In a July 2020 note to investors, Mircea (Mig) Dobre, discussed how the shares of farm equipment manufacturers had held up compared to other machinery companies despite difficult industry fundamentals. He said, “Large Ag equipment demand has remained resilient compared to other machinery categories, running in line to slightly better than expectations, as burgeoning replacement demand partially offsets COVID/ethanol shock.”

A look at current share prices of ag machinery makers then and now would back up Dobre’s perspective on the industry. Here’s where the stock prices of several players in the ag equipment business as they stand at opening on Oct. 22 and during the past year.