Qube Research & Technologies Ltd purchased a new stake in AGCO Co. (NYSE:AGCO) during the second quarter, Holdings Channel reports. The institutional investor purchased 2,751 shares of the industrial products company’s stock, valued at approximately $213,000.
A number of other hedge funds also recently bought and sold shares of AGCO. Comerica Bank lifted its holdings in shares of AGCO by 89.2% in the 2nd quarter. Comerica Bank now owns 84,632 shares of the industrial products company’s stock valued at $6,415,000 after buying an additional 39,894 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of AGCO by 19.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 45,247 shares of the industrial products company’s stock valued at $3,510,000 after buying an additional 7,437 shares during the period. Candriam Luxembourg S.C.A. acquired a new stake in shares of AGCO in the 2nd quarter valued at approximately $463,000. DekaBank Deutsche Girozentrale lifted its holdings in shares of AGCO by 31.8% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 67,900 shares of the industrial products company’s stock valued at $5,309,000 after buying an additional 16,389 shares during the period. Finally, Keybank National Association OH acquired a new stake in shares of AGCO in the 2nd quarter valued at approximately $418,000. 80.74% of the stock is currently owned by institutional investors.
AGCO has been the subject of several research reports. Stephens initiated coverage on AGCO in a report on Wednesday, August 14th. They set an “overweight” rating and a $80.00 price objective for the company. Jefferies Financial Group raised AGCO from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $70.00 to $90.00 in a report on Monday, June 24th. Wells Fargo & Co cut AGCO from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $90.00 to $80.00 in a report on Wednesday, July 17th. Royal Bank of Canada set a $88.00 price objective on AGCO and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Credit Suisse Group reaffirmed a “neutral” rating and set a $83.00 price objective (up from $70.00) on shares of AGCO in a report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. AGCO has an average rating of “Hold” and an average target price of $77.07.
AGCO (NYSE:AGCO) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.23. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.55 billion. AGCO had a return on equity of 12.64% and a net margin of 4.07%. AGCO’s revenue was down 4.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.32 earnings per share. As a group, equities research analysts predict that AGCO Co. will post 5.09 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Thursday, August 15th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend is Wednesday, August 14th. AGCO’s payout ratio is 16.45%.
In other AGCO news, CAO Lara Thrush Long sold 2,326 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $73.05, for a total transaction of $169,914.30. Following the completion of the transaction, the chief accounting officer now owns 3,991 shares of the company’s stock, valued at $291,542.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Gary L. Collar sold 5,000 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $72.96, for a total value of $364,800.00. Following the transaction, the vice president now directly owns 83,807 shares of the company’s stock, valued at approximately $6,114,558.72. The disclosure for this sale can be found here. Insiders have sold 117,977 shares of company stock valued at $8,707,768 in the last three months. 17.60% of the stock is currently owned by company insiders.
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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