AGCO Corp (NYSE:AGCO), Agrium Inc (TO:AGU), Potash Corp of Sask (NYSE:POT), Caterpillar (NYSE:CAT)

One of the big sectors to fall last quarter were Agricultural stocks, many of which are must owns for 2012.

Company Sector

AGCO Corp (NYSE:AGCO) Equipment

AGCO Corporation (AGCO), incorporated in April 1991, is a manufacturer and distributor of agricultural equipment and related replacement parts worldwide. The Company sells a range of agricultural equipment, including tractors, combines, self-propelled sprayers, hay tools, forage equipment and implements, and a line of diesel engines. AGCO's products are marketed under a number of brands, including Challenger, Fendt, Massey Ferguson and Valtra. The Company operates through four segments: North America; South America; Europe/Africa/Middle East, and Rest of World. The Rest of World reportable segment includes the regions of Eastern Europe, Asia, Australia and New Zealand. On December 15, 2010, AGCO acquired Sparex Holding Ltd, (Sparex). On January 3, 2011, the Company acquired 50% of AGCO-Amity JV, LLC (AGCO-Amity JV).

AGCO distributes its products through 2,650 independent dealers and distributors in more than 140 countries. In addition, AGCO provides retail financing in the United States, Canada, Brazil, Germany, France, the United Kingdom, Australia, Ireland and Austria, through its retail finance joint ventures with Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank).

Tractors

AGCO's compact tractors (under 40 horsepower) are used on small farms and in specialty agricultural industries, such as dairies, landscaping and residential areas. The Company also offers a range of tractors in the utility tractor category (40 to 100 horsepower), including two-wheel and all-wheel drive versions. Its utility tractors are used on small- and medium-sized farms and in specialty agricultural industries, including dairy, livestock, orchards and vineyards. In addition, AGCO offers a range of tractors in the high horsepower segment (primarily 100 to 585 horsepower). High horsepower tractors are used on larger farms and on cattle ranches for hay production. During the year ended December 31, 2010, tractors accounted for approximately 68% of its net sales.

Combines

The Company's combines are sold with a range of threshing technologies. During 2010, combines accounted for approximately 6% of its net sales. The Company's 50% investment in Laverda S.p.A. (Laverda), which is an operating joint venture between AGCO and the Italian ARGO group, is located in Breganze, Italy and manufactures harvesting equipment. In addition to producing Laverda branded combines, the Breganze factory manufactures mid-range combine harvesters for its Massey Ferguson, Fendt and Challenger brands for distribution in Europe, Africa and the Middle East.

Application Equipment

AGCO offers self-propelled, three- and four-wheeled vehicles and related equipment for use in the application of liquid and dry fertilizers and crop protection chemicals. The Company manufactures chemical sprayer equipment for use both prior to planting crops and after crops emerge from the ground. The Company also manufactures related equipment, including vehicles used for waste application that are designed for subsurface liquid injection and surface spreading of biosolids, such as sewage sludge and other farm or industrial waste. During 2010, application equipment accounted for approximately 4% of its net sales.

Hay Tools and Forage Equipment, Implements, Engines and Other Products

AGCO's hay tools and forage equipment include both round and rectangular balers, self-propelled windrowers, disc mowers, spreaders and mower conditioners and are used for the harvesting and packaging of vegetative feeds used in the beef cattle, dairy, horse and alternative fuel industries. It also distributes a range of implements, planters and other equipment for its product lines. Tractor-pulled implements are used in field preparation and crop management. Implements include disc harrows, which improve field performance by cutting through crop residue, leveling seed beds and mixing chemicals with the soil; heavy tillage, which break up soil and mix crop residue into topsoil, with or without prior discing, and field cultivators, which prepare a smooth seed bed and destroy weeds. Tractor-pulled planters apply fertilizer and place seeds in the field. Other equipment primarily includes loaders, which are used for lifting and transporting hay crops.

The Company provides a range of precision farming technologies that are developed, manufactured and distributed worldwide. AGCO also offers other advanced technology precision farming products that gather information, such as yield data, allowing its customers to produce yield maps for the purpose of maximizing planting and fertilizer applications. Many of the Company's tractors, combines, planters and sprayers are equipped with these precision farming technologies at the customer's option. Its AGCO Sisu Power engines division produces diesel engines, gears and generating sets. The diesel engines are manufactured for use in Valtra tractors and certain other branded tractors, combines and sprayers, as well as for sale to third parties. The engine division specializes in the manufacturing of off-road engines in the 50 to 500 horsepower range. During 2010, hay tools and forage equipment, implements, engines and other products accounted for approximately 7% of its net sales.

Replacement Parts

In addition to sales of new equipment, AGCO sells replacement parts for all of the products it sells. During 2010, replacement parts accounted for approximately 15% of the Company's net sales.

Europe

The Company markets and distributes farm machinery, equipment and replacement parts to farmers in European markets, through a network of approximately 1,100 independent dealers and distributors. AGCO also sells Valtra tractors and parts directly to the end user. Its tractor manufacturing operations in Europe are located in Suolahti, Finland; Beauvais, France, and Marktoberdorf, Germany. During 2010, sales in Europe accounted for approximately 47% of its net sales.

North America

AGCO markets and distributes farm machinery, equipment and replacement parts to farmers in North America, through a network of approximately 950 independent dealers. AGCO's manufacturing operations in North America are located in Beloit, Kansas; Hesston, Kansas; Jackson, Minnesota, and Queretaro, Mexico. During 2010, sales in North America accounted for approximately 22% of its net sales.

South America

The Company markets and distributes farm machinery, equipment and replacement parts to farmers in South America through different networks. In Brazil and Argentina, AGCO distributes products directly to approximately 325 independent dealers. Outside of Brazil and Argentina, the Company sells its products in South America through independent distributors. The Company's manufacturing operations in South America are located in Brazil. In Canoas, Rio Grande do Sul, Brazil. During 2010, sales in South America accounted for approximately 25% of its net sales.

Rest of the World

Outside Europe, North America and South America, AGCO operates primarily through a network of approximately 275 independent dealers and distributors, as well as associates and licensees, marketing its products and providing customer service support in approximately 85 countries in Africa, the Middle East, Australia and Asia. During 2010, sales outside Europe, North America and South America accounted for approximately 6% of its net sales.

The Company competes with Deere & Company and CNH Global N.V.

Valuation Ratios


CompanyIndustrySectorS&P 500
P/E Ratio (TTM)22.0219.5314.6517.44
P/E High - Last 5 Yrs.28.20253.4267.0093.43
P/E Low - Last 5 Yrs.5.9712.1014.3012.34

Beta1.781.391.131.29

Price to Sales (TTM)0.691.931.392.21
Price to Book (MRQ)1.762.401.053.07
Price to Tangible Book (MRQ)2.573.451.425.48
Price to Cash Flow (TTM)14.6816.8913.1357.86
Price to Free Cash Flow (TTM)17.5625.0632.6959.57

% Owned Institutions----

Dividends


CompanyIndustrySectorS&P 500
Dividend Yield-1.231.341.76
Dividend Yield - 5 Year Avg.0.001.521.182.47
Dividend 5 Year Growth Rate-7.149.24-4.32

Payout Ratio(TTM)0.0021.5511.5445.12

Growth Rates


CompanyIndustrySectorS&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago18.6519.3912.109.93
Sales (TTM) vs TTM 1 Yr. Ago5.8315.117.2910.61
Sales - 5 Yr. Growth Rate4.823.357.987.50

EPS (MRQ) vs Qtr. 1 Yr. Ago149.37195.00132.4876.69
EPS (TTM) vs TTM 1 Yr. Ago58.23---
EPS - 5 Yr. Growth Rate45.70-5.7912.774.75

Capital Spending - 5 Yr. Growth Rate13.589.0115.833.53

Agrium Inc (TO:AGU) Fertilizer

Agrium Inc. (Agrium), incorporated on December 21, 1992, is a global producer and marketer of agricultural products. The Company operates through its three business units: Retail, Wholesale and Advanced Technologies (AAT). Retail operates in North and South America and Australia and sells crop nutrients, crop protection products, seed and services directly to growers; Wholesale operates in North and South America and Europe producing, marketing and distributing three primary groups of nutrients, which includes nitrogen, potash and phosphate for agricultural and industrial customers worldwide, and Advanced Technologies produces and markets controlled-release crop nutrients and micronutrients in the broad-based agriculture, specialty agriculture, professional turf, horticulture, and consumer lawn and garden markets worldwide.

Retail

Agrium Retail provides growers with crop input products and services needed for customer's crop yields. The Company is the agricultural retailer in the United States with approximately 750 retail branches across the country. The Company also operates in Australia and Argentina with its ongoing operations in Uruguay and Chile. Crop protection products include variety of herbicide, fungicide, adjuvant and insecticide products.

The Company is a distributor of crop protection products in the United States. It purchases both brand name and generic products from suppliers. As of December 31, 2010, it markets approximately 200 branded products under the Loveland Products, Inc. (LPI) brand name across approximately 30 countries. The Company owns and operates four blending and formulation facilities in Greeley, Colorado; Billings, Montana; Greenville, Mississippi, and Casilda, Argentina. Agrium's private label seed products are distributed under the brand name Dyna-Gro. Agrium offers services, such as product application, soil and leaf tissue testing and analysis, as well as crop scouting. Agrium offers services such as product application, soil and leaf tissue testing and analysis, as well as crop scouting.

On December 3, 2010, the Company acquired 100% of AWB Limited (AWB), an agribusiness operating in Australia. AWB is consists of Landmark, the agricultural retailer of crop inputs, and the Commodity Management business. During the year ended December 31, 2010, the Company acquired additional 40 retail branches. During 2010, the Company acquired 14 retail branches in Western Canada. In June 2010, the Company acquired Agroservicios Pampeanos purchased 24 retail farm centers and one crop protection formulation facility from DuPont in Argentina that raised the number of retail farm centers in South America to 51 facilities. During 2010, Crop Production Services (Canada) purchased another 26 retail branches in Western Canada, most of which are located in Saskatchewan. Crop Production Services (CPS) acquired four retail branches in Texas and Kansas. In November 2010, CPS acquired 19 retail branches and three terminals from Kentucky-based Miles Farm Supply.

Wholesale

Agrium owns and operates five major nitrogen facilities in North America, a 50% joint venture interest in a nitrogen facility in South America, as well as five facilities in North America that upgrade ammonia to other nitrogen products, such as urea ammonium nitrate (UAN) and nitric acid. The Company also owns a 26% equity position in an Egyptian nitrogen plant. On July 1, 2010, Agrium acquired the remaining 30% non-controlling interest in Agrium Europe S.A. Agrium Europe purchases, sells, and distributes approximately 2.5 million metric tons of fertilizer, including sales to cooperatives, merchants and, in some instances, directly to the grower. Egyptian Nitrogen Products Company S.A.E. (ENPC), a wholly owned subsidiary of Misr Fertilizers Production Company S.A.E., in which Agrium owns a 26% stake.

Agrium produces muriate of potash (MOP) at its facility in Vanscoy, Saskatchewan. During December 2010, the Company sold approximately 60% of its sales volumes within North America and exported the other 40% to international markets. At its facility in Conda, Idaho, the Company produces monoammonium phosphate (MAP) and superphosphoric acid (SPA) products, which it primarily sells in the northwestern United States.

Its Redwater, Alberta facility produces MAP primarily for distribution in Western Canada. The Company's other wholesale product group is mainly consists of ammonium sulfate products produced in Western Canada and in its Rainbow Plant Food (Rainbow) business, which produces NPK products in the south-eastern United states Ammonium sulfate fertilizer contains both nitrogen and sulfur and

Agrium Advanced Technologies

During 2010, the Company began manufacturing its NITROFORM slow-release fertilizer product line at its production facility in Courtright, Ontario. AAT tailors its branded products to specific markets and end use customers. The Company's agriculture market brands include ESN and UltraYield Micronutrients. Its specialty agriculture market brands include Smart Nutrition, Polyon, Duration and ESN. Its professional turf market it provides branded specialty fertilizer products with slow-release or controlled-release technologies suitable for golf course turf, lawn care and sport field applications, such as XCU, Polyon, Duration, Nutralene, Nitroform and AMP, and associated branded professional products (ProTurf, Nu-Gro, Nu-Spec) in Canada. AAT also markets Precise controlled release plant protection for turf. Horticulture products and blends designed specifically for the nursery market, and markets brands include Polyon, Duration and Nitroform. Its Consumer Lawn and Garden market brands include Polyon, Duration, Nutralene and XCU.

Valuation Ratios


CompanyIndustrySectorS&P 500
P/E Ratio (TTM)19.0617.7525.6317.44
P/E High - Last 5 Yrs.99.7233.8084.7093.43
P/E Low - Last 5 Yrs.4.106.1426.6412.34

Beta1.491.111.211.29

Price to Sales (TTM)1.322.702.462.21
Price to Book (MRQ)2.601.932.783.07
Price to Tangible Book (MRQ)6.132.022.915.48
Price to Cash Flow (TTM)16.1513.2223.5157.86
Price to Free Cash Flow (TTM)85.7414.4026.2059.57

% Owned Institutions----

Dividends


CompanyIndustrySectorS&P 500
Dividend Yield0.121.260.991.76
Dividend Yield - 5 Year Avg.0.191.501.462.47
Dividend 5 Year Growth Rate0.0016.4017.24-4.32

Payout Ratio(TTM)2.3310.4013.6045.12

Growth Rates


CompanyIndustrySectorS&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago62.6915.3041.909.93
Sales (TTM) vs TTM 1 Yr. Ago15.2423.5921.6110.61
Sales - 5 Yr. Growth Rate26.1414.4813.617.50

EPS (MRQ) vs Qtr. 1 Yr. Ago479.6557.3885.3176.69
EPS (TTM) vs TTM 1 Yr. Ago98.54---
EPS - 5 Yr. Growth Rate17.9115.5024.764.75

Capital Spending - 5 Yr. Growth Rate20.3022.5320.203.53

The Andersons (NASDAQ:ANDE) Grain Processor

The Andersons, Inc. is an entrepreneurial, customer-focused company with interests in the agriculture and transportation markets. The Company operates in five business segments: Grain & Ethanol, Rail Group, Plant Nutrient Group, Turf & Specialty Group, and Retail Group. In August 2009, the Company completed the acquisition of the assets of the fertilizer division of Hartung Brothers, Inc. (HBI).

The Grain & Ethanol Group purchases and merchandises grain operates grain elevator facilities located in Ohio, Michigan, Indiana and Illinois and invests in and provides management and corn origination services to ethanol production facilities. The Group also has an investment in Lansing Trade Group LLC, an international trading company focused on the movement of physical commodities, trading in whole and distillers' dried grains, feed ingredients, biofuels, cotton, freight and other commodities. The Rail Group sells, repairs, reconfigures, manages and leases railcars and locomotives. The Plant Nutrient Group manufactures and sells dry and liquid agricultural nutrients and distributes agricultural inputs (nutrients, chemicals, seed and supplies) to dealers and farmers. The Turf & Specialty Group manufactures turf and ornamental plant fertilizer and control products for lawn and garden use and professional golf and landscaping industries, as well as manufactures corncob-based products for use in various industries. The Retail Group operates retail stores, a specialty food market and a distribution center in Ohio.

Grain &Ethanol Group

The Grain & Ethanol Group operates grain elevators in Ohio, Michigan, Indiana and Illinois. The principal grains sold by the Company are yellow corn, yellow soybeans and soft red and white wheat. In addition to storage and merchandising, the Company performs trading, risk management and other services for its customers. At December 31, 2009, the Company's grain storage practical capacity was approximately 101 million bushels, which includes grain storage through warehouse and handling agreements and storage that is leased out to two ethanol production facilities. The Company is also the developer and significant investor in three ethanol facilities located in Indiana, Michigan and Ohio. In addition to its equity investment, the Company operates the facilities under management contracts, and provides grain origination, ethanol and distillers dried grains (DDG) marketing and risk management services to these joint ventures for which it is compensated separately.

During the year ended December 31, 2009, approximately 87% of the grain bushels sold by the Company were purchased by United States grain processors and feeders, and approximately 13% were exported. Rail shipments are made primarily to grain processors and feeders, with some rail shipments made to exporters on the Gulf of Mexico or east coast. Boat shipments are from the Port of Toledo.

Rail Group

The Company's Rail Group buys, sells, leases, rebuilds and repairs various types of used railcars and rail equipment. It also provides fleet management services to fleet owners and operates a custom steel fabrication business. At December 31, 2009, of the 23,804 railcars and locomotives managed by the Company, 14,013 units, or 59%, were included on the balance sheet, primarily as long-lived assets. The Company has a diversified fleet of car types (boxcars, gondolas, covered and open top hoppers, tank cars and pressure differential cars) and locomotives serving a diversified customer base. It operates in the used car market - purchasing used cars and repairing and refurbishing them for specific markets and customers.

Plant Nutrient Group

The Company's Plant Nutrient Group purchases, stores, formulates, manufactures and sells dry and liquid fertilizer to dealers and farmers, provides warehousing and services to manufacturers and customers, formulates liquid anti-icers and deicers for use on roads and runways, and distributes seeds and various farm supplies. It has developed other products for use in industrial applications within the energy and paper industries. The Company's market area for its plant nutrient wholesale business includes major agricultural states in the Midwest, North Atlantic and South. States with the highest concentration of sales are also the states where the Company's facilities are located Illinois, Indiana, Michigan and Ohio.

At December 31, 2009, storage capacity at the Company's fertilizer facilities and farm centers was approximately 15.1 million cubic feet for dry fertilizers and approximately 72.5 million gallons for liquid fertilizer. It reserves 6.8 million cubic feet of its dry storage capacity for various fertilizer manufacturers and customers and 28.5 million gallons of its liquid fertilizer capacity is reserved for manufacturers and customers. The Company also leases 0.8 million gallons of liquid fertilizer capacity under arrangements with various fertilizer dealers and warehouses in locations where the Company does not have facilities.

Turf & Specialty Group

The Turf & Specialty Group produces granular fertilizer products for the professional lawn care and golf course markets. It also produces private label fertilizer and corncob-based animal bedding and cat litter for the consumer markets.

Professional turf products are sold both directly and through distributors to golf courses under The Andersons Golf Products label and lawn service applicators. The Company also sells consumer fertilizer and control products for do-it-yourself application, to mass merchandisers, small independent retailers and other lawn fertilizer manufacturers and performs contract manufacturing of fertilizer and control products.

Retail Group

The Company's Retail Group includes retail stores operated as The Andersons, which are located in the Columbus and Toledo, Ohio markets and serve urban, suburban and rural customers. The Company also operates a specialty food store operated as The Andersons Market located in the Toledo, Ohio market area. The retail concept is More for Your Home and the stores focus on providing product breadth with offerings in home improvement and other mass merchandise categories, as well as specialty foods, wine and indoor and outdoor garden centers. Each store carries more than 80,000 different items, has 100,000 square feet or more of in-store display space plus 40,000 or more square feet of outdoor garden center space, and features do-it-yourself clinics, special promotions and varying merchandise displays. The specialty food store concept has product offerings with a strong emphasis on freshness, which features product, deli and bakery items, fresh meats, specialty and conventional dry goods and wine. During 2009, the Company closed its Lima, Ohio retail store

Valuation Ratios


CompanyIndustrySectorS&P 500
P/E Ratio (TTM)13.525.1818.8117.44
P/E High - Last 5 Yrs.19.3270.031,647.1393.43
P/E Low - Last 5 Yrs.9.2214.2016.0812.34

Beta1.480.870.531.29

Price to Sales (TTM)0.261.111.972.21
Price to Book (MRQ)1.920.742.733.07
Price to Tangible Book (MRQ)1.931.029.795.48
Price to Cash Flow (TTM)8.922.7711.7057.86
Price to Free Cash Flow (TTM)-90.049.2159.57

% Owned Institutions----

Dividends


CompanyIndustrySectorS&P 500
Dividend Yield0.941.691.871.76
Dividend Yield - 5 Year Avg.0.861.091.312.47
Dividend 5 Year Growth Rate16.721.799.92-4.32

Payout Ratio(TTM)10.875.6061.6245.12

Growth Rates


CompanyIndustrySectorS&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago25.9810.017.139.93
Sales (TTM) vs TTM 1 Yr. Ago12.188.566.8810.61
Sales - 5 Yr. Growth Rate21.2115.3712.057.50

EPS (MRQ) vs Qtr. 1 Yr. Ago56.6939.8725.6176.69
EPS (TTM) vs TTM 1 Yr. Ago66.74---
EPS - 5 Yr. Growth Rate15.529.459.014.75

Capital Spending - 5 Yr. Growth Rate-14.9736.8311.593.53

Archer Daniels Midland (NYSE:ADM) Grain Processor

Archer Daniels Midland Company, incorporated in 1923, is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products. The Company is a processor of oilseeds, corn, wheat, cocoa, and other agricultural commodities and is a manufacturer of vegetable oil and protein meal, corn sweeteners, flour, biodiesel, ethanol, and other food and feed ingredients. The Company also has a grain elevator and transportation network to procure, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, and barley, as well as processed agricultural commodities. The Company's operations are classified into three business segments: Oilseeds Processing, Corn Processing, and Agricultural Services. In January 2011, the Company acquired Alimenta (USA), Inc., from Alimenta S.A.

Oilseeds Processing

The Oilseeds Processing segment includes activities related to the origination, merchandising, crushing, and further processing of oilseeds, such as soybeans, cottonseed, sunflower seeds, canola, rapeseed, peanuts, flaxseed, and palm into vegetable oils and protein meals. The Oilseeds Processing segment principally produces and markets processed oilseed products as ingredients for the food, feed, energy, and other industrial products industries. Crude vegetable oil is sold as is or is further processed by refining, blending, bleaching, and deodorizing into salad oils. Salad oils are sold as is or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oil is used to produce biodiesel or is sold to other manufacturers for use in chemicals, paints, and other industrial products. Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds. The Oilseeds Processing segment also produces natural health and nutrition products and other specialty food and feed ingredients. In North America, cottonseed flour is produced and sold primarily to the pharmaceutical industry and cotton cellulose pulp is manufactured and sold to the chemical, paper, and filter markets. In South America, the Oilseeds Processing segment utilizes a network of grain elevators, port facilities and transportation assets to buy, store, clean, and transport agricultural commodities and operates fertilizer blending facilities.

The Company produces a range of edible soy protein products including soy flour, soy grits, soy protein concentrates and soy isolates that are used in processed meats, baked foods, nutritional products, snacks, and dairy and meat analogs. From co-products of oilseeds, the Company produces natural source vitamin E, tocopherol antioxidants and phytosterols, which are marketed to the dietary supplement and food industry. The Company produces soy isoflavones, a dietary supplement, from a co-product of edible soy processing. Golden Peanut Company LLC, a joint venture between the Company and Alimenta (U.S.A.), Inc., is a supplier of peanuts and peanut derived ingredients to both the domestic and export markets. The Company has a 50% ownership interest in this joint venture. The Company has a 50% interest in Edible Oils Limited, a joint venture between the Company and Princes Foods to procure, package, and sell edible oils in the United Kingdom. The Company recently announced the formation of a new edible oils joint venture with Princes Foods in Poland.

Stratas Foods LLC, a joint venture between the Company and ACH Jupiter, LLC, a subsidiary of Associated British Foods, procures, packages, and sells edible oils in North America. The Company has a 50% ownership interest in this joint venture. The Company has a 16.4% ownership interest in Wilmar International Limited (Wilmar), a Singapore publicly listed company. Wilmar is a processor and merchandiser of palm and lauric oils, and a major oil palm plantation owner. The Company is a supplier of agricultural commodity raw materials to Edible Oils Limited, Stratas Foods LLC, and Wilmar.

Corn Processing

The Company's Corn Processing segment is engaged in corn wet milling and dry milling activities, primarily in the United States, related to its production of ingredients used in the food and beverage industry including syrup, starch, glucose, dextrose, and sweeteners. Dextrose is also used by the Company as a feedstock for its bioproducts operations. Corn gluten feed and meal, as well as distillers grains, is produced for use as animal feed ingredients. Corn germ, a by-product of the wet milling process, is further processed as an oilseed into vegetable oil and protein meal. The Company's Corn Processing segment is engaged in corn wet milling and dry milling activities, primarily in the United States, related to its production of ingredients used in the food and beverage industry including syrup, starch, glucose, dextrose, and sweeteners. Dextrose is also used by the Company as a feedstock for its bioproducts operations. Corn gluten feed and meal, as well as distillers grains, is produced for use as animal feed ingredients. Corn germ, a by-product of the wet milling process, is further processed as an oilseed into vegetable oil and protein meal.

Almidones Mexicanos S.A., in which the Company has a 50% interest, operates a wet corn milling plant in Mexico. Eaststarch C.V. (Netherlands), in which the Company has a 50% interest, owns interests in companies that operate wet corn milling plants in Bulgaria, Hungary, Slovakia, and Turkey. The Company has a 50% interest in Telles, LLC (Telles), a joint venture between the Company and Metabolix to market and sell PHA, which is being produced in a facility owned by the Company. Red Star Yeast Company, LLC produces and sells fresh and dry yeast in the United States and Canada. The Company has a 40% ownership interest in this joint venture.

Agricultural Services

The Agricultural Services segment utilizes the Company's extensive grain elevator and transportation network to buy, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, rice, and barley, and resells these commodities primarily as food and feed ingredients and as raw materials for the agricultural processing industry. The Company processes and distributes edible beans in the United States for use as a food ingredient. The Company produces and distributes formula feeds and animal health and nutrition products to the livestock, dairy, poultry, and pet food industries. Alfred C. Toepfer International (Toepfer), in which the Company has an 80% interest, is a global merchandiser of agricultural commodities and processed products. Toepfer has 36 sales offices worldwide and operates inland, river, and export facilities in Argentina, Romania, Ukraine, and the United States. The Company has a 45% interest in Kalama Export Company, a grain export elevator in Washington.

Other

The Company is engaged in milling wheat, corn, and milo into flour in the United States, Canada, the Caribbean, and the United Kingdom. The Company produces bakery products and mixes, wheat starch, and gluten, which are sold to the baking industry. The Company also mills milo to produce industrial flour used in the manufacturing of wallboard for the building industry. Gruma S.A.B. de C.V. (Gruma), in which the Company has a 23.2% interest, is a producer and marketer of corn flour and tortillas with operations in Mexico, the United States, Central America, South America, and Europe. Additionally, the Company has a 20% share, through a joint venture with Gruma, in six United States corn flour mills and one in Italy. The Company also has a 40% share, through a joint venture with Gruma, in nine Mexican wheat flour mills. Hickory Point Bank and Trust Company, fsb, a wholly owned subsidiary of the Company, furnishes public banking and trust services, as well as cash management, transfer agency, and securities safekeeping services, for the Company.

Valuation Ratios


CompanyIndustrySectorS&P 500
P/E Ratio (TTM)11.3823.9018.8117.44
P/E High - Last 5 Yrs.20.656,598.281,647.1393.43
P/E Low - Last 5 Yrs.8.6217.5916.0812.34

Beta0.240.540.531.29

Price to Sales (TTM)0.321.391.972.21
Price to Book (MRQ)1.386.772.733.07
Price to Tangible Book (MRQ)1.446.759.795.48
Price to Cash Flow (TTM)7.6313.5811.7057.86
Price to Free Cash Flow (TTM)-9.849.2159.57

% Owned Institutions----

Dividends


CompanyIndustrySectorS&P 500
Dividend Yield1.861.791.871.76
Dividend Yield - 5 Year Avg.1.501.211.312.47
Dividend 5 Year Growth Rate12.639.469.92-4.32

Payout Ratio(TTM)19.7528.1461.6245.12

Growth Rates


CompanyIndustrySectorS&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago31.5313.227.139.93
Sales (TTM) vs TTM 1 Yr. Ago10.2410.986.8810.61
Sales - 5 Yr. Growth Rate11.4110.5812.057.50

EPS (MRQ) vs Qtr. 1 Yr. Ago29.9180.0525.6176.69
EPS (TTM) vs TTM 1 Yr. Ago73.53---
EPS - 5 Yr. Growth Rate13.497.959.014.75

Capital Spending - 5 Yr. Growth Rate20.8313.4611.593.53

Art's-Way Manu. Corp (NASDAQ:ARTW) Equipment

Art's-Way Manufacturing Co., Inc. is a manufacturer of agricultural equipment. Its principal manufacturing plant is located in Armstrong, Iowa. The Company is organized in three business segments: Art's-Way Manufacturing, Art's-Way Vessels, Inc. (Art's-Way Vessels) and Art's-Way Scientific, Inc. (Art's-Way Scientific). Art's-Way Manufacturing manufactures farm equipment under its own and private labels. Art's-Way Manufacturing has two wholly owned operating subsidiaries. Art's-Way Vessels manufactures pressure vessels and Art's-Way Scientific manufactures modular buildings for animal containment and research laboratories.

Art's-Way Manufacturing

The Company's Agricultural Products segment manufactures a range of feed processing, hay and forage, tillage and land management and sugar beet harvesting equipment. Its Agricultural Products segment also maintains a volume of original equipment manufacturer (OEM) work for the industry's manufacturers. Its brand names include Art's-Way, Miller Pro and Badger. The grinder mixer line represents its original product line. Grinder mixers are used to grind grain and mix in proteins for animal feed. The Company's PM25 grinder mixer offers a 105-bushel tank with a 20-inch hammermill and it was upgraded to its 5105 grinder mixer model. The Company's Cattle Maxx rollermill mixer products offer consistent feed grain rations for beef and dairy operations and are available in 105-bushel and 165-bushel capacities.

The Company's offer stationary hammermills and rollermills. Hammermills are pre-cleaners that are designed to remove appendages, awns and other chaff from seeds by scraping the seed over and through the screen. Its rollermills roll the feed grain to minimize dust and they fracture the outside hull to release the digestive juices more rapidly. The Company's no-till drills are farm implements designed to plant seed and spread fertilizer in one operation and are used by farmers to plant or improve their pastures. Land planes are used to ensure even distribution of rainfall or irrigation by eliminating water pockets, furrows and implement scars in fields. Its moldboard plows are designed to slice and invert the soil to leave a rough surface exposed, and they are primarily used on clean-tilled cropland with amounts of crop residue.

The Art's-Way moldboard plows offer conservation tillage choices to match each customer's preference. Its sugar beet defoliators and harvesters harvest six, eight or 12 rows at one time. Its sugar beet defoliators cut and remove the leaves of the sugar beets without damaging them and the leaf particles are then incorporated back into the soil. The Company offers hay and forage tools for a range of producers. This product line includes forage boxes for transporting hay from the field with optional running gear to provide superior stability and tracking. Forage blowers are able to fill the tallest silos with lower power requirements. V-style and carted finger wheel rakes offer growers value.

Art's-Way Vessels

The Company builds vessels in carbon steel and stainless steel, ranging from atmospheric (0 Pounds per square inch (PSI)) storage vessels up to any PSI pressure rating required. Its sizes range from 4 inches to 168 inches diameter.

Art's-Way Scientific

The Company supplies laboratories for bio-containment, animal science, public health and security requirements. It custom designs, manufactures, delivers and installs laboratories and research facilities to meet customers' critical requirements.

Valuation Ratios


CompanyIndustrySectorS&P 500
P/E Ratio (TTM)64.0419.5314.6517.44
P/E High - Last 5 Yrs.36.37253.4267.0093.43
P/E Low - Last 5 Yrs.8.9012.1014.3012.34

Beta1.701.391.131.29

Price to Sales (TTM)1.231.931.392.21
Price to Book (MRQ)2.622.401.053.07
Price to Tangible Book (MRQ)2.713.451.425.48
Price to Cash Flow (TTM)26.9316.8913.1357.86
Price to Free Cash Flow (TTM)-25.0632.6959.57

% Owned Institutions----

Dividends


CompanyIndustrySectorS&P 500
Dividend Yield0.701.231.341.76
Dividend Yield - 5 Year Avg.0.791.521.182.47
Dividend 5 Year Growth Rate19.147.149.24-4.32

Payout Ratio(TTM)44.9121.5511.5445.12

Growth Rates


CompanyIndustrySectorS&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago-16.4119.3912.109.93
Sales (TTM) vs TTM 1 Yr. Ago11.3215.117.2910.61
Sales - 5 Yr. Growth Rate14.643.357.987.50

EPS (MRQ) vs Qtr. 1 Yr. Ago-1,501.86195.00132.4876.69
EPS (TTM) vs TTM 1 Yr. Ago-32.80---
EPS - 5 Yr. Growth Rate1.13-5.7912.774.75

Capital Spending - 5 Yr. Growth Rate59.889.0115.833.53

Bunge Ltd (NYSE:BG) Grain Processor

Bunge Limited (Bunge) is a global agribusiness and food company operating in the farm-to-consumer food chain. The Company conducts its business in four divisions: agribusiness, sugar and bioenergy, food and ingredients and fertilizer. The agribusiness segment is involved in the purchase, storage, transport, processing and sale of agricultural commodities and commodity products. The sugar and bioenergy segment produces and sells sugar and ethanol derived from sugarcane, as well as energy derived from sugarcane bagasse, through operations in Brazil. The food and ingredients operations consist of two reportable business segments: edible oil products and milling products. These segments include businesses that produce and sell edible oils, shortenings, margarines, mayonnaise and milled products, such as wheat flours, corn-based products and rice. The fertilizer segment is involved in producing, blending and distributing fertilizer products for the agricultural industry in South America.

Agribusiness

The principal agricultural commodities that the agribusiness segment handles are oilseeds and grains, primarily soybeans, rapeseed or canola, sunflower seed, wheat and corn. It processes oilseeds into vegetable oils and protein meals, principally for the food and animal feed industries. During the year ended December 31, 2010, it acquired five grain elevators in the United States, as well as two oilseed processing facilities in Turkey. The principal purchasers of its oilseeds and grains are animal feed manufacturers and livestock, poultry and aquaculture producers that use these products as animal feed ingredients.

Sugar and Bioenergy

The sugar and bioenergy segment is a producer of sugar and ethanol in Brazil and a global trader and merchandiser of sugar. It wholly owns or has controlling interests in eight sugarcane mills in Brazil, five of which were acquired during 2010. As of December 31, 2010, the Company's mills had a total crushing capacity of approximately 21 million metric tons per year. It grows and harvests sugarcane, as well as source sugarcane from third parties, which is then processed in its mills to produce sugar, ethanol and electricity. As of December 31, 2010, the overall sugarcane plantations consisted of approximately 157,000 hectares, including both owned and leased land. In February 2010, it acquired a 100% interest in five sugarcane mills that were formerly part of the Moema Group. The acquired sugarcane mills are located in Sao Paulo and Minas Gerais states in Brazil. The products produced consist of ethanol (hydrous and anhydrous), sugar (raw and crystal) and electricity. As of December 31, 2010, the maximum sugar production capacity is 5,750 metric tons per day. As of December 31, 2010, the total installed cogeneration capacity was approximately 144 megawatts, with 51 megawatts available for resale to third parties after supplying the mills' energy requirements. During 2010, it sold approximately 161,000 megawatt hours to the local electricity market from its co-generation facilities.

Food and Ingredients

The Food and Ingredients segment sells its products to three customer types or market channels: food processors, foodservice companies and retail outlets. The principal raw materials in the food and ingredients division are various crude and further-processed vegetable oils in its edible oil products segment, and corn and wheat in its milling products segment. The edible oil products include packaged and bulk oils, shortenings, margarines, mayonnaise and other products derived from the vegetable oil refining process. It primarily uses soybean, sunflower and rapeseed or canola oil that it produces in oilseed processing operations as raw materials. The Company has edible oil refining and packaging facilities in North America, South America, Europe and Asia. Its brands include Soya, Primor, Salada, Andorinha, Cocinero, Delicia, Elite and Bunge Pro.

The milling products include a variety of wheat flours and bakery mixes in Brazil and corn-based products derived from the corn dry milling process in North America. Its brands include Primor, Suprema and Lyra wheat flours and Gradina, Bentamix and Pre-Mescla bakery premixes. Its corn milling products consist primarily of dry milled corn meals, flours and grits (including flaking and brewer's grits), as well as soy-fortified corn meal, corn-soy blend and other similar products. It also produces corn oil and corn animal feed products. During 2010, it acquired Pacific International Rice Mills. The Company also sells branded rice in Brazil under the Primor brand. In Brazil, the primary customers for its wheat milling products are industrial, bakery and foodservice companies. In North America, the primary customers for its corn milling products are companies in the food processing sector, such as cereal, snack, bakery and brewing companies, as well as the United States government for humanitarian relief programs. Corn oil and animal feed products are sold to edible oil processors and animal feed manufacturers and users, respectively.

Fertilizer

The Fertilizer segment is a blender and distributor of crop fertilizers to farmers in South America, producing and marketing a range of solid and liquid NPK fertilizer formulations. NPK refers to nitrogen (N), phosphate (P) and potash (K), the main components of chemical fertilizers. In Brazil, it blends and distributes NPK fertilizers. In Argentina, it produces, blends and distributes, including liquid and solid nitrogen fertilizers. In North America, it distributes NPK fertilizer products that it sources from third-party producers as a wholesaler to other wholesale distributors, retailers and cooperatives. It also has a 50% interest in a joint venture with Office Cherifien des Phosphates (OCP), to produce fertilizer products in Morocco.

In the fertilizer operations the Company produces, blends and distributes NPK formulations primarily to farmers in Brazil, Argentina and neighboring countries, as well as cooperatives and retailers. These NPK fertilizers are used for the cultivation of a variety of crops, including soybeans, corn, sugarcane, cotton, wheat and coffee. In Brazil, it markets its retail fertilizers under the IAP, Manah, Ouro Verde and Serrana brands. In Argentina, it markets fertilizers under the Bunge brand, as well as the Solmix brand. Also in Argentina, it produces SSP, as well as ammonia, urea and liquid fertilizers.

The Company competes with Heringer, Fertipar, The Mosaic Company, Yara International, Repsol YPF, Profertil S.A., Pena Branca Alimentos, M. Dias Branco, Moinho Pacifico, Moinho Anaconda, Cargill Incorporated (Cargill), Didion Milling Company, SEMO Milling, LLC, Life Line Foods, LLC, The Archer Daniels Midland Co. (ADM), Associated British Foods plc, Stratas Foods, Unilever, Ventura Foods, LLC, Brasil Foods S.A., British Sugar PLC, Sudzucker AG, Tereos Group, Sucden Group, ED&F Man, Noble Group Limited, Cosan Limited, Sao Martinho S.A., LDC-SEV Bioenergia, Louis Dreyfus Group and Wilmar International Limited.

Valuation Ratios


CompanyIndustrySectorS&P 500
P/E Ratio (TTM)4.8023.9018.8117.44
P/E High - Last 5 Yrs.28.806,598.281,647.1393.43
P/E Low - Last 5 Yrs.4.4817.5916.0812.34

Beta1.180.540.531.29

Price to Sales (TTM)0.231.391.972.21
Price to Book (MRQ)0.906.772.733.07
Price to Tangible Book (MRQ)0.936.759.795.48
Price to Cash Flow (TTM)3.7913.5811.7057.86
Price to Free Cash Flow (TTM)-9.849.2159.57

% Owned Institutions----

Dividends


CompanyIndustrySectorS&P 500
Dividend Yield1.301.791.871.76
Dividend Yield - 5 Year Avg.1.011.211.312.47
Dividend 5 Year Growth Rate9.959.469.92-4.32

Payout Ratio(TTM)5.4228.1461.6245.12

Growth Rates


CompanyIndustrySectorS&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago21.9413.227.139.93
Sales (TTM) vs TTM 1 Yr. Ago9.0210.986.8810.61
Sales - 5 Yr. Growth Rate13.4010.5812.057.50

EPS (MRQ) vs Qtr. 1 Yr. Ago1,005.7680.0525.6176.69
EPS (TTM) vs TTM 1 Yr. Ago664.78---
EPS - 5 Yr. Growth Rate27.027.959.014.75

Capital Spending - 5 Yr. Growth Rate15.4813.4611.593.53

Caterpillar (NYSE:CAT) Equipment

Caterpillar Inc. (Caterpillar) is engaged in the manufacturing of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Caterpillar operates in three principal lines of business: Machinery, Engines and Financial products. Machinery line of business includes the design, manufacture, marketing and sales of construction, mining and forestry machinery. Engines line of business includes designs, manufactures, marketing and sales of engines for Caterpillar machinery; electric power generation systems, and marine, petroleum, construction, industrial, agricultural and other applications and related parts. Financial Products principal line of business consists of Caterpillar Financial Services Corporation (Cat Financial), Caterpillar Insurance Holdings, Inc. (Cat Insurance) and their respective subsidiaries. During the year ended August 31, 2010, Caterpillar acquired Electro-Motive Diesel, Inc. (EMD), a manufacturer of diesel-electric locomotives.

Machinery

Caterpillar's Machinery line of business includes track and wheel tractors, track and wheel loaders, pipelayers, motor graders, wheel tractor-scrapers, track and wheel excavators, backhoe loaders, log skidders, log loaders, off-highway trucks, articulated trucks, paving products, skid steer loaders, underground mining equipment, tunnel boring equipment and related parts. Caterpillar's logistics business provides integrated supply chain services for Caterpillar and approximately 50 customers. Caterpillar also provides rail-related products and services through its wholly owned subsidiary, Progress Rail. Progress Rai