AGCO (NYSE:AGCO) Sets New 52-Week Low After Analyst Downgrade

Shares of AGCO Co. (NYSE:AGCO) hit a new 52-week low on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $135.00 to $130.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. AGCO traded as low as $95.95 and last traded at $96.00, with a volume of 86841 shares. The stock had previously closed at $97.88.

A number of other equities research analysts have also recently commented on AGCO. 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. Citigroup initiated coverage on shares of AGCO in a report on Wednesday, June 26th. They issued a “neutral” rating and a $108.00 target price on the stock. Oppenheimer decreased their price objective on AGCO from $145.00 to $133.00 and set an “outperform” rating for the company in a report on Wednesday, June 12th. Finally, Raymond James began coverage on AGCO in a research note on Friday. They issued a “market perform” rating for the company. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, AGCO has a consensus rating of “Moderate Buy” and a consensus target price of $132.00.

Institutional Trading of AGCO

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rakuten Securities Inc. bought a new position in shares of AGCO during the 4th quarter valued at approximately $26,000. FinTrust Capital Advisors LLC grew its holdings in AGCO by 121.9% during the first quarter. FinTrust Capital Advisors LLC now owns 213 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 117 shares during the period. Manchester Capital Management LLC increased its position in AGCO by 93.2% in the first quarter. Manchester Capital Management LLC now owns 228 shares of the industrial products company’s stock worth $28,000 after buying an additional 110 shares during the last quarter. LRI Investments LLC bought a new stake in shares of AGCO in the first quarter valued at $30,000. Finally, Allworth Financial LP lifted its position 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 valued at $35,000 after buying an additional 120 shares during the last quarter. 78.80% of the stock is owned by hedge funds and other institutional investors.

AGCO Stock Down 2.4 %

The firm has a market capitalization of $7.13 billion, a P/E ratio of 6.46, a PEG ratio of 0.62 and a beta of 1.27. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.09 and a current ratio of 1.99. The stock has a 50 day moving average of $107.95 and a 200-day moving average of $114.30.

AGCO (NYSE:AGCO) last issued its quarterly earnings data on Monday, May 6th. The industrial products company reported $2.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.03. The business had revenue of $2.93 billion for 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 quarter in the prior year, the firm posted $3.51 EPS. Research analysts predict that AGCO Co. will post 11.82 earnings per share for the current fiscal year.

AGCO Cuts Dividend

The firm 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. This represents a yield of 1%. The ex-dividend date was Tuesday, May 14th. AGCO’s payout ratio is 7.85%.

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.