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AGCO Corp (AGCO) Buys 2.53% Stake in Software Company Apex.AI
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AGCO Corporation (AGCO - Free Report) recently made an equity investment of 2.53% in Apex.AI, which develops safety-certified software for mobility and driverless cars.
Apex.AI’s software products enable solutions providers to easily implement safety-critical software into on-road and off-road vehicles. The company’s innovative software allows its customers to focus on developing applications with Apex.AI offering a strong development infrastructure.
Last year, Apex.AI unveiled its first high-quality product Apex.OS for driverless vehicles and achieved functional safety certification. Following this, the company launched its Apex.Middleware product, which integrates communication requirements for all vehicles while allowing the future deployments of driverless vehicles.
The latest investment supports AGCO Corporation’s focus on developing value-added solutions for customers and helps to open up opportunities for driverless vehicles throughout the agriculture and automotive industries.
AGCO Corporation 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.
Positive market response to the company’s technology-focused products is fueling AGCO Corporation’s sales growth and margin expansion across all regions. It 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 the company’s investments in precision agriculture and digital initiatives. It also 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.
Price Performance
AGCO Corporation’s shares have gained 22.5% in the past year compared with the industry’s growth of 30.7%.
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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) Buys 2.53% Stake in Software Company Apex.AI
AGCO Corporation (AGCO - Free Report) recently made an equity investment of 2.53% in Apex.AI, which develops safety-certified software for mobility and driverless cars.
Apex.AI’s software products enable solutions providers to easily implement safety-critical software into on-road and off-road vehicles. The company’s innovative software allows its customers to focus on developing applications with Apex.AI offering a strong development infrastructure.
Last year, Apex.AI unveiled its first high-quality product Apex.OS for driverless vehicles and achieved functional safety certification. Following this, the company launched its Apex.Middleware product, which integrates communication requirements for all vehicles while allowing the future deployments of driverless vehicles.
The latest investment supports AGCO Corporation’s focus on developing value-added solutions for customers and helps to open up opportunities for driverless vehicles throughout the agriculture and automotive industries.
AGCO Corporation 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.
Positive market response to the company’s technology-focused products is fueling AGCO Corporation’s sales growth and margin expansion across all regions. It 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 the company’s investments in precision agriculture and digital initiatives. It also 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.
Price Performance
AGCO Corporation’s shares have gained 22.5% in the past year compared with the industry’s growth of 30.7%.
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.