Morgan Stanley Initiates Coverage on AGCO (NYSE:AGCO)

Morgan Stanley started coverage on shares of AGCO (NYSE:AGCO) in a report published on Tuesday morning, Marketbeat Ratings reports. The brokerage issued an equal weight rating and a $101.00 target price on the industrial products company’s stock.

AGCO has been the subject of several other reports. BMO Capital Markets assumed coverage on shares of AGCO in a research report on Friday, August 9th. They set a “market perform” rating and a $96.00 target price for the company. The Goldman Sachs Group decreased their price objective on AGCO from $112.00 to $99.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th. Truist Financial lifted their target price on AGCO from $118.00 to $127.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Oppenheimer lowered their price target on AGCO from $131.00 to $111.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Finally, StockNews.com downgraded shares of AGCO from a “hold” rating to a “sell” rating in a report on Thursday, November 28th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, AGCO presently has a consensus rating of “Hold” and an average target price of $113.18.

AGCO Stock Performance

Shares of AGCO opened at $100.61 on Tuesday. AGCO has a one year low of $84.35 and a one year high of $130.26. The company has a market cap of $7.51 billion, a PE ratio of 44.52, a P/E/G ratio of 0.58 and a beta of 1.24. The stock has a 50-day moving average of $97.44 and a 200-day moving average of $96.81. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.53 and a quick ratio of 0.72.

AGCO (NYSE:AGCO) last released its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $0.68 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.40). AGCO had a net margin of 1.35% and a return on equity of 15.79%. The firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.90 billion. During the same quarter in the prior year, the firm earned $3.97 EPS. The company’s revenue was down 24.8% compared to the same quarter last year. On average, equities research analysts predict that AGCO will post 7.34 EPS for the current fiscal year.

AGCO Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend is Friday, November 15th. AGCO’s dividend payout ratio is currently 51.33%.

Hedge Funds Weigh In On AGCO

Several institutional investors have recently bought and sold shares of the company. Brooklyn Investment Group bought a new stake in AGCO in the 3rd quarter valued at about $29,000. LRI Investments LLC raised its position in shares of AGCO by 94.3% in the second quarter. LRI Investments LLC now owns 340 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 165 shares during the period. Blue Trust Inc. lifted its stake in shares of AGCO by 102.4% during the 2nd quarter. Blue Trust Inc. now owns 344 shares of the industrial products company’s stock valued at $34,000 after buying an additional 174 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in AGCO by 132.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 368 shares of the industrial products company’s stock worth $36,000 after buying an additional 210 shares during the period. Finally, First Horizon Advisors Inc. grew its stake in AGCO by 69.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 409 shares of the industrial products company’s stock valued at $40,000 after buying an additional 167 shares in the last quarter. Hedge funds and other institutional investors own 78.80% of the company’s stock.

About AGCO

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.