Zacks Investment Research downgraded shares of AGCO Corporation (NYSE:AGCO) from a strong-buy rating to a hold rating in a report issued on Wednesday morning.
According to Zacks, “AGCO’s sales guidance of around $8 billion for 2017, reflects improved sales volumes, positive pricing and acquisition impacts. The company's recent launch of IDEAL will boost its full line of agricultural solution. Further, the expansion of parts distribution center remains a tailwind. Moreover, AGCO will benefit from increased investments through capital expenditures, engineering spend, acquisitions and cost-reduction efforts. The company has a positive record of earnings surprises in recent quarters. However, AGCO's performance is expected to be hurt by weakness in agricultural equipment sector and dismal industry demand. Elevated expenses are also likely to hurt the company's earnings. AGCO’s estimates have been undergoing negative revisions lately. The stock has also underperformed the industry over the past year.”
Other research analysts have also recently issued research reports about the company. Jefferies Group LLC restated a hold rating and issued a $75.00 target price on shares of AGCO Corporation in a research note on Thursday, August 31st. Deutsche Bank AG restated a buy rating and issued a $86.00 target price (down previously from $90.00) on shares of AGCO Corporation in a research note on Monday. BidaskClub cut AGCO Corporation from a hold rating to a sell rating in a research note on Wednesday, August 23rd. William Blair upgraded AGCO Corporation from a market perform rating to an outperform rating in a research note on Tuesday, July 11th. Finally, Bank of America Corporation upgraded AGCO Corporation from an underperform rating to a neutral rating in a research note on Monday, June 19th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company’s stock. AGCO Corporation has a consensus rating of Hold and an average target price of $68.23.
Shares of AGCO Corporation (NYSE:AGCO) traded down 0.09% during trading on Wednesday, reaching $74.65. The company’s stock had a trading volume of 660,406 shares. The stock has a market cap of $5.94 billion, a price-to-earnings ratio of 32.64 and a beta of 0.86. AGCO Corporation has a 52-week low of $48.93 and a 52-week high of $75.58. The stock’s 50 day moving average price is $71.01 and its 200-day moving average price is $67.19.
AGCO Corporation (NYSE:AGCO) last issued its quarterly earnings data on Thursday, July 27th. The industrial products company reported $1.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.04 by $0.11. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.08 billion. AGCO Corporation had a return on equity of 6.84% and a net margin of 2.40%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last year, the company earned $1.25 EPS. Equities analysts anticipate that AGCO Corporation will post $3.06 EPS for the current year.
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In other AGCO Corporation news, CFO Andrew H. Beck sold 10,000 shares of AGCO Corporation stock in a transaction on Friday, August 4th. The stock was sold at an average price of $72.18, for a total value of $721,800.00. Following the completion of the sale, the chief financial officer now owns 142,079 shares of the company’s stock, valued at approximately $10,255,262.22. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Hans Bernd Veltmaat sold 750 shares of AGCO Corporation stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $66.52, for a total value of $49,890.00. Following the completion of the sale, the senior vice president now directly owns 68,552 shares of the company’s stock, valued at approximately $4,560,079.04. The disclosure for this sale can be found here. Insiders have sold 26,750 shares of company stock valued at $1,921,390 in the last quarter. 16.60% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of AGCO Corporation by 2,706.4% in the 1st quarter. BlackRock Inc. now owns 6,529,374 shares of the industrial products company’s stock worth $392,938,000 after purchasing an additional 6,296,716 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of AGCO Corporation by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 5,665,136 shares of the industrial products company’s stock worth $381,774,000 after purchasing an additional 18,657 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of AGCO Corporation by 0.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,804,186 shares of the industrial products company’s stock worth $188,969,000 after purchasing an additional 13,003 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of AGCO Corporation by 50.0% in the 2nd quarter. Victory Capital Management Inc. now owns 2,600,116 shares of the industrial products company’s stock worth $175,222,000 after purchasing an additional 866,708 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of AGCO Corporation by 23.6% in the 2nd quarter. FMR LLC now owns 1,606,000 shares of the industrial products company’s stock worth $108,228,000 after purchasing an additional 306,505 shares in the last quarter. 80.73% of the stock is owned by institutional investors and hedge funds.
About AGCO Corporation
AGCO Corporation is a manufacturer and distributor of agricultural equipment and related replacement parts. The Company sells a range of agricultural equipment, including tractors, combines, self-propelled sprayers, hay tools, forage equipment, seeding and tillage equipment, implements, and grain storage and protein production systems.
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