Oppenheimer Reaffirms Outperform Rating for AGCO (NYSE:AGCO)

AGCO (NYSE:AGCO)‘s stock had its “outperform” rating reissued by investment analysts at Oppenheimer in a note issued to investors on Tuesday, MarketBeat reports. They presently have a $115.00 price objective on the industrial products company’s stock, up from their previous price objective of $108.00. Oppenheimer’s price objective points to a potential upside of 7.22% from the company’s current price.

AGCO has been the topic of a number of other research reports. Morgan Stanley increased their price objective on AGCO from $75.00 to $84.00 and gave the stock an “underweight” rating in a report on Monday, May 12th. Wall Street Zen raised shares of AGCO from a “sell” rating to a “hold” rating in a report on Tuesday, April 22nd. Truist Financial reduced their price objective on shares of AGCO from $125.00 to $105.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. UBS Group set a $106.00 target price on shares of AGCO in a research note on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of AGCO from $117.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $106.30.

AGCO Stock Up 0.4%

Shares of NYSE AGCO opened at $107.26 on Tuesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.53 and a quick ratio of 0.67. The stock has a market capitalization of $8.00 billion, a PE ratio of -13.75, a P/E/G ratio of 1.91 and a beta of 1.24. AGCO has a one year low of $73.79 and a one year high of $116.25. The business’s fifty day moving average price is $103.91 and its 200-day moving average price is $97.24.

AGCO (NYSE:AGCO) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.03 by $0.38. The business had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.06 billion. AGCO had a negative net margin of 5.40% and a positive return on equity of 10.60%. The company’s revenue was down 30.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.32 earnings per share. On average, equities research analysts anticipate that AGCO will post 4.2 EPS for the current year.

AGCO announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 9th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the industrial products company to buy up to 12.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, SVP Kelvin Eugene Bennett sold 250 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $106.18, for a total value of $26,545.00. Following the completion of the sale, the senior vice president directly owned 17,380 shares in the company, valued at approximately $1,845,408.40. The trade was a 1.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 16.60% of the stock is owned by insiders.

Institutional Investors Weigh In On AGCO

A number of large investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in AGCO by 128.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,504,328 shares of the industrial products company’s stock worth $608,026,000 after acquiring an additional 3,654,350 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in AGCO by 534.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,901,790 shares of the industrial products company’s stock worth $271,259,000 after purchasing an additional 2,444,615 shares in the last quarter. Invesco Ltd. lifted its position in shares of AGCO by 68.7% in the 4th quarter. Invesco Ltd. now owns 2,360,301 shares of the industrial products company’s stock worth $220,641,000 after purchasing an additional 961,081 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of AGCO in the 4th quarter worth about $62,022,000. Finally, Norges Bank bought a new stake in shares of AGCO during the 4th quarter valued at about $57,321,000. Institutional investors own 78.80% of the company’s stock.

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.