Envestnet Asset Management Inc. Raises Position in AGCO Corporation (NYSE:AGCO)

Envestnet Asset Management Inc. lifted its position in shares of AGCO Corporation (NYSE:AGCO) by 9.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,951 shares of the industrial products company’s stock after acquiring an additional 8,293 shares during the period. Envestnet Asset Management Inc. owned approximately 0.13% of AGCO worth $9,252,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in AGCO by 62.4% in the first quarter. Bank of New York Mellon Corp now owns 1,135,672 shares of the industrial products company’s stock worth $105,129,000 after purchasing an additional 436,237 shares during the last quarter. Impax Asset Management Group plc increased its stake in shares of AGCO by 11.0% in the first quarter. Impax Asset Management Group plc now owns 123,475 shares of the industrial products company’s stock worth $11,430,000 after acquiring an additional 12,284 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. increased its stake in shares of AGCO by 3.7% in the first quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 34,865 shares of the industrial products company’s stock worth $3,227,000 after acquiring an additional 1,230 shares during the period. Principal Financial Group Inc. grew its position in AGCO by 4.3% during the first quarter. Principal Financial Group Inc. now owns 742,044 shares of the industrial products company’s stock valued at $68,691,000 after buying an additional 30,357 shares during the period. Finally, Teacher Retirement System of Texas acquired a new stake in shares of AGCO in the first quarter valued at about $1,212,000. 78.80% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related 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 completion of the sale, the senior vice president directly owned 17,380 shares of the company’s stock, valued at approximately $1,845,408.40. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 16.90% of the company’s stock.

AGCO Price Performance

Shares of NYSE:AGCO opened at $106.34 on Tuesday. The company has a market capitalization of $7.93 billion, a PE ratio of -13.63, a PEG ratio of 1.91 and a beta of 1.24. 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 business has a fifty day moving average price of $104.26 and a 200-day moving average price of $97.51. AGCO Corporation has a 1-year low of $73.79 and a 1-year high of $116.25.

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

AGCO announced that its board has approved a stock buyback program on Wednesday, July 9th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the industrial products company to purchase up to 12.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

AGCO Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be issued a dividend of $0.29 per share. The ex-dividend date is Friday, August 15th. This represents a $1.16 annualized dividend and a yield of 1.09%. AGCO’s dividend payout ratio is currently -14.87%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Morgan Stanley boosted their price target on shares of AGCO from $75.00 to $84.00 and gave the stock an “underweight” rating in a report on Monday, May 12th. JPMorgan Chase & Co. upped their target price on shares of AGCO from $117.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. UBS Group set a $106.00 price objective on shares of AGCO in a 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 on the stock in a report on Tuesday, April 8th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $115.00 price objective (up previously from $108.00) on shares of AGCO in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $105.89.

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.