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

AGCO Co. (NYSE:AGCO) shares hit a new 52-week low during trading 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 changing hands. The stock had previously closed at $97.88.

AGCO has been the subject of several other reports. Truist Financial cut their price target on shares of AGCO from $142.00 to $137.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Citigroup began coverage on shares of AGCO in a research note on Wednesday, June 26th. They issued a “neutral” rating and a $108.00 target price for the company. Raymond James initiated coverage on AGCO in a report on Friday, June 28th. They set a “market perform” rating for the company. Finally, Oppenheimer cut their price objective on AGCO from $145.00 to $133.00 and set an “outperform” rating for the company in a research report on Wednesday, June 12th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $132.00.

Institutional Investors Weigh In On AGCO

Hedge funds and other institutional investors have recently made changes to their positions in the company. Strs Ohio grew its holdings in AGCO by 0.7% during the 4th quarter. Strs Ohio now owns 12,091 shares of the industrial products company’s stock worth $1,467,000 after acquiring an additional 87 shares during the period. SummerHaven Investment Management LLC lifted its stake in AGCO by 1.7% in the fourth quarter. SummerHaven Investment Management LLC now owns 5,383 shares of the industrial products company’s stock valued at $654,000 after buying an additional 91 shares during the period. State of Michigan Retirement System boosted its holdings in AGCO by 0.7% during the fourth quarter. State of Michigan Retirement System now owns 14,958 shares of the industrial products company’s stock worth $1,816,000 after buying an additional 100 shares during the last quarter. Denali Advisors LLC increased its stake in shares of AGCO by 50.0% in the 4th quarter. Denali Advisors LLC now owns 309 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 103 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its position in shares of AGCO by 30.1% in the 4th quarter. Venturi Wealth Management LLC now owns 445 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 103 shares during the period. 78.80% of the stock is owned by institutional investors and hedge funds.

AGCO Stock Performance

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 stock has a market cap of $7.17 billion, a price-to-earnings ratio of 6.50, a PEG ratio of 0.62 and a beta of 1.27. The stock’s fifty day moving average is $107.52 and its 200-day moving average is $114.14.

AGCO (NYSE:AGCO) last announced its quarterly 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 analyst estimates of $2.99 billion. AGCO had a net margin of 7.90% and a return on equity of 24.02%. The firm’s revenue was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.51 EPS. On average, analysts forecast that AGCO Co. will post 11.82 EPS for the current year.

AGCO Cuts Dividend

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