AGCO (NYSE:AGCO) Reaches New 12-Month Low Following Analyst Downgrade

AGCO Co. (NYSE:AGCO)’s stock price reached a new 52-week low during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $135.00 to $130.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. AGCO traded as low as $95.95 and last traded at $96.00, with a volume of 86841 shares changing hands. The stock had previously closed at $97.88.

Other equities research analysts have also issued research reports about the stock. Oppenheimer decreased their price objective on shares of AGCO from $145.00 to $133.00 and set an “outperform” rating on the stock in a report on Wednesday, June 12th. Citigroup began coverage on shares of AGCO in a report on Wednesday, June 26th. They issued a “neutral” rating and a $108.00 price target for the company. Raymond James assumed coverage on AGCO in a report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Truist Financial decreased their price objective on AGCO from $142.00 to $137.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, AGCO has a consensus rating of “Moderate Buy” and an average price target of $132.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. increased its stake in AGCO by 50.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 26,315 shares of the industrial products company’s stock valued at $3,113,000 after buying an additional 8,836 shares during the last quarter. LPL Financial LLC raised its position in AGCO by 11.6% during the third quarter. LPL Financial LLC now owns 28,747 shares of the industrial products company’s stock worth $3,394,000 after acquiring an additional 2,981 shares in the last quarter. Treasurer of the State of North Carolina lifted its stake in AGCO by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 28,346 shares of the industrial products company’s stock valued at $3,353,000 after acquiring an additional 133 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of AGCO in the 3rd quarter valued at about $1,429,000. Finally, Alps Advisors Inc. grew its position in shares of AGCO by 12.0% in the 3rd quarter. Alps Advisors Inc. now owns 2,739 shares of the industrial products company’s stock valued at $324,000 after acquiring an additional 294 shares during the period. 78.80% of the stock is currently owned by institutional investors.

AGCO Stock Up 0.5 %

The company has a market capitalization of $7.17 billion, a price-to-earnings ratio of 6.50, a price-to-earnings-growth ratio of 0.62 and a beta of 1.27. The firm’s 50 day moving average price is $107.52 and its two-hundred day moving average price is $114.14. The company has a current ratio of 1.99, a quick ratio of 1.09 and a debt-to-equity ratio of 0.72.

AGCO (NYSE:AGCO) last issued its quarterly earnings data on Monday, May 6th. The industrial products company reported $2.32 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.03. AGCO had a net margin of 7.90% and a return on equity of 24.02%. The company had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same period in the prior year, the firm earned $3.51 earnings per share. The company’s revenue was down 12.1% on a year-over-year basis. Sell-side analysts anticipate that AGCO Co. will post 11.82 earnings per share for the current fiscal year.

AGCO Cuts Dividend

The business also recently announced a dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were given a dividend of $0.29 per share. This represents a yield of 1%. The ex-dividend date was Tuesday, May 14th. AGCO’s dividend payout ratio is currently 7.85%.

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.