Retirement Systems of Alabama Has $19.03 Million Stock Holdings in AGCO Co. (NYSE:AGCO)

Retirement Systems of Alabama boosted its holdings in shares of AGCO Co. (NYSE:AGCO) by 1.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 154,690 shares of the industrial products company’s stock after acquiring an additional 1,714 shares during the quarter. Retirement Systems of Alabama owned 0.21% of AGCO worth $19,030,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. increased its position in AGCO by 50.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 26,315 shares of the industrial products company’s stock valued at $3,113,000 after purchasing an additional 8,836 shares during the period. LPL Financial LLC boosted its stake in shares of AGCO by 11.6% in the 3rd quarter. LPL Financial LLC now owns 28,747 shares of the industrial products company’s stock valued at $3,394,000 after purchasing an additional 2,981 shares during the last quarter. Treasurer of the State of North Carolina increased its position in shares of AGCO by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 28,346 shares of the industrial products company’s stock worth $3,353,000 after buying an additional 133 shares during the period. Quadrature Capital Ltd bought a new position in AGCO during the third quarter worth $1,429,000. Finally, Alps Advisors Inc. lifted its holdings in AGCO by 12.0% in the third quarter. Alps Advisors Inc. now owns 2,739 shares of the industrial products company’s stock valued at $324,000 after buying an additional 294 shares during the period. 78.80% of the stock is currently owned by institutional investors and hedge funds.

AGCO Stock Down 2.4 %

NYSE AGCO traded down $2.36 during mid-day trading on Friday, hitting $94.31. The company’s stock had a trading volume of 1,637,359 shares, compared to its average volume of 746,367. The firm has a market capitalization of $7.04 billion, a price-to-earnings ratio of 6.54, a PEG ratio of 0.61 and a beta of 1.27. The company’s 50 day simple moving average is $106.66 and its 200 day simple moving average is $113.89. The company has a current ratio of 1.99, a quick ratio of 1.09 and a debt-to-equity ratio of 0.72. AGCO Co. has a twelve month low of $94.10 and a twelve month high of $140.46.

AGCO (NYSE:AGCO) last posted its earnings results on Monday, May 6th. The industrial products company reported $2.32 EPS for the quarter, topping the consensus estimate of $2.29 by $0.03. AGCO had a net margin of 7.90% and a return on equity of 24.02%. The company had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.99 billion. During the same period in the previous year, the firm posted $3.51 earnings per share. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. Analysts anticipate that AGCO Co. will post 11.78 earnings per share for the current year.

AGCO Cuts Dividend

The business also recently announced a dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a dividend yield of 1%. AGCO’s payout ratio is 7.85%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Truist Financial decreased their price target on AGCO from $142.00 to $137.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Raymond James started coverage on AGCO in a report on Friday, June 28th. They issued a “market perform” rating for the company. JPMorgan Chase & Co. cut their price target on AGCO from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Friday, June 28th. Citigroup started coverage on shares of AGCO in a research note on Wednesday, June 26th. They issued a “neutral” rating and a $108.00 price objective for the company. Finally, Oppenheimer cut their target price on shares of AGCO from $145.00 to $133.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 12th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $132.00.

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.