Fifth Third Bancorp Trims Stake in AGCO Corporation (NYSE:AGCO)

Fifth Third Bancorp reduced its position in shares of AGCO Corporation (NYSE:AGCO) by 16.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,001 shares of the industrial products company’s stock after selling 202 shares during the period. Fifth Third Bancorp’s holdings in AGCO were worth $93,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its position in AGCO by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 469,669 shares of the industrial products company’s stock worth $43,905,000 after acquiring an additional 15,531 shares in the last quarter. LPL Financial LLC grew its position in AGCO by 4.9% in the fourth quarter. LPL Financial LLC now owns 21,812 shares of the industrial products company’s stock worth $2,135,000 after acquiring an additional 1,016 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in AGCO by 12.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,692 shares of the industrial products company’s stock worth $1,467,000 after acquiring an additional 1,788 shares in the last quarter. O Shaughnessy Asset Management LLC grew its position in AGCO by 2.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,207 shares of the industrial products company’s stock worth $580,000 after acquiring an additional 144 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in AGCO during the fourth quarter valued at about $16,845,000. 78.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Kelvin Eugene Bennett sold 250 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $106.18, for a total transaction of $26,545.00. Following the sale, the senior vice president now directly owns 17,380 shares in the company, valued at $1,845,408.40. This trade represents a 1.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 16.60% of the stock is currently owned by corporate insiders.

AGCO Price Performance

Shares of NYSE AGCO opened at $102.03 on Friday. AGCO Corporation has a fifty-two week low of $73.79 and a fifty-two week high of $108.76. The company has a 50 day simple moving average of $96.50 and a two-hundred day simple moving average of $95.85. The company has a market capitalization of $7.61 billion, a price-to-earnings ratio of -13.08, a P/E/G ratio of 1.87 and a beta of 1.24. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.67 and a current ratio of 1.53.

AGCO (NYSE:AGCO) last announced its earnings results on Thursday, May 1st. The industrial products company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.38. AGCO had a negative net margin of 5.40% and a positive return on equity of 10.60%. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter last year, the firm earned $2.32 earnings per share. The business’s revenue for the quarter was down 30.0% on a year-over-year basis. Analysts expect that AGCO Corporation will post 4.2 EPS for the current fiscal year.

AGCO Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, May 15th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Thursday, May 15th. AGCO’s dividend payout ratio is currently -14.87%.

Wall Street Analyst Weigh In

AGCO has been the subject of several analyst reports. Wall Street Zen upgraded shares of AGCO from a “sell” rating to a “hold” rating in a research report on Tuesday, April 22nd. Truist Financial cut their price target on shares of AGCO from $125.00 to $105.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. UBS Group set a $106.00 target price on shares of AGCO in a report on Tuesday, April 22nd. Baird R W lowered shares of AGCO from a “strong-buy” rating to a “hold” rating in a report on Monday, March 3rd. Finally, Morgan Stanley increased their target price on shares of AGCO from $75.00 to $84.00 and gave the stock an “underweight” rating in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $104.10.

AGCO Profile

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.