AGCO (AGCO) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of AGCO (NYSE:AGCO) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.
According to Zacks, “For 2018, AGCO expects its net sales will be $9.3 billion. The company expects adjusted earnings per share (EPS) to be around $3.70 for 2018. However, its performance might be hurt by low commodity prices. Further, demand in Western Europe to be relatively flat in 2018 compared with 2017 due to the impact of expected softening economics in the dairy and livestock sector. Rising steel prices resulting from tariffs will impact its results. Elevated expenses are likely to hurt the company's earnings. The stock has underperformed the industry, over the past year.”
AGCO has been the topic of a number of other reports. OTR Global lowered shares of AGCO to a $60.18 rating in a research report on Wednesday, July 18th. ValuEngine raised shares of AGCO from a sell rating to a hold rating in a research report on Tuesday, October 2nd. JPMorgan Chase & Co. lowered shares of AGCO from a neutral rating to an underweight rating and set a $55.00 price objective on the stock. in a research report on Monday, August 13th. Jefferies Financial Group reissued a hold rating and issued a $70.00 price objective on shares of AGCO in a research report on Friday, July 20th. Finally, TheStreet raised shares of AGCO from a c+ rating to a b- rating in a research report on Tuesday, July 31st. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company. The company has an average rating of Hold and a consensus price target of $71.00.
AGCO (NYSE:AGCO) last announced its earnings results on Tuesday, July 31st. The industrial products company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.04. The firm had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.45 billion. AGCO had a net margin of 2.44% and a return on equity of 9.31%. The business’s revenue was up 17.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.15 EPS. As a group, sell-side analysts expect that AGCO will post 3.77 EPS for the current year.
A number of hedge funds have recently modified their holdings of the business. Amundi Pioneer Asset Management Inc. grew its stake in AGCO by 0.9% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 93,490 shares of the industrial products company’s stock worth $6,063,000 after acquiring an additional 874 shares in the last quarter. FDx Advisors Inc. grew its stake in AGCO by 21.7% in the 2nd quarter. FDx Advisors Inc. now owns 5,483 shares of the industrial products company’s stock worth $333,000 after acquiring an additional 978 shares in the last quarter. NJ State Employees Deferred Compensation Plan grew its stake in AGCO by 12.5% in the 2nd quarter. NJ State Employees Deferred Compensation Plan now owns 9,000 shares of the industrial products company’s stock worth $546,000 after acquiring an additional 1,000 shares in the last quarter. Northpointe Capital LLC grew its stake in AGCO by 2.0% in the 2nd quarter. Northpointe Capital LLC now owns 52,601 shares of the industrial products company’s stock worth $3,194,000 after acquiring an additional 1,030 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in AGCO by 2.6% in the 2nd quarter. Arizona State Retirement System now owns 45,835 shares of the industrial products company’s stock worth $2,783,000 after acquiring an additional 1,171 shares in the last quarter. Institutional investors and hedge funds own 84.95% of the company’s stock.
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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