Treasurer of the State of North Carolina lessened its stake in AGCO Co. (NYSE:AGCO) by 3.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,290 shares of the industrial products company’s stock after selling 1,040 shares during the period. Treasurer of the State of North Carolina’s holdings in AGCO were worth $2,427,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in AGCO. New York State Teachers Retirement System grew its stake in shares of AGCO by 4.8% in the second quarter. New York State Teachers Retirement System now owns 94,887 shares of the industrial products company’s stock worth $7,360,000 after acquiring an additional 4,306 shares during the last quarter. Stone Ridge Asset Management LLC grew its holdings in shares of AGCO by 8.7% during the 2nd quarter. Stone Ridge Asset Management LLC now owns 30,089 shares of the industrial products company’s stock worth $2,334,000 after purchasing an additional 2,400 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of AGCO by 2.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 870,039 shares of the industrial products company’s stock worth $67,488,000 after purchasing an additional 23,270 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of AGCO during the 2nd quarter worth $523,000. Finally, First Interstate Bank acquired a new stake in shares of AGCO during the 2nd quarter worth $61,000. Hedge funds and other institutional investors own 81.33% of the company’s stock.
In related news, Chairman Martin Richenhagen sold 45,000 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $77.14, for a total transaction of $3,471,300.00. Following the completion of the transaction, the chairman now directly owns 447,317 shares in the company, valued at $34,506,033.38. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Andrew H. Beck sold 10,000 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $71.17, for a total value of $711,700.00. Following the transaction, the chief financial officer now owns 178,776 shares of the company’s stock, valued at $12,723,487.92. The disclosure for this sale can be found here. Insiders have sold 86,977 shares of company stock worth $6,483,768 over the last quarter. 17.60% of the stock is currently owned by corporate insiders.
AGCO (NYSE:AGCO) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $1.82 EPS for the quarter, beating the Zacks’ consensus estimate of $1.59 by $0.23. AGCO had a return on equity of 12.64% and a net margin of 4.07%. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter last year, the firm posted $1.32 earnings per share. The company’s revenue for the quarter was down 4.5% compared to the same quarter last year. On average, research analysts forecast that AGCO Co. will post 5.08 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, August 15th were issued a dividend of $0.16 per share. The ex-dividend date was Wednesday, August 14th. This represents a $0.64 dividend on an annualized basis and a yield of 0.91%. AGCO’s dividend payout ratio (DPR) is currently 16.45%.
Several research firms recently weighed in on AGCO. Credit Suisse Group reaffirmed a “neutral” rating and issued a $83.00 price objective (up from $70.00) on shares of AGCO in a research note on Wednesday, July 31st. ValuEngine upgraded AGCO from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group upgraded AGCO from a “hold” rating to a “buy” rating and increased their target price for the company from $70.00 to $90.00 in a research report on Monday, June 24th. Stifel Nicolaus upgraded AGCO from a “hold” rating to a “buy” rating and increased their target price for the company from $79.00 to $84.00 in a research report on Friday, September 6th. Finally, OTR Global upgraded AGCO to a “positive” rating in a research report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. AGCO presently has an average rating of “Hold” and a consensus price target of $79.00.
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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