnings growth rate of around 35% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised upward by 1% in the past 30 days.
A. O. Smith’s shares have surged 44% in a year’s time. The company has a trailing four-quarter earnings surprise of 16.8%, on average.
ScanSource has a projected earnings growth rate of around 19% for 2021. The Zacks Consensus Estimate for current-year earnings has been revised upward by 1% in the past 30 days.
The company’s shares have appreciated 23% in the past year. ScanSource has a trailing four-quarter earnings surprise of 34.6%, on average.
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AGCO Corp (AGCO) Invests in Greeneye, Boosts Crop Protection
AGCO Corporation (AGCO - Free Report) made a 2.9% equity investment in Greeneye Technology in order to provide farmers with an advanced crop protection product.
Greeneye offers sustainable solutions to current crop protection methods to meet increasing global demand for food production while focused on boosting farmers’ productivity and profitability. The technology will persuade farmers to invest in more efficient crop protection products, which are cheaper than the broadcast method.
Greeneye is a developing leader in AI-enabled precision spraying technology that identifies and sprays individual weeds, and lowers chemical usage by up to 90% compared to standard broadcast spraying. It also aids farmers in controlling the increasing threat from herbicide-resistant weeds. Greeneye’s solution applies herbicides to emerged crops at commercial speeds of up to 20 km/h without reducing farmers’ productivity. The investment reinforces AGCO Corporation’s focus on farmer-first strategy to deliver best-in-class smart farming solutions, which improve the net farm income of its customers.
Recently, AGCO Corporation made an equity investment of 2.53% in Apex.AI, which develops safety-certified software for mobility and driverless cars. This investment aligns well with the company’s focus on developing value-added solutions for customers and helps open up avenues for driverless vehicles throughout the agriculture and automotive industries.
AGCO Corporations’ investment initiatives reflect a positive market response to its technology-focused products, which are likely to drive sales growth across all regions. The company continues to invest in products, premium technology and smart farming solutions to improve distribution and enhance digital capabilities to drive margins and strengthen product offerings. These improvements will support its investments in precision agriculture and digital initiatives. The company continues to make investments to upgrade system capabilities, expand product lines and improve factory productivity.
AGCO Corporation is benefiting from higher farm income, driven by upbeat agriculture commodity prices, which is encouraging farmers to invest in farm equipment. It expects 2021 sales and earnings to grow on robust end-market demand and strong farm prospects. Net sales for the ongoing year are projected at $10.9-$11.1 billion. In 2020, the company reported net sales of $9.15 billion. The upbeat guidance suggests improved sales volumes, positive pricing and favorable impacts of foreign-currency translation. The company anticipates adjusted earnings per share (EPS) for the current year in the band of $8.75-$9.00. It reported an adjusted EPS of $5.61 in 2020.
Price Performance
AGCO Corporation’s shares have gained 15.4% in the past year compared with the industry’s growth of 23.6%.
Zacks Rank and Stocks to Consider
AGCO Corporation currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Industrial Products sector include SiteOne Landscape Supply (SITE - Free Report) , A. O. Smith Corporation (AOS - Free Report) and ScanSource, Inc. (SCSC - Free Report) . While SITE and AOS flaunt a Zacks Rank #1 (Strong Buy), SCSC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SiteOne Landscape has an estimated earnings growth rate of around 77.2% for the current year. In the past 30 days, the Zacks Consensus Estimate for current-year earnings has been revised upward by 14%.
In a year’s time, the company’s shares have increased 68%. SiteOne Landscape has a trailing four-quarter earnings surprise of 130.9%, on average.
A. O. Smith has an expected earnings growth rate of around 35% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised upward by 1% in the past 30 days.
A. O. Smith’s shares have surged 44% in a year’s time. The company has a trailing four-quarter earnings surprise of 16.8%, on average.
ScanSource has a projected earnings growth rate of around 19% for 2021. The Zacks Consensus Estimate for current-year earnings has been revised upward by 1% in the past 30 days.
The company’s shares have appreciated 23% in the past year. ScanSource has a trailing four-quarter earnings surprise of 34.6%, on average.