Summit Global Investments Cuts Stake in AGCO Co. (NYSE:AGCO)

Summit Global Investments lessened its holdings in AGCO Co. (NYSE:AGCO) by 24.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,763 shares of the industrial products company’s stock after selling 4,713 shares during the period. Summit Global Investments’ holdings in AGCO were worth $1,792,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Great Valley Advisor Group Inc. grew its position in shares of AGCO by 28.3% during the fourth quarter. Great Valley Advisor Group Inc. now owns 22,379 shares of the industrial products company’s stock worth $2,717,000 after buying an additional 4,931 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of AGCO by 0.6% in the 4th quarter. Victory Capital Management Inc. now owns 3,060,587 shares of the industrial products company’s stock valued at $371,586,000 after purchasing an additional 18,209 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in shares of AGCO by 1.7% during the 4th quarter. SummerHaven Investment Management LLC now owns 5,383 shares of the industrial products company’s stock worth $654,000 after purchasing an additional 91 shares during the last quarter. Retirement Systems of Alabama grew its stake in shares of AGCO by 1.8% during the fourth quarter. Retirement Systems of Alabama now owns 152,976 shares of the industrial products company’s stock worth $18,573,000 after purchasing an additional 2,643 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in AGCO in the fourth quarter valued at $121,000. Hedge funds and other institutional investors own 78.80% of the company’s stock.

AGCO Stock Performance

NYSE AGCO traded up $1.16 during trading on Friday, reaching $111.79. The company’s stock had a trading volume of 1,097,316 shares, compared to its average volume of 712,588. The business’s fifty day moving average price is $116.61 and its 200-day moving average price is $116.90. AGCO Co. has a twelve month low of $105.77 and a twelve month high of $140.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.67 and a current ratio of 1.46. The firm has a market cap of $8.34 billion, a price-to-earnings ratio of 7.15, a P/E/G ratio of 0.64 and a beta of 1.32.

AGCO (NYSE:AGCO) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $2.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.03. AGCO had a return on equity of 26.96% and a net margin of 8.13%. The firm had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter in the previous year, the firm posted $3.51 EPS. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, analysts anticipate that AGCO Co. will post 13.06 EPS for the current fiscal year.

AGCO Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be given a $0.29 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $1.16 dividend on an annualized basis and a yield of 1.04%. AGCO’s dividend payout ratio (DPR) is 7.42%.

Analyst Ratings Changes

Several equities analysts have commented on AGCO shares. Truist Financial dropped their price target on shares of AGCO from $142.00 to $137.00 and set a “buy” rating on the stock in a research note on Friday. JPMorgan Chase & Co. cut their price target on shares of AGCO from $150.00 to $135.00 and set an “overweight” rating on the stock in a research note on Friday. StockNews.com downgraded shares of AGCO from a “buy” rating to a “hold” rating in a research note on Friday, February 9th. Finally, Oppenheimer cut their target price on AGCO from $154.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $140.86.

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.