JPMorgan Chase & Co. Lowers AGCO (NYSE:AGCO) to Neutral

JPMorgan Chase & Co. cut shares of AGCO (NYSE:AGCO) from an overweight rating to a neutral rating in a report published on Wednesday morning, Benzinga’s Daily Ratings Newsletter reports. JPMorgan Chase & Co. currently has $77.00 price target on the industrial products company’s stock.

Several other brokerages have also recently weighed in on AGCO. Jefferies Financial Group raised shares of AGCO from a hold rating to a buy rating and raised their price target for the stock from $70.00 to $90.00 in a research note on Monday, June 24th. Royal Bank of Canada set a €86.00 ($100.00) price target on shares of Henkel AG & Co KGaA and gave the stock a neutral rating in a research note on Tuesday, May 7th. Morgan Stanley set a $226.00 target price on shares of S&P Global and gave the company a hold rating in a research note on Friday, May 3rd. Citigroup raised their target price on shares of SolarWinds from $20.00 to $23.00 and gave the company a buy rating in a research note on Monday, May 6th. Finally, UBS Group reissued a buy rating and issued a $25.00 target price on shares of Infineon Technologies in a research note on Tuesday, May 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. AGCO currently has an average rating of Hold and an average target price of $74.85.

Shares of AGCO opened at $77.62 on Wednesday. The company has a market cap of $5.79 billion, a PE ratio of 19.95, a P/E/G ratio of 1.14 and a beta of 0.98. AGCO has a twelve month low of $49.50 and a twelve month high of $79.00. The business’s 50 day simple moving average is $72.83. The company has a quick ratio of 0.54, a current ratio of 1.30 and a debt-to-equity ratio of 0.52.

AGCO (NYSE:AGCO) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.44. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.96 billion. AGCO had a net margin of 3.49% and a return on equity of 11.62%. The business’s quarterly revenue was down .6% on a year-over-year basis. During the same period last year, the business earned $0.30 EPS. Equities research analysts forecast that AGCO will post 4.93 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were issued a dividend of $0.16 per share. The ex-dividend date was Tuesday, May 14th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.82%. This is an increase from AGCO’s previous quarterly dividend of $0.15. AGCO’s dividend payout ratio (DPR) is currently 16.45%.

In other news, Chairman Martin Richenhagen sold 51,000 shares of AGCO stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $71.60, for a total transaction of $3,651,600.00. Following the completion of the sale, the chairman now owns 473,733 shares of the company’s stock, valued at $33,919,282.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert B. Crain sold 25,000 shares of AGCO stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $72.86, for a total value of $1,821,500.00. Following the sale, the senior vice president now directly owns 81,914 shares of the company’s stock, valued at approximately $5,968,254.04. The disclosure for this sale can be found here. Insiders have sold 178,000 shares of company stock valued at $12,710,000 in the last three months. Insiders own 17.60% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of AGCO. Scout Investments Inc. acquired a new position in AGCO in the second quarter valued at approximately $13,686,000. Retirement Systems of Alabama lifted its stake in AGCO by 0.3% in the second quarter. Retirement Systems of Alabama now owns 83,894 shares of the industrial products company’s stock valued at $6,508,000 after buying an additional 230 shares during the period. DNB Asset Management AS acquired a new position in AGCO in the second quarter valued at approximately $1,606,000. FMR LLC lifted its stake in AGCO by 29.1% in the first quarter. FMR LLC now owns 1,370,072 shares of the industrial products company’s stock valued at $95,288,000 after buying an additional 309,101 shares during the period. Finally, Nordea Investment Management AB lifted its stake in AGCO by 2.9% in the first quarter. Nordea Investment Management AB now owns 464,061 shares of the industrial products company’s stock valued at $32,275,000 after buying an additional 12,979 shares during the period. 80.87% of the stock is owned by institutional investors.

AGCO Company Profile

AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. The company offers high horsepower tractors for larger farms, primarily for row crop production; 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, and residential uses.

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Analyst Recommendations for AGCO (NYSE:AGCO)

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