The Manufacturers Life Insurance Company lessened its holdings in shares of Agrium Inc. (NYSE:AGU) (TSE:AGU) by 7.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 714,725 shares of the basic materials company’s stock after selling 60,246 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.52% of Agrium worth $64,662,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of AGU. Dodge & Cox raised its stake in Agrium by 33.2% during the 2nd quarter. Dodge & Cox now owns 5,644,826 shares of the basic materials company’s stock valued at $510,800,000 after purchasing an additional 1,407,700 shares during the period. Southpoint Capital Advisors LP bought a new stake in Agrium during the 1st quarter valued at approximately $33,443,000. Lincluden Management Ltd. bought a new stake in Agrium during the 1st quarter valued at approximately $32,511,000. Teachers Retirement System of The State of Kentucky bought a new stake in Agrium during the 1st quarter valued at approximately $16,851,000. Finally, Lazard Asset Management LLC raised its stake in Agrium by 47.0% during the 2nd quarter. Lazard Asset Management LLC now owns 855,774 shares of the basic materials company’s stock valued at $77,438,000 after purchasing an additional 273,485 shares during the period. 66.41% of the stock is currently owned by institutional investors.
AGU has been the topic of several recent analyst reports. Scotiabank raised Agrium from a “sector perform” rating to an “outperform” rating and set a $110.00 target price on the stock in a research note on Monday, July 10th. Royal Bank Of Canada reissued a “buy” rating and set a $110.00 target price on shares of Agrium in a research note on Thursday, June 29th. AltaCorp Capital reissued a “sector perform” rating on shares of Agrium in a research note on Thursday, June 22nd. OTR Global upgraded Agrium to a “neutral” rating in a report on Tuesday, September 12th. Finally, Zacks Investment Research cut Agrium from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. Agrium currently has a consensus rating of “Hold” and a consensus target price of $111.86.
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Agrium Inc. (NYSE:AGU) traded up 0.440% during trading on Wednesday, reaching $106.245. The company’s stock had a trading volume of 60,157 shares. The stock has a 50-day moving average of $103.05 and a 200 day moving average of $96.57. The firm has a market capitalization of $14.68 billion, a P/E ratio of 25.632 and a beta of 0.62. Agrium Inc. has a one year low of $87.78 and a one year high of $111.88.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 19th. Investors of record on Friday, September 29th will be issued a $0.875 dividend. The ex-dividend date is Thursday, September 28th. This represents a $3.50 annualized dividend and a dividend yield of 3.31%. Agrium’s dividend payout ratio is presently 84.34%.
Agrium Company Profile
Agrium Inc is a retailer of agricultural products and services in the United States, Canada, Australia, Argentina, Brazil, Chile and Uruguay and a multi-national producer and wholesale marketer of nutrients for agricultural and industrial markets. The Company’s segments include Retail and Wholesale. As of December 31, 2016, its Retail business unit marketed crop nutrients, crop protection products, seed, merchandise, application and other agronomic services through 1,500 retail locations in the United States, Canada, Australia, Argentina, Brazil, Chile and Uruguay.
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