Scotiabank Trims Ag Growth International (TSE:AFN) Target Price to C$35.00

Ag Growth International (TSE:AFN) had its price target trimmed by Scotiabank from C$43.00 to C$35.00 in a report issued on Friday morning, BayStreet.CA reports.

Several other brokerages also recently issued reports on AFN. Royal Bank of Canada upped their price objective on shares of Ag Growth International from C$35.00 to C$45.00 and gave the company an outperform rating in a research note on Monday, August 17th. National Bank Financial upped their price objective on shares of Ag Growth International from C$35.00 to C$37.00 and gave the company an outperform rating in a research note on Monday, June 15th. Finally, Raymond James downgraded shares of Ag Growth International from an outperform rating to a market perform rating and reduced their price objective for the company from C$50.00 to C$40.00 in a research note on Wednesday, September 16th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of C$44.29.

Shares of TSE AFN opened at C$29.57 on Friday. Ag Growth International has a 12-month low of C$15.00 and a 12-month high of C$48.07. The company has a market capitalization of $553.23 million and a PE ratio of -12.09. The company has a debt-to-equity ratio of 273.01, a current ratio of 1.72 and a quick ratio of 0.91. The firm’s 50-day moving average is C$34.20 and its two-hundred day moving average is C$28.50.

Ag Growth International (TSE:AFN) last announced its quarterly earnings results on Wednesday, August 12th. The company reported C$0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.43 by C$0.20. The business had revenue of C$261.42 million during the quarter, compared to analysts’ expectations of C$253.78 million. On average, analysts forecast that Ag Growth International will post 2.6818059 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.03%. The ex-dividend date is Tuesday, September 29th. Ag Growth International’s dividend payout ratio (DPR) is -79.75%.

In related news, Senior Officer Steven Robert Sommerfeld sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of C$37.05, for a total transaction of C$1,852,500.00. Following the completion of the transaction, the insider now owns 26,167 shares of the company’s stock, valued at C$969,487.35. Also, Director Gary Keith Anderson sold 7,235 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of C$37.00, for a total transaction of C$267,695.00. Following the transaction, the director now directly owns 41,938 shares of the company’s stock, valued at approximately C$1,551,706. Insiders have sold 78,150 shares of company stock valued at $2,895,491 in the last ninety days.

About Ag Growth International

Ag Growth International Inc, together with its subsidiaries, manufactures and distributes grain handling, storage, and conditioning equipment in Canada, the United States, and internationally. The company offers portable handling equipment, such as portable augers, portable belt conveyors, grainvacs, and storm seed treaters; and permanent handling equipment, including TA tapered auger vertical blend systems, high-tonnage conveying systems, distributors, bulk weigh hoppers, enclosed belt conveyors, bucket elevators, rail and truck probes, VIS micro dosing systems, chain conveyors, truss and towers, screw feeders and conveyors, and spout and connections.

Further Reading: What do investors mean by earnings per share?

Analyst Recommendations for Ag Growth International (TSE:AFN)

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