PNC Financial Services Group Inc. Trims Position in AGCO Corporation (NYSE:AGCO)

PNC Financial Services Group Inc. decreased its position in shares of AGCO Corporation (NYSE:AGCO) by 1.2% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 8,950 shares of the industrial products company’s stock after selling 107 shares during the period. PNC Financial Services Group Inc.’s holdings in AGCO were worth $829,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of AGCO by 128.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,504,328 shares of the industrial products company’s stock valued at $608,026,000 after buying an additional 3,654,350 shares during the period. Dimensional Fund Advisors LP increased its position in AGCO by 9.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,984,081 shares of the industrial products company’s stock worth $278,951,000 after purchasing an additional 258,054 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in AGCO by 534.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,901,790 shares of the industrial products company’s stock worth $271,259,000 after purchasing an additional 2,444,615 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its position in AGCO by 1.5% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,744,133 shares of the industrial products company’s stock worth $256,522,000 after purchasing an additional 39,966 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in AGCO by 8.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,903,478 shares of the industrial products company’s stock worth $176,205,000 after purchasing an additional 150,327 shares during the last quarter. Hedge funds and other institutional investors own 78.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on AGCO. JPMorgan Chase & Co. upped their price target on shares of AGCO from $130.00 to $137.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Citigroup reaffirmed a “neutral” rating and set a $110.00 price target on shares of AGCO in a research report on Friday, May 30th. The Goldman Sachs Group upped their price target on shares of AGCO from $91.00 to $107.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 27th. UBS Group reaffirmed a “neutral” rating and set a $119.00 price target (up previously from $100.00) on shares of AGCO in a research report on Friday. Finally, Oppenheimer upped their price target on shares of AGCO from $108.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, AGCO has a consensus rating of “Hold” and a consensus target price of $109.63.

AGCO Stock Performance

Shares of AGCO stock opened at $110.65 on Tuesday. The company’s fifty day simple moving average is $106.84 and its 200-day simple moving average is $99.05. AGCO Corporation has a 52 week low of $73.79 and a 52 week high of $121.16. The company has a current ratio of 1.48, a quick ratio of 0.67 and a debt-to-equity ratio of 0.66. The company has a market cap of $8.26 billion, a PE ratio of 82.58, a P/E/G ratio of 1.72 and a beta of 1.21.

AGCO (NYSE:AGCO) last issued its earnings results on Thursday, July 31st. The industrial products company reported $1.35 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.29. AGCO had a net margin of 0.98% and a return on equity of 8.27%. The business had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter last year, the firm posted $2.53 EPS. The business’s revenue for the quarter was down 18.8% compared to the same quarter last year. As a group, equities research analysts anticipate that AGCO Corporation will post 4.2 EPS for the current year.

AGCO Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, August 15th. AGCO’s dividend payout ratio (DPR) is presently 86.57%.

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

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.