AGCO (AGCO) Upgraded to “Neutral” at JPMorgan Chase & Co.

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JPMorgan Chase & Co. upgraded shares of AGCO (NYSE:AGCO) from an underweight rating to a neutral rating in a report issued on Wednesday morning, MarketBeat reports. They currently have $57.00 price objective on the industrial products company’s stock, up from their previous price objective of $55.00.

AGCO has been the topic of a number of other research reports. Zacks Investment Research downgraded AGCO from a hold rating to a sell rating in a research note on Tuesday, October 16th. ValuEngine downgraded AGCO from a hold rating to a sell rating in a research note on Monday, July 16th. Deutsche Bank set a $79.00 target price on AGCO and gave the stock a buy rating in a research note on Wednesday, September 5th. OTR Global downgraded AGCO to a $60.18 rating in a research note on Wednesday, July 18th. Finally, Jefferies Financial Group restated a hold rating and issued a $70.00 target price on shares of AGCO in a research note on Friday, July 20th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $69.79.

AGCO stock traded up $0.98 during mid-day trading on Wednesday, reaching $57.02. 13,743 shares of the company traded hands, compared to its average volume of 756,168. The company has a market capitalization of $4.28 billion, a P/E ratio of 18.93, a price-to-earnings-growth ratio of 0.92 and a beta of 0.70. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.63 and a current ratio of 1.42. AGCO has a fifty-two week low of $49.50 and a fifty-two week high of $75.95.

AGCO (NYSE:AGCO) last released its quarterly earnings results on Tuesday, October 30th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.08. The business had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.15 billion. AGCO had a return on equity of 9.70% and a net margin of 2.49%. The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.76 EPS. As a group, sell-side analysts forecast that AGCO will post 3.75 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Thursday, November 15th will be paid a $0.15 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.05%. AGCO’s payout ratio is presently 19.87%.

Hedge funds and other institutional investors have recently made changes to their positions in the company. FDx Advisors Inc. raised its holdings in shares of AGCO by 21.7% in the 2nd quarter. FDx Advisors Inc. now owns 5,483 shares of the industrial products company’s stock worth $333,000 after purchasing an additional 978 shares during the period. NJ State Employees Deferred Compensation Plan raised its holdings in shares of AGCO by 12.5% in the 2nd quarter. NJ State Employees Deferred Compensation Plan now owns 9,000 shares of the industrial products company’s stock worth $546,000 after purchasing an additional 1,000 shares during the period. Northpointe Capital LLC raised its holdings in shares of AGCO by 2.0% in the 2nd quarter. Northpointe Capital LLC now owns 52,601 shares of the industrial products company’s stock worth $3,194,000 after purchasing an additional 1,030 shares during the period. Arizona State Retirement System raised its holdings in shares of AGCO by 2.6% in the 2nd quarter. Arizona State Retirement System now owns 45,835 shares of the industrial products company’s stock worth $2,783,000 after purchasing an additional 1,171 shares during the period. Finally, AGF Investments America Inc. raised its holdings in shares of AGCO by 2.4% in the 2nd quarter. AGF Investments America Inc. now owns 52,647 shares of the industrial products company’s stock worth $3,197,000 after purchasing an additional 1,221 shares during the period. Hedge funds and other institutional investors own 85.11% of the company’s stock.

AGCO Company Profile

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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