Corebridge Financial Inc. Cuts Stake in Archer-Daniels-Midland Company (NYSE:ADM)

Corebridge Financial Inc. cut its stake in Archer-Daniels-Midland Company (NYSE:ADM) by 9.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,674 shares of the company’s stock after selling 14,471 shares during the quarter. Corebridge Financial Inc.’s holdings in Archer-Daniels-Midland were worth $6,955,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Archer-Daniels-Midland by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 62,359,269 shares of the company’s stock worth $3,150,390,000 after purchasing an additional 706,567 shares in the last quarter. Community Bank N.A. grew its holdings in shares of Archer-Daniels-Midland by 18.1% during the fourth quarter. Community Bank N.A. now owns 29,671 shares of the company’s stock worth $1,499,000 after buying an additional 4,546 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Archer-Daniels-Midland in the fourth quarter valued at about $22,109,000. Sei Investments Co. lifted its stake in shares of Archer-Daniels-Midland by 5.5% in the fourth quarter. Sei Investments Co. now owns 144,957 shares of the company’s stock worth $7,323,000 after buying an additional 7,503 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Archer-Daniels-Midland by 13.7% during the fourth quarter. American Century Companies Inc. now owns 443,113 shares of the company’s stock worth $22,386,000 after acquiring an additional 53,351 shares during the last quarter. 78.28% of the stock is currently owned by institutional investors and hedge funds.

Archer-Daniels-Midland Price Performance

Shares of ADM opened at $47.87 on Friday. The firm has a 50-day simple moving average of $47.89 and a two-hundred day simple moving average of $52.24. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.39 and a quick ratio of 0.81. Archer-Daniels-Midland Company has a 1-year low of $44.92 and a 1-year high of $66.08. The stock has a market cap of $22.97 billion, a PE ratio of 13.26, a P/E/G ratio of 1.54 and a beta of 0.67.

Archer-Daniels-Midland (NYSE:ADM) last announced its earnings results on Tuesday, February 4th. The company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.07. Archer-Daniels-Midland had a return on equity of 10.44% and a net margin of 2.10%. The company had revenue of $21.50 billion for the quarter, compared to analyst estimates of $22.77 billion. During the same quarter in the previous year, the company earned $1.36 earnings per share. The firm’s quarterly revenue was down 6.4% compared to the same quarter last year. As a group, analysts forecast that Archer-Daniels-Midland Company will post 4.31 EPS for the current year.

Archer-Daniels-Midland Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 18th were given a $0.51 dividend. This is an increase from Archer-Daniels-Midland’s previous quarterly dividend of $0.50. This represents a $2.04 annualized dividend and a yield of 4.26%. The ex-dividend date of this dividend was Tuesday, February 18th. Archer-Daniels-Midland’s payout ratio is currently 56.51%.

Archer-Daniels-Midland declared that its board has approved a stock buyback plan on Wednesday, December 11th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have commented on ADM. Morgan Stanley cut their price objective on shares of Archer-Daniels-Midland from $52.00 to $47.00 and set an “equal weight” rating for the company in a report on Tuesday, February 11th. Bank of America reduced their price objective on Archer-Daniels-Midland from $54.00 to $48.00 and set an “underperform” rating on the stock in a research report on Tuesday, February 11th. BMO Capital Markets dropped their target price on Archer-Daniels-Midland from $51.00 to $49.00 and set a “market perform” rating for the company in a report on Wednesday, February 5th. Citigroup lifted their price target on Archer-Daniels-Midland from $51.00 to $55.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Finally, Stephens cut their price objective on shares of Archer-Daniels-Midland from $55.00 to $52.00 in a research report on Tuesday, February 4th. Two analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to data from MarketBeat, Archer-Daniels-Midland presently has a consensus rating of “Hold” and an average price target of $53.63.

Archer-Daniels-Midland Company Profile

Archer-Daniels-Midland Company engages in the procurement, transportation, storage, processing, and merchandising of agricultural commodities, ingredients, flavors, and solutions in the United States, Switzerland, the Cayman Islands, Brazil, Mexico, Canada, the United Kingdom, and internationally. It operates in three segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.