Maryland State Retirement & Pension System Sells 647 Shares of AGCO Corporation $AGCO

Maryland State Retirement & Pension System lessened its holdings in AGCO Corporation (NYSE:AGCO) by 18.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,908 shares of the industrial products company’s stock after selling 647 shares during the quarter. Maryland State Retirement & Pension System’s holdings in AGCO were worth $269,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Teacher Retirement System of Texas bought a new position in AGCO during the 1st quarter worth approximately $1,212,000. GAMMA Investing LLC boosted its stake in AGCO by 66.9% during the 1st quarter. GAMMA Investing LLC now owns 908 shares of the industrial products company’s stock worth $84,000 after acquiring an additional 364 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in AGCO by 9.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 99,951 shares of the industrial products company’s stock worth $9,252,000 after buying an additional 8,293 shares during the period. UMB Bank n.a. raised its holdings in AGCO by 140.7% during the 1st quarter. UMB Bank n.a. now owns 811 shares of the industrial products company’s stock worth $75,000 after buying an additional 474 shares during the period. Finally, Baker Ellis Asset Management LLC raised its holdings in AGCO by 9.0% during the 1st quarter. Baker Ellis Asset Management LLC now owns 29,934 shares of the industrial products company’s stock worth $2,771,000 after buying an additional 2,480 shares during the period. Institutional investors own 78.80% of the company’s stock.

AGCO Price Performance

NYSE AGCO opened at $113.14 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 1.48 and a debt-to-equity ratio of 0.66. AGCO Corporation has a 12-month low of $73.79 and a 12-month high of $121.16. The company has a market capitalization of $8.44 billion, a PE ratio of 84.43, a price-to-earnings-growth ratio of 1.76 and a beta of 1.21. The firm’s 50 day moving average is $108.02 and its 200-day moving average is $99.31.

AGCO (NYSE:AGCO) last issued its earnings results on Thursday, July 31st. The industrial products company reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.29. The business had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.52 billion. AGCO had a net margin of 0.98% and a return on equity of 8.27%. The firm’s revenue for the quarter was down 18.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.53 earnings per share. Equities research analysts anticipate that AGCO Corporation will post 4.2 earnings per share for the current fiscal year.

AGCO declared that its board has approved a share buyback program on Wednesday, July 9th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the industrial products company to purchase up to 12.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

AGCO Announces Dividend

The company also recently announced 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. This represents a $1.16 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, August 15th. AGCO’s payout ratio is presently 86.57%.

Insiders Place Their Bets

In related news, SVP Luis Fernando Sartini Felli sold 10,000 shares of the business’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $109.40, for a total transaction of $1,094,000.00. Following the transaction, the senior vice president directly owned 16,189 shares in the company, valued at approximately $1,771,076.60. The trade was a 38.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 16.90% of the company’s stock.

Analyst Ratings Changes

AGCO has been the topic of several research analyst reports. Morgan Stanley raised 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. UBS Group restated a “neutral” rating and set a $119.00 target price (up from $100.00) on shares of AGCO in a report on Friday, August 8th. Citigroup restated a “neutral” rating and set a $110.00 target price on shares of AGCO in a report on Friday, May 30th. JPMorgan Chase & Co. raised their target price on shares of AGCO from $130.00 to $137.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Finally, Wall Street Zen upgraded shares of AGCO from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, AGCO currently has an average rating of “Hold” and a consensus target price of $109.63.

AGCO Company 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.