Lord Abbett & CO. LLC Invests $62.02 Million in AGCO Co. (NYSE:AGCO)

Lord Abbett & CO. LLC purchased a new stake in shares of AGCO Co. (NYSE:AGCO) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 663,478 shares of the industrial products company’s stock, valued at approximately $62,022,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew 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 acquiring an additional 3,654,350 shares in the last quarter. Invesco Ltd. boosted its holdings in AGCO by 68.7% in the fourth quarter. Invesco Ltd. now owns 2,360,301 shares of the industrial products company’s stock valued at $220,641,000 after purchasing an additional 961,081 shares during the last quarter. Norges Bank acquired a new stake in AGCO during the 4th quarter valued at approximately $57,321,000. Edge Capital Group LLC purchased a new stake in AGCO during the 4th quarter worth approximately $39,269,000. Finally, JPMorgan Chase & Co. raised its position in shares of AGCO by 83.6% in the 4th quarter. JPMorgan Chase & Co. now owns 630,098 shares of the industrial products company’s stock valued at $58,902,000 after purchasing an additional 286,958 shares in the last quarter. Hedge funds and other institutional investors own 78.80% of the company’s stock.

AGCO Stock Performance

Shares of AGCO opened at $83.75 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.63 and a current ratio of 1.34. AGCO Co. has a 1 year low of $73.79 and a 1 year high of $119.88. The firm has a fifty day moving average of $90.98 and a 200-day moving average of $95.26. The company has a market cap of $6.25 billion, a price-to-earnings ratio of -14.72, a price-to-earnings-growth ratio of 1.80 and a beta of 1.16.

AGCO (NYSE:AGCO) last posted its earnings results on Thursday, February 6th. The industrial products company reported $1.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.04). AGCO had a negative net margin of 3.64% and a positive return on equity of 13.40%. As a group, equities analysts anticipate that AGCO Co. 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, June 16th. Investors of record on Thursday, May 15th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.39%. The ex-dividend date is Thursday, May 15th. AGCO’s dividend payout ratio is currently -20.39%.

Wall Street Analyst Weigh In

AGCO has been the subject of a number of research analyst reports. Truist Financial dropped their price target on shares of AGCO from $125.00 to $105.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Oppenheimer decreased 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. UBS Group set a $106.00 price objective on AGCO in a research note on Tuesday. Baird R W lowered AGCO from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. boosted their price target on AGCO from $102.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $99.80.

About AGCO

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.