Arizona State Retirement System Decreases Stake in AGCO Corporation (NYSE:AGCO)

Arizona State Retirement System reduced its stake in shares of AGCO Corporation (NYSE:AGCO) by 1.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,200 shares of the industrial products company’s stock after selling 214 shares during the period. Arizona State Retirement System’s holdings in AGCO were worth $1,685,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Teacher Retirement System of Texas acquired a new position in shares of AGCO during the 1st quarter worth $1,212,000. GAMMA Investing LLC raised its stake in shares of AGCO by 66.9% during the 1st quarter. GAMMA Investing LLC now owns 908 shares of the industrial products company’s stock worth $84,000 after buying an additional 364 shares during the last quarter. LPL Financial LLC raised its stake in shares of AGCO by 4.9% during the 4th quarter. LPL Financial LLC now owns 21,812 shares of the industrial products company’s stock worth $2,135,000 after buying an additional 1,016 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of AGCO by 2.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 6,207 shares of the industrial products company’s stock worth $580,000 after buying an additional 144 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of AGCO during the 4th quarter worth $57,321,000. 78.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AGCO. Truist Financial cut their price target on AGCO from $125.00 to $105.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. lifted their price target on AGCO from $117.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, July 10th. Morgan Stanley boosted their target price on shares of AGCO from $75.00 to $84.00 and gave the company an “underweight” rating in a research note on Monday, May 12th. Wall Street Zen raised shares of AGCO from a “sell” rating to a “hold” rating in a research note on Tuesday, April 22nd. Finally, UBS Group set a $106.00 target price on shares of AGCO in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $105.89.

AGCO Stock Down 0.6%

Shares of NYSE:AGCO opened at $107.05 on Friday. 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 1 year low of $73.79 and a 1 year high of $116.25. The stock has a market capitalization of $7.98 billion, a P/E ratio of -13.72, a PEG ratio of 1.93 and a beta of 1.24. The stock has a 50-day simple moving average of $104.26 and a 200-day simple moving average of $97.44.

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

AGCO Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend is Friday, August 15th. AGCO’s dividend payout ratio (DPR) is currently -14.87%.

AGCO declared that its board has approved a stock buyback plan on Wednesday, July 9th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the industrial products company to repurchase up to 12.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at AGCO

In other news, SVP Kelvin Eugene Bennett sold 250 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $106.18, for a total transaction of $26,545.00. Following the completion of the transaction, the senior vice president directly owned 17,380 shares in the company, valued at approximately $1,845,408.40. This represents a 1.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 16.60% of the company’s stock.

AGCO Company 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.