AGCO Co. (AGCO) Downgraded to “Hold” at Zacks Investment Research
AGCO Co. (NYSE:AGCO) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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.”
A number of other equities research analysts have also issued reports on AGCO. BidaskClub raised AGCO from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Bank of America Corporation raised AGCO from an “underperform” rating to a “neutral” rating in a research report on Monday, June 19th. UBS AG raised AGCO from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $52.00 to $68.00 in a research report on Wednesday, June 21st. William Blair raised AGCO from a “market perform” rating to an “outperform” rating in a research report on Tuesday, July 11th. Finally, TheStreet raised AGCO from a “c+” rating to a “b+” rating in a research report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. AGCO presently has an average rating of “Hold” and an average price target of $68.23.
AGCO (AGCO) traded up 0.23% during mid-day trading on Wednesday, reaching $74.72. The company had a trading volume of 531,869 shares. The firm has a market capitalization of $5.94 billion, a P/E ratio of 32.67 and a beta of 0.86. AGCO has a 12 month low of $48.93 and a 12 month high of $75.58. The stock’s 50-day moving average is $71.01 and its 200 day moving average is $67.19.
AGCO (NYSE:AGCO) last announced its earnings results on Thursday, July 27th. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.11. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.08 billion. AGCO had a return on equity of 12.84% and a net margin of 3.81%. AGCO’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.25 earnings per share. On average, analysts predict that AGCO will post $3.06 earnings per share for the current fiscal year.
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In other AGCO news, CFO Andrew H. Beck sold 10,000 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $72.18, for a total value of $721,800.00. Following the transaction, the chief financial officer now owns 142,079 shares in the company, valued at $10,255,262.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Hans Bernd Veltmaat sold 750 shares of the business’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $66.52, for a total value of $49,890.00. Following the completion of the transaction, the senior vice president now owns 68,552 shares in the company, 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 worth $1,921,390 over the last three months. 16.60% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its stake in AGCO by 2,706.4% in the first quarter. BlackRock Inc. now owns 6,529,374 shares of the industrial products company’s stock valued at $392,938,000 after purchasing an additional 6,296,716 shares in the last quarter. Vanguard Group Inc. grew its stake in AGCO by 0.3% in the second quarter. Vanguard Group Inc. now owns 5,665,136 shares of the industrial products company’s stock valued at $381,774,000 after purchasing an additional 18,657 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in AGCO by 0.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,804,186 shares of the industrial products company’s stock valued at $188,969,000 after purchasing an additional 13,003 shares in the last quarter. Victory Capital Management Inc. grew its stake in AGCO by 50.0% in the second quarter. Victory Capital Management Inc. now owns 2,600,116 shares of the industrial products company’s stock valued at $175,222,000 after purchasing an additional 866,708 shares in the last quarter. Finally, FMR LLC grew its stake in AGCO by 23.6% in the second quarter. FMR LLC now owns 1,606,000 shares of the industrial products company’s stock valued at $108,228,000 after purchasing an additional 306,505 shares in the last quarter. Hedge funds and other institutional investors own 80.73% of the company’s stock.
AGCO Company Profile
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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