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ANDE · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is The Andersons, Inc. (ANDE) stock moving?
Fundamentals were strong in Q3 2026: adjusted EPS of $1.38 beat the $1.13 estimate, Renewables posted record Q3 pretax income of $63M, and adjusted EBITDA reached $101M. Revenue of $2.834B missed the $2.969B estimate, and Agribusiness pretax income was only $5M, so the quarter was not uniformly strong. On Nov 3 the company agreed to buy Harvestone Low Carbon Partners for $915M from Energy Capital Partners, which management says will be immediately accretive to EPS and cash flows. The stock then fell 11.7% on Nov 4, from $62.67 to $55.35, on about 1.13M shares, roughly 2.7 times the recent average. The cited news does not explain the selloff, though the revenue miss and the deal's size and financing are plausible factors. Since then the stock has traded in a $53–57 band, with volume easing to about 464K on Nov 10. The Nov 10 low of $53.13 sits just under the Nov 4 low of $54.03, which marks nearby support, and the Nov 5 high of $58.63 is the nearest resistance. StoneX reiterated Buy and raised its target to $100 on Nov 5. The CHRO departure disclosed Oct 21 is minor. Key risks are deal financing and closing, Agribusiness earnings tied to market volatility, and ethanol margin sensitivity.
News behind the analysis
- The Andersons Renewables To Acquire Heartland Low Carbon Partners For $915M, Expanding Low-Carbon Ethanol ProductionAndersons Renewables agreed to buy Harvestone Low Carbon Partners for $915M, expanding its low-carbon ethanol production capacity. The deal is the subject of coverage on Nov 6.
- StoneX Raises Price Target for The Andersons, Inc.StoneX kept its Buy rating on The Andersons and raised its price target from $90 to $100.
- StoneX Maintains Buy on Andersons, Raises Price Target to $100StoneX reiterated its Buy rating on Andersons and lifted its price target to $100 from $90.
- The Andersons, Inc. to Acquire Harvestone Low Carbon Partners for $915 MillionThe Andersons entered a definitive agreement to acquire Harvestone Low Carbon Partners, a low-carbon ethanol producer, from Energy Capital Partners for $915M. The company describes the deal as expanding ethanol capacity and low-carbon fuels capabilities.
- The Andersons, Inc. Announces Third Quarter 2026 Financial ResultsThe Andersons reported record Q3 net income of $46M, or $1.36 per diluted share, with adjusted EPS of $1.38 and adjusted EBITDA of $101M. Renewables posted record Q3 pretax income of $63M.
About Andersons Inc/The
The Andersons is an agribusiness company based in Maumee, Ohio. It stores, trades and ships grain, sells fertilizer and produces ethanol, mainly in North America. It brings in a lot of revenue (roughly $2.6–3 billion a quarter) but keeps only a thin slice of it as profit. Recently its renewable-fuels plants and US clean-fuel tax credits (Section 45Z) have supplied a large share of its profits, and in late 2026 it announced a planned acquisition worth about $915 million.
How it makes money
Most of its revenue comes from the Agribusiness segment, which buys, stores, moves and sells grain and other farm commodities and also sells fertilizer. These sales are huge, but the profit on each one is small. The Renewables segment makes ethanol and co-products such as distillers grains and corn oil, and trades feedstocks used to make renewable fuels. This segment has recently produced more of the company's earnings than Agribusiness. It earned about $103 million of adjusted EBITDA (a common measure of operating profit) in Q2 2026, partly thanks to 45Z tax credits. The company also pays a quarterly dividend of about $0.20 per share.
What usually moves ANDE
- Ethanol crush margins (ethanol price vs. corn cost)
- US biofuel policy and 45Z clean-fuel tax credits
- Grain harvest size, prices and volatility
- Fertilizer demand and pricing
- Acquisitions and how well they are integrated