Emerald Acquisition Ltd. Takes Position in Agco Corp. (AGCO)
Emerald Acquisition Ltd. purchased a new stake in Agco Corp. (NYSE:AGCO) during the second quarter, according to its most recent filing with the SEC. The fund purchased 30,108 shares of the company’s stock, valued at approximately $1,418,000.
Several other hedge funds and other institutional investors have also bought and sold shares of AGCO. State Treasurer State of Michigan increased its position in Agco Corp. by 0.7% in the second quarter. State Treasurer State of Michigan now owns 28,500 shares of the company’s stock valued at $1,343,000 after buying an additional 200 shares during the period. CIBC World Markets Inc. increased its position in Agco Corp. by 2.1% in the first quarter. CIBC World Markets Inc. now owns 10,086 shares of the company’s stock valued at $501,000 after buying an additional 207 shares during the period. Pacad Investment Ltd. increased its position in Agco Corp. by 8.9% in the first quarter. Pacad Investment Ltd. now owns 12,350 shares of the company’s stock valued at $614,000 after buying an additional 1,005 shares during the period. Meeder Asset Management Inc. increased its position in Agco Corp. by 15.0% in the second quarter. Meeder Asset Management Inc. now owns 8,110 shares of the company’s stock valued at $383,000 after buying an additional 1,056 shares during the period. Finally, Moon Capital Management LLC increased its position in Agco Corp. by 1.5% in the second quarter. Moon Capital Management LLC now owns 79,228 shares of the company’s stock valued at $3,734,000 after buying an additional 1,158 shares during the period. 88.67% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Agco Corp. (NYSE:AGCO) traded up 1.29% during trading on Wednesday, reaching $49.52. The company’s stock had a trading volume of 440,420 shares. The firm’s 50-day moving average is $47.93 and its 200-day moving average is $49.76. Agco Corp. has a 12-month low of $42.40 and a 12-month high of $56.00. The stock has a market capitalization of $4.02 billion, a PE ratio of 22.26 and a beta of 1.32.
Agco Corp. (NYSE:AGCO) last released its earnings results on Thursday, August 4th. The company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Agco Corp. had a return on equity of 7.72% and a net margin of 2.58%. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the firm posted $1.25 earnings per share. The business’s revenue was down 3.6% compared to the same quarter last year. Equities analysts expect that Agco Corp. will post $2.31 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Monday, August 15th were paid a $0.13 dividend. The ex-dividend date was Thursday, August 11th. This represents a $0.52 dividend on an annualized basis and a yield of 1.06%. Agco Corp.’s payout ratio is 23.64%.
Several research firms have commented on AGCO. Morgan Stanley set a $54.00 price target on shares of Agco Corp. and gave the stock a “hold” rating in a research note on Saturday, September 17th. Barclays PLC reiterated an “equal weight” rating and issued a $43.00 price target on shares of Agco Corp. in a report on Tuesday, July 12th. Piper Jaffray Cos. cut shares of Agco Corp. from a “neutral” rating to an “underweight” rating and set a $37.00 price target on the stock. in a report on Monday, July 25th. Citigroup Inc. cut their price target on shares of Agco Corp. from $55.00 to $53.00 and set a “neutral” rating on the stock in a report on Friday, July 15th. Finally, Zacks Investment Research cut shares of Agco Corp. from a “hold” rating to a “sell” rating in a report on Tuesday. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $48.75.
About Agco Corp.
AGCO Corporation is a manufacturer and distributor of agricultural equipment and related replacement parts around the world. The Company sells a range of agricultural equipment, including tractors, combines, self-propelled sprayers, hay tools, forage equipment, seeding and tillage, implements, and grain storage and protein production systems.
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