Canada Pension Plan Investment Board Trims Stake in AGCO Co. (AGCO)
Canada Pension Plan Investment Board trimmed its position in AGCO Co. (NYSE:AGCO) by 7.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 634,903 shares of the industrial products company’s stock after selling 54,600 shares during the quarter. Canada Pension Plan Investment Board owned about 0.80% of AGCO worth $38,551,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of AGCO. Massachusetts Financial Services Co. MA bought a new stake in shares of AGCO in the second quarter worth about $84,249,000. Schwab Charles Investment Management Inc. increased its holdings in shares of AGCO by 145.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 665,338 shares of the industrial products company’s stock worth $43,148,000 after purchasing an additional 394,136 shares during the last quarter. Peregrine Capital Management LLC bought a new stake in shares of AGCO in the second quarter worth about $17,506,000. Mackay Shields LLC purchased a new position in AGCO in the first quarter worth about $13,099,000. Finally, Victory Capital Management Inc. grew its position in AGCO by 6.5% in the second quarter. Victory Capital Management Inc. now owns 2,844,955 shares of the industrial products company’s stock worth $172,746,000 after acquiring an additional 173,818 shares in the last quarter. 85.89% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts recently commented on the company. Zacks Investment Research lowered AGCO from a “hold” rating to a “sell” rating in a research report on Friday, April 27th. OTR Global lowered AGCO to a “$60.18” rating in a research report on Wednesday, July 18th. Goldman Sachs Group lowered AGCO from a “conviction-buy” rating to a “buy” rating in a research report on Tuesday, May 8th. Morgan Stanley set a $66.00 price target on AGCO and gave the stock a “sell” rating in a research report on Friday, May 4th. Finally, JPMorgan Chase & Co. lowered AGCO from a “neutral” rating to an “underweight” rating and set a $55.00 price target for the company. in a research report on Monday, August 13th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have given a buy rating to the stock. AGCO presently has a consensus rating of “Hold” and an average price target of $71.47.
AGCO (NYSE:AGCO) last announced its earnings results on Tuesday, July 31st. The industrial products company reported $1.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.28 by $0.04. AGCO had a return on equity of 9.31% and a net margin of 2.44%. The business had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.45 billion. During the same quarter in the previous year, the business earned $1.15 earnings per share. The company’s revenue for the quarter was up 17.2% compared to the same quarter last year. analysts anticipate that AGCO Co. will post 3.78 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Wednesday, August 15th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, August 14th. This represents a $0.60 annualized dividend and a dividend yield of 1.00%. AGCO’s dividend payout ratio (DPR) is presently 19.87%.
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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