OLD National Bancorp IN Raises Stake in AGCO Co. (NYSE:AGCO)

OLD National Bancorp IN boosted its position in AGCO Co. (NYSE:AGCO) by 87.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,728 shares of the industrial products company’s stock after purchasing an additional 1,743 shares during the period. OLD National Bancorp IN’s holdings in AGCO were worth $365,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the company. CX Institutional raised its stake in shares of AGCO by 4.3% during the 2nd quarter. CX Institutional now owns 36,179 shares of the industrial products company’s stock valued at $3,541,000 after purchasing an additional 1,489 shares during the period. Olstein Capital Management L.P. bought a new stake in shares of AGCO during the second quarter valued at about $587,000. Clean Yield Group lifted its holdings in shares of AGCO by 111.2% in the second quarter. Clean Yield Group now owns 31,748 shares of the industrial products company’s stock worth $3,107,000 after buying an additional 16,719 shares in the last quarter. CWM LLC boosted its position in shares of AGCO by 71.0% in the second quarter. CWM LLC now owns 10,455 shares of the industrial products company’s stock valued at $1,023,000 after acquiring an additional 4,341 shares during the period. Finally, Baker Ellis Asset Management LLC grew its stake in AGCO by 11.2% during the second quarter. Baker Ellis Asset Management LLC now owns 40,689 shares of the industrial products company’s stock valued at $3,983,000 after acquiring an additional 4,091 shares in the last quarter. 78.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AGCO has been the topic of several recent analyst reports. BMO Capital Markets assumed coverage on shares of AGCO in a research note on Friday. They issued a “market perform” rating and a $96.00 target price on the stock. Citigroup assumed coverage on AGCO in a research note on Wednesday, June 26th. They set a “neutral” rating and a $108.00 price objective for the company. The Goldman Sachs Group decreased their target price on AGCO from $127.00 to $112.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Raymond James started coverage on AGCO in a research report on Friday, June 28th. They set a “market perform” rating for the company. Finally, Barclays decreased their price objective on shares of AGCO from $145.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $118.91.

Insider Buying and Selling

In related news, Director Michael C. Arnold acquired 1,800 shares of the stock in a transaction on Wednesday, August 7th. The stock was purchased at an average price of $87.69 per share, for a total transaction of $157,842.00. Following the completion of the transaction, the director now owns 20,465 shares of the company’s stock, valued at approximately $1,794,575.85. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Lange Bob De bought 1,420 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $87.91 per share, for a total transaction of $124,832.20. Following the completion of the acquisition, the director now owns 7,007 shares in the company, valued at approximately $615,985.37. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael C. Arnold purchased 1,800 shares of AGCO stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired at an average price of $87.69 per share, for a total transaction of $157,842.00. Following the acquisition, the director now owns 20,465 shares in the company, valued at $1,794,575.85. The disclosure for this purchase can be found here. 16.60% of the stock is owned by corporate insiders.

AGCO Price Performance

NYSE AGCO traded down $1.45 on Friday, reaching $87.46. 1,182,305 shares of the company’s stock traded hands, compared to its average volume of 775,252. The stock has a market cap of $6.53 billion, a PE ratio of 5.92, a P/E/G ratio of 0.86 and a beta of 1.27. AGCO Co. has a 12 month low of $84.35 and a 12 month high of $132.94. The stock has a 50-day simple moving average of $98.41 and a 200 day simple moving average of $109.53. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.52 and a quick ratio of 1.09.

AGCO (NYSE:AGCO) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.53 EPS for the quarter, missing the consensus estimate of $2.90 by ($0.37). The business had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.48 billion. AGCO had a net margin of 3.13% and a return on equity of 21.17%. AGCO’s revenue for the quarter was down 15.1% on a year-over-year basis. During the same period in the prior year, the business posted $4.29 EPS. As a group, research analysts predict that AGCO Co. will post 7.89 earnings per share for the current year.

AGCO Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 15th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Thursday, August 15th. AGCO’s dividend payout ratio is presently 7.85%.

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.