Sumitomo Mitsui Trust Group Inc. Lowers Position in AGCO Corporation (NYSE:AGCO)

Sumitomo Mitsui Trust Group Inc. reduced its stake in AGCO Corporation (NYSE:AGCO) by 27.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 16,308 shares of the industrial products company’s stock after selling 6,023 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in AGCO were worth $1,510,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. SummerHaven Investment Management LLC raised its position in AGCO by 1.7% in the 1st quarter. SummerHaven Investment Management LLC now owns 8,241 shares of the industrial products company’s stock valued at $763,000 after buying an additional 138 shares during the last quarter. O Shaughnessy Asset Management LLC grew its stake in AGCO by 2.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 6,207 shares of the industrial products company’s stock valued at $580,000 after purchasing an additional 144 shares during the period. Neuberger Berman Group LLC grew its stake in AGCO by 2.3% in the 4th quarter. Neuberger Berman Group LLC now owns 6,552 shares of the industrial products company’s stock valued at $612,000 after purchasing an additional 145 shares during the period. Arizona State Retirement System grew its stake in AGCO by 0.8% in the 4th quarter. Arizona State Retirement System now owns 18,414 shares of the industrial products company’s stock valued at $1,721,000 after purchasing an additional 150 shares during the period. Finally, ProShare Advisors LLC grew its stake in AGCO by 4.4% in the 4th quarter. ProShare Advisors LLC now owns 3,635 shares of the industrial products company’s stock valued at $340,000 after purchasing an additional 154 shares during the period. 78.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AGCO

In other AGCO news, SVP Kelvin Eugene Bennett sold 250 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $106.18, for a total value of $26,545.00. Following the sale, the senior vice president owned 17,380 shares of the company’s stock, valued at $1,845,408.40. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 16.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on AGCO shares. Truist Financial reduced their price objective on AGCO from $125.00 to $105.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Oppenheimer cut their price target on AGCO from $109.00 to $106.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. increased their price target on AGCO from $110.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. The Goldman Sachs Group increased their price target on AGCO from $91.00 to $107.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 27th. Finally, Morgan Stanley increased their price target on AGCO from $75.00 to $84.00 and gave the stock an “underweight” rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $104.10.

AGCO Stock Performance

Shares of AGCO opened at $109.70 on Friday. The stock’s 50-day simple moving average is $100.97 and its 200 day simple moving average is $96.35. The stock has a market capitalization of $8.18 billion, a price-to-earnings ratio of -14.06, a price-to-earnings-growth ratio of 1.98 and a beta of 1.24. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.67 and a current ratio of 1.53. AGCO Corporation has a 52-week low of $73.79 and a 52-week high of $111.69.

AGCO (NYSE:AGCO) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.38. AGCO had a positive return on equity of 10.60% and a negative net margin of 5.40%. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter in the prior year, the firm posted $2.32 EPS. The firm’s quarterly revenue was down 30.0% on a year-over-year basis. Research analysts forecast that AGCO Corporation will post 4.2 EPS for the current fiscal year.

AGCO Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Thursday, May 15th were issued a $0.29 dividend. The ex-dividend date was Thursday, May 15th. This represents a $1.16 annualized dividend and a dividend yield of 1.06%. AGCO’s payout ratio is currently -14.87%.

AGCO Profile

AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. It offers horsepower tractors for row crop production, soil cultivation, planting, land leveling, seeding, and commercial hay operations; utility tractors for small- and medium-sized farms, as well as for dairy, livestock, orchards, and vineyards; and compact tractors for small farms, specialty agricultural industries, landscaping, equestrian, and residential uses.