Morgan Stanley Initiates Coverage on AGCO Corp. (AGCO)
Investment analysts at Morgan Stanley started coverage on shares of AGCO Corp. (NASDAQ:AGCO) in a note issued to investors on Thursday, StockRatingsNetwork.com reports. The firm set an “overweight” rating on the stock.
The analysts wrote, “AGCO has historically outperformed DE when the USDA forecasts a Y/Y decline in 1-year forward cash receipts, like today. We expect this phenomenon to drive another year of outperformance in 2014e. Moreover, AGCO share price performance is not highly correlated with US cash receipts, so we see little risk of tough US fundamentals weighing on AGCO stock. We view the recent acquisition of GSI in a positive light, and see strong potential for accelerating top-line growth over the next several years. The company’s 10% 2015e operating margin target looks feasible, and is embedded in our bull case. Conservatively, we only assume 9.2% in our base case.”
Several other analysts have also recently commented on the stock. Analysts at RBC Capital raised their price target on shares of AGCO Corp. (NASDAQ:AGCO) from $59.00 to $65.00 in a research note to investors on Friday, August 2nd. They now have a “sector perform” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of AGCO Corp. (NASDAQ:AGCO) in a research note to investors on Friday, August 2nd. They now have a $60.00 price target on the stock. Finally, analysts at Jefferies Group raised their price target on shares of AGCO Corp. (NASDAQ:AGCO) from $62.00 to $73.00 in a research note to investors on Thursday, August 1st. They now have a “buy” rating on the stock.
Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $63.50.
AGCO Corp. (NASDAQ:AGCO) traded up 0.63% on Thursday, hitting $57.13. 243,393 shares of the company’s stock traded hands. AGCO Corp. has a 52-week low of $42.12 and a 52-week high of $59.00. The stock’s 50-day moving average is $56.4 and its 200-day moving average is $53.61. The company has a market cap of $5.561 billion and a price-to-earnings ratio of 10.61.
AGCO Corp. (NASDAQ:AGCO) last released its earnings data on Wednesday, July 31st. The company reported $2.15 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.80 by $0.35. The company had revenue of $3.00 million for the quarter, compared to the consensus estimate of $2.83 million. During the same quarter last year, the company posted $2.08 earnings per share. AGCO Corp.’s revenue was up 13.3% compared to the same quarter last year. Analysts expect that AGCO Corp. will post $6.08 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, September 16th. Stockholders of record on Thursday, August 15th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.70%. The ex-dividend date is Tuesday, August 13th.
AGCO Corporation (NASDAQ:AGCO) is a manufacturer and distributor of agricultural equipment and related replacement parts globally.
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