Ag Growth International (TSE:AFN) Trading Down 32.6% Following Analyst Downgrade

Ag Growth International Inc. (TSE:AFN)’s stock price dropped 32.6% during mid-day trading on Wednesday after Raymond James Financial downgraded the stock from an outperform rating to a market perform rating. Raymond James Financial now has a C$30.00 price target on the stock, down from their previous price target of C$52.00. Ag Growth International traded as low as C$13.60 and last traded at C$16.96. Approximately 633,807 shares traded hands during mid-day trading, an increase of 380% from the average daily volume of 132,155 shares. The stock had previously closed at C$25.16.

A number of other analysts have also recently weighed in on AFN. Royal Bank Of Canada boosted their price target on Ag Growth International from C$25.00 to C$30.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 13th. Desjardins cut their price objective on Ag Growth International from C$47.00 to C$40.00 and set a “buy” rating on the stock in a research note on Monday, January 12th. National Bank Financial lowered Ag Growth International from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from C$39.00 to C$24.00 in a report on Wednesday. ATB Cormark Capital Markets set a C$36.00 price target on Ag Growth International and gave the company an “outperform” rating in a report on Wednesday. Finally, TD Securities set a C$41.00 price objective on shares of Ag Growth International and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of C$33.63.

Ag Growth International Price Performance

The firm has a market cap of C$321.63 million, a P/E ratio of -35.63, a price-to-earnings-growth ratio of 1.30 and a beta of 0.52. The stock’s 50-day moving average is C$28.20 and its 200-day moving average is C$29.24. The company has a quick ratio of 0.84, a current ratio of 1.70 and a debt-to-equity ratio of 307.12.

Ag Growth International (TSE:AFN) last issued its quarterly earnings results on Wednesday, March 25th. The company reported C($2.62) earnings per share for the quarter. The company had revenue of C$395.77 million during the quarter. Ag Growth International had a negative net margin of 0.66% and a negative return on equity of 3.11%. As a group, equities analysts anticipate that Ag Growth International Inc. will post 6.5761006 EPS for the current fiscal year.

Ag Growth International Company Profile

Ag Growth International Inc manufactures portable and stationary grain handling, storage, and conditioning equipment, including augers, belt conveyors, grain storage bins, grain handling accessories, grain aeration equipment, and grain drying systems. The company operates mainly in Portable handling, permanent handling, storage and conditioning, livestock, and manufacturing sectors. Some of its brands are batco, wheatheart, westfield, storm, rem, hi roller, union iron, hsi, tramco, ptm, vis, nuvision, twister, grain guard, airlanco, westeel, frame, and entringer.