Sterling Capital Management LLC lifted its position in AGCO Co. (NYSE:AGCO) by 294.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 44,580 shares of the industrial products company’s stock after acquiring an additional 33,278 shares during the period. Sterling Capital Management LLC’s holdings in AGCO were worth $3,458,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. New York State Teachers Retirement System increased its position in AGCO by 4.8% during the 2nd quarter. New York State Teachers Retirement System now owns 94,887 shares of the industrial products company’s stock valued at $7,360,000 after buying an additional 4,306 shares in the last quarter. Stone Ridge Asset Management LLC increased its holdings in shares of AGCO by 8.7% in the 2nd quarter. Stone Ridge Asset Management LLC now owns 30,089 shares of the industrial products company’s stock worth $2,334,000 after purchasing an additional 2,400 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of AGCO in the 2nd quarter worth $523,000. Bank of New York Mellon Corp increased its holdings in shares of AGCO by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 870,039 shares of the industrial products company’s stock worth $67,488,000 after purchasing an additional 23,270 shares in the last quarter. Finally, First Interstate Bank bought a new stake in shares of AGCO in the 2nd quarter worth $61,000. 81.42% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Richard Robinson Smith sold 4,651 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $72.77, for a total value of $338,453.27. Following the transaction, the vice president now directly owns 90,796 shares of the company’s stock, valued at approximately $6,607,224.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew H. Beck sold 10,000 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $70.52, for a total transaction of $705,200.00. Following the completion of the sale, the chief financial officer now owns 148,218 shares of the company’s stock, valued at approximately $10,452,333.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,977 shares of company stock worth $5,761,368. 17.60% of the stock is owned by corporate insiders.
AGCO (NYSE:AGCO) last released its earnings results on Tuesday, July 30th. The industrial products company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.23. AGCO had a return on equity of 12.64% and a net margin of 4.07%. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the prior year, the firm earned $1.32 EPS. The firm’s revenue was down 4.5% on a year-over-year basis. Equities analysts anticipate that AGCO Co. will post 5.08 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, August 15th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 0.83%. The ex-dividend date was Wednesday, August 14th. AGCO’s payout ratio is 16.45%.
AGCO has been the subject of a number of research analyst reports. OTR Global raised AGCO to a “positive” rating in a report on Friday, July 12th. ValuEngine lowered AGCO from a “hold” rating to a “sell” rating in a report on Thursday, August 15th. Royal Bank of Canada set a $88.00 target price on AGCO and gave the stock a “buy” rating in a report on Wednesday, July 31st. Morgan Stanley raised their price target on AGCO from $60.00 to $65.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 10th. Finally, Stifel Nicolaus upgraded AGCO from a “hold” rating to a “buy” rating and raised their price target for the stock from $79.00 to $84.00 in a research note on Friday, September 6th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. AGCO currently has an average rating of “Hold” and an average price target of $78.73.
AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. The company offers high horsepower tractors for larger farms, primarily for row crop production; 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, and residential uses.
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