AGCO (NYSE:AGCO) Given New $115.00 Price Target at Oppenheimer

AGCO (NYSE:AGCO) had its target price increased by Oppenheimer from $108.00 to $115.00 in a report released on Tuesday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the industrial products company’s stock.

A number of other brokerages have also commented on AGCO. Wall Street Zen upgraded AGCO from a “sell” rating to a “hold” rating in a report on Tuesday, April 22nd. UBS Group set a $106.00 price target on AGCO in a research report on Tuesday, April 22nd. Truist Financial decreased 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. The Goldman Sachs Group lifted their price objective on shares of AGCO from $91.00 to $107.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. Finally, Morgan Stanley increased their target price on shares of AGCO from $75.00 to $84.00 and gave the stock an “underweight” rating in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, AGCO presently has a consensus rating of “Hold” and an average price target of $106.30.

AGCO Trading Down 1.4%

NYSE:AGCO opened at $106.80 on Tuesday. AGCO has a 1-year low of $73.79 and a 1-year high of $116.25. The business’s 50-day moving average price is $103.66 and its two-hundred day moving average price is $97.17. The company has a current ratio of 1.53, a quick ratio of 0.67 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $7.97 billion, a price-to-earnings ratio of -13.69, a PEG ratio of 1.94 and a beta of 1.24.

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

AGCO Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Friday, August 15th. AGCO’s dividend payout ratio is currently -14.87%.

AGCO declared that its board has authorized a stock repurchase program on Wednesday, July 9th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 12.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, SVP Kelvin Eugene Bennett sold 250 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $106.18, for a total value of $26,545.00. Following the completion of the sale, the senior vice president directly owned 17,380 shares in the company, valued at approximately $1,845,408.40. This trade represents a 1.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 16.90% of the company’s stock.

Institutional Trading of AGCO

A number of hedge funds have recently made changes to their positions in AGCO. Teacher Retirement System of Texas acquired a new stake in AGCO during the first quarter worth approximately $1,212,000. GAMMA Investing LLC increased its stake in shares of AGCO by 66.9% during the first quarter. GAMMA Investing LLC now owns 908 shares of the industrial products company’s stock worth $84,000 after purchasing an additional 364 shares during the period. LPL Financial LLC increased its stake in shares of AGCO by 4.9% during the fourth quarter. LPL Financial LLC now owns 21,812 shares of the industrial products company’s stock worth $2,135,000 after purchasing an additional 1,016 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in AGCO by 12.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,692 shares of the industrial products company’s stock worth $1,467,000 after purchasing an additional 1,788 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its stake in AGCO by 2.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 6,207 shares of the industrial products company’s stock valued at $580,000 after purchasing an additional 144 shares during the period. 78.80% of the stock is owned by institutional investors and hedge funds.

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.