AGCO Co. (NYSE:AGCO) Shares Bought by State of Michigan Retirement System

State of Michigan Retirement System raised its stake in AGCO Co. (NYSE:AGCO) by 2.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,258 shares of the industrial products company’s stock after acquiring an additional 300 shares during the quarter. State of Michigan Retirement System’s holdings in AGCO were worth $1,877,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Rakuten Securities Inc. acquired a new position in shares of AGCO during the 4th quarter worth approximately $26,000. Allworth Financial LP raised its stake in shares of AGCO by 72.3% during the 4th quarter. Allworth Financial LP now owns 286 shares of the industrial products company’s stock worth $35,000 after buying an additional 120 shares during the period. American National Bank acquired a new position in shares of AGCO during the 4th quarter worth approximately $37,000. Denali Advisors LLC raised its stake in shares of AGCO by 50.0% during the 4th quarter. Denali Advisors LLC now owns 309 shares of the industrial products company’s stock worth $38,000 after buying an additional 103 shares during the period. Finally, GAMMA Investing LLC acquired a new position in shares of AGCO during the 4th quarter worth approximately $45,000. 78.80% of the stock is owned by institutional investors and hedge funds.

AGCO Stock Up 0.7 %

Shares of NYSE:AGCO opened at $96.67 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.99 and a debt-to-equity ratio of 0.72. The business has a fifty day moving average of $106.66 and a two-hundred day moving average of $113.89. The stock has a market cap of $7.21 billion, a P/E ratio of 6.54, a PEG ratio of 0.61 and a beta of 1.27. AGCO Co. has a 52-week low of $95.03 and a 52-week high of $140.46.

AGCO (NYSE:AGCO) last issued its earnings results on Monday, May 6th. The industrial products company reported $2.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.03. The company had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.99 billion. AGCO had a return on equity of 24.02% and a net margin of 7.90%. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. During the same period in the prior year, the business earned $3.51 EPS. On average, research analysts expect that AGCO Co. will post 11.78 earnings per share for the current year.

AGCO Cuts Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AGCO. Raymond James began coverage on AGCO in a research note on Friday, June 28th. They set a “market perform” rating for the company. Oppenheimer reduced their target price on AGCO from $145.00 to $133.00 and set an “outperform” rating for the company in a research note on Wednesday, June 12th. Citigroup started coverage on AGCO in a research note on Wednesday, June 26th. They issued a “neutral” rating and a $108.00 price objective for the company. Truist Financial reduced their price objective on AGCO from $142.00 to $137.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. reduced their price objective on AGCO from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Friday, June 28th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, AGCO currently has an average rating of “Moderate Buy” and a consensus target price of $132.00.

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.