JPMorgan Chase & Co. Lowers AGCO (NYSE:AGCO) to Neutral

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JPMorgan Chase & Co. cut shares of AGCO (NYSE:AGCO) from an overweight rating to a neutral rating in a research report report published on Wednesday morning, Benzinga’s Daily Ratings Newsletter reports. JPMorgan Chase & Co. currently has $77.00 target price on the industrial products company’s stock.

Other equities research analysts have also recently issued reports about the company. UBS Group restated a buy rating and set a $25.00 target price on shares of Infineon Technologies in a research report on Tuesday, May 7th. Wells Fargo & Co reiterated a buy rating and issued a $85.00 price objective on shares of Carvana in a report on Monday, July 1st. Royal Bank of Canada set a €86.00 ($100.00) price objective on Henkel AG & Co KGaA and gave the stock a neutral rating in a report on Tuesday, May 7th. ValuEngine cut Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Finally, Citigroup lifted their price objective on SolarWinds from $20.00 to $23.00 and gave the stock a buy rating in a report on Monday, May 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $74.85.

NYSE:AGCO opened at $77.62 on Wednesday. AGCO has a 52 week low of $49.50 and a 52 week high of $79.00. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.30 and a quick ratio of 0.54. The firm has a market cap of $5.79 billion, a PE ratio of 19.95, a PEG ratio of 1.14 and a beta of 0.98. The company’s 50-day simple moving average is $72.83.

AGCO (NYSE:AGCO) last posted its earnings results on Thursday, May 2nd. The industrial products company reported $0.86 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.44. AGCO had a return on equity of 11.62% and a net margin of 3.49%. The firm had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.96 billion. During the same period last year, the firm earned $0.30 EPS. The company’s quarterly revenue was down .6% on a year-over-year basis. As a group, equities research analysts expect that AGCO will post 4.93 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 0.82%. This is a positive change from AGCO’s previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, May 14th. AGCO’s dividend payout ratio (DPR) is 16.45%.

In other AGCO news, SVP Robert B. Crain sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $72.86, for a total value of $1,821,500.00. Following the transaction, the senior vice president now directly owns 81,914 shares of the company’s stock, valued at approximately $5,968,254.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Martin Richenhagen sold 51,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $70.43, for a total transaction of $3,591,930.00. Following the completion of the transaction, the chairman now directly owns 503,733 shares in the company, valued at $35,477,915.19. The disclosure for this sale can be found here. Insiders sold a total of 178,000 shares of company stock worth $12,710,000 over the last three months. Corporate insiders own 17.60% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AGCO. Vanguard Group Inc raised its position in shares of AGCO by 1.1% during the 3rd quarter. Vanguard Group Inc now owns 6,029,986 shares of the industrial products company’s stock worth $366,563,000 after buying an additional 65,104 shares in the last quarter. LSV Asset Management lifted its position in AGCO by 2.9% during the 1st quarter. LSV Asset Management now owns 2,717,410 shares of the industrial products company’s stock valued at $188,995,000 after purchasing an additional 76,400 shares during the period. FMR LLC lifted its position in AGCO by 29.1% during the 1st quarter. FMR LLC now owns 1,370,072 shares of the industrial products company’s stock valued at $95,288,000 after purchasing an additional 309,101 shares during the period. Thrivent Financial for Lutherans lifted its position in AGCO by 4.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,290,814 shares of the industrial products company’s stock valued at $71,860,000 after purchasing an additional 50,999 shares during the period. Finally, Geode Capital Management LLC lifted its position in AGCO by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 1,239,289 shares of the industrial products company’s stock valued at $68,991,000 after purchasing an additional 45,469 shares during the period. 80.87% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for AGCO (NYSE:AGCO)

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