Archer-Daniels-Midland (NYSE:ADM), a food processing and commodities trading company, said in an SEC filing that its CFO, Vikram Luthar, will step down later this year. The company placed Luthar on administrative leave in January 2024 amid an SEC probe regarding certain accounting issues within ADM’s Nutrition segment.
According to the filing, Luthar will step down from his role, effective September 30.
ADM stock is down about 12.64% year-to-date. Its stock came under pressure after the company lowered its full-year earnings outlook in January and delayed the release of its Q4 earnings. Nonetheless, the company is taking measures to reaccelerate growth and drive productivity. Also, the company increased its dividend by 11% earlier this year, marking its 51st consecutive annual dividend increase.
Is ADM a Good Stock to Buy Now?
ADM stock has underperformed the broader markets so far this year. Meanwhile, Wall Street analysts are sidelined on ADM stock. It has 12 Holds and one Sell recommendation for a Hold consensus rating.
Analysts’ average ADM stock price target of $63 implies 0.8% upside potential from current levels.
