PNC Financial Services Group Inc. Sells 5,951 Shares of AGCO Co. (NYSE:AGCO)

PNC Financial Services Group Inc. decreased its stake in shares of AGCO Co. (NYSE:AGCO) by 12.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,175 shares of the industrial products company’s stock after selling 5,951 shares during the period. PNC Financial Services Group Inc. owned about 0.06% of AGCO worth $4,999,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in AGCO by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 6,780,497 shares of the industrial products company’s stock valued at $823,220,000 after buying an additional 24,940 shares during the last quarter. Victory Capital Management Inc. increased its holdings in AGCO by 0.6% during the fourth quarter. Victory Capital Management Inc. now owns 3,060,587 shares of the industrial products company’s stock valued at $371,586,000 after buying an additional 18,209 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in AGCO by 3,115.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,192,533 shares of the industrial products company’s stock valued at $144,785,000 after buying an additional 1,155,440 shares during the last quarter. AQR Capital Management LLC increased its holdings in AGCO by 16.1% during the third quarter. AQR Capital Management LLC now owns 1,028,727 shares of the industrial products company’s stock valued at $121,678,000 after buying an additional 142,701 shares during the last quarter. Finally, Mackenzie Financial Corp increased its holdings in AGCO by 3.2% during the fourth quarter. Mackenzie Financial Corp now owns 723,119 shares of the industrial products company’s stock valued at $87,794,000 after buying an additional 22,687 shares during the last quarter. 78.80% of the stock is owned by hedge funds and other institutional investors.

AGCO Stock Performance

Shares of NYSE AGCO opened at $102.29 on Wednesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.99 and a quick ratio of 1.09. The firm has a fifty day moving average price of $111.50 and a 200-day moving average price of $115.36. AGCO Co. has a 1 year low of $100.24 and a 1 year high of $140.46. The stock has a market cap of $7.63 billion, a PE ratio of 6.92, a price-to-earnings-growth ratio of 0.64 and a beta of 1.32.

AGCO (NYSE:AGCO) last issued its earnings results on Monday, May 6th. The industrial products company reported $2.32 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.03. AGCO had a net margin of 7.90% and a return on equity of 24.02%. The firm had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same quarter in the prior year, the business earned $3.51 earnings per share. AGCO’s revenue for the quarter was down 12.1% on a year-over-year basis. Equities analysts anticipate that AGCO Co. will post 12.18 earnings per share for the current fiscal year.

AGCO Cuts Dividend

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

Analyst Ratings Changes

A number of analysts have commented on AGCO shares. JPMorgan Chase & Co. reduced their target price on shares of AGCO from $150.00 to $135.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Truist Financial reduced their price objective on shares of AGCO from $142.00 to $137.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Finally, Oppenheimer reduced their price objective on shares of AGCO from $145.00 to $133.00 and set an “outperform” rating for the company in a research note on Wednesday, June 12th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $139.83.

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.