Wedge Capital Management L L P NC Sells 17,402 Shares of AGCO Corporation (AGCO)
Wedge Capital Management L L P NC lowered its stake in AGCO Corporation (NYSE:AGCO) by 4.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 372,524 shares of the industrial products company’s stock after selling 17,402 shares during the period. Wedge Capital Management L L P NC’s holdings in AGCO Corporation were worth $25,104,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Daiwa Securities Group Inc. boosted its position in shares of AGCO Corporation by 22.2% in the first quarter. Daiwa Securities Group Inc. now owns 2,200 shares of the industrial products company’s stock valued at $132,000 after buying an additional 400 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of AGCO Corporation by 3.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,367 shares of the industrial products company’s stock valued at $203,000 after buying an additional 106 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its position in shares of AGCO Corporation by 59.1% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 3,500 shares of the industrial products company’s stock valued at $211,000 after buying an additional 1,300 shares in the last quarter. Advisor Partners LLC bought a new position in shares of AGCO Corporation during the second quarter valued at $212,000. Finally, Eqis Capital Management Inc. bought a new position in shares of AGCO Corporation during the first quarter valued at $246,000. Institutional investors and hedge funds own 84.62% of the company’s stock.
Shares of AGCO Corporation (NYSE AGCO) opened at 68.82 on Friday. AGCO Corporation has a 12 month low of $46.22 and a 12 month high of $73.97. The firm has a 50-day moving average price of $70.13 and a 200-day moving average price of $64.58. The stock has a market cap of $5.47 billion, a price-to-earnings ratio of 30.09 and a beta of 0.86.
AGCO Corporation (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 the Zacks’ consensus estimate of $1.04 by $0.11. AGCO Corporation had a net margin of 2.40% and a return on equity of 6.84%. The firm had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same quarter last year, the business earned $1.25 earnings per share. AGCO Corporation’s revenue was up 8.5% compared to the same quarter last year. Equities analysts expect that AGCO Corporation will post $3.05 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 15th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, August 11th. This represents a $0.56 dividend on an annualized basis and a yield of 0.81%. AGCO Corporation’s dividend payout ratio (DPR) is currently 24.56%.
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AGCO has been the topic of several recent research reports. TheStreet upgraded AGCO Corporation from a “c+” rating to a “b+” rating in a report on Thursday, July 27th. BidaskClub upgraded AGCO Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Credit Suisse Group set a $60.00 target price on AGCO Corporation and gave the stock a “hold” rating in a report on Sunday, April 30th. Royal Bank Of Canada restated a “hold” rating and set a $64.00 target price on shares of AGCO Corporation in a report on Tuesday, June 6th. Finally, Jefferies Group LLC restated a “hold” rating and set a $61.00 target price on shares of AGCO Corporation in a report on Wednesday, May 31st. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $64.80.
In other AGCO Corporation news, SVP Robert B. Crain sold 15,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $71.78, for a total transaction of $1,076,700.00. Following the transaction, the senior vice president now owns 89,322 shares of the company’s stock, valued at $6,411,533.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Lucinda B. Smith sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $73.00, for a total transaction of $73,000.00. Following the transaction, the senior vice president now directly owns 38,877 shares in the company, valued at approximately $2,838,021. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,000 shares of company stock worth $1,871,500. 16.60% of the stock is owned by company insiders.
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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