State Treasurer State of Michigan Sells 3,800 Shares of AGCO Co. (NYSE:AGCO)
State Treasurer State of Michigan trimmed its holdings in shares of AGCO Co. (NYSE:AGCO) by 16.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,100 shares of the industrial products company’s stock after selling 3,800 shares during the period. State Treasurer State of Michigan’s holdings in AGCO were worth $1,482,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also modified their holdings of the business. FMR LLC increased its position in shares of AGCO by 7.3% in the fourth quarter. FMR LLC now owns 1,060,971 shares of the industrial products company’s stock valued at $59,065,000 after acquiring an additional 72,593 shares during the period. Norges Bank purchased a new position in shares of AGCO in the fourth quarter valued at about $32,833,000. Geode Capital Management LLC increased its position in shares of AGCO by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 1,239,289 shares of the industrial products company’s stock valued at $68,991,000 after acquiring an additional 45,469 shares during the period. State of Alaska Department of Revenue increased its position in shares of AGCO by 35.3% in the first quarter. State of Alaska Department of Revenue now owns 9,420 shares of the industrial products company’s stock valued at $654,000 after acquiring an additional 2,460 shares during the period. Finally, Mercer Global Advisors Inc. ADV bought a new stake in shares of AGCO during the 1st quarter valued at about $659,000. Institutional investors own 79.27% of the company’s stock.
NYSE:AGCO traded up $0.70 during mid-day trading on Tuesday, hitting $68.57. 72,745 shares of the company’s stock were exchanged, compared to its average volume of 683,950. AGCO Co. has a one year low of $49.50 and a one year high of $80.64. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.54 and a current ratio of 1.29. The company has a fifty day moving average price of $75.79. The stock has a market cap of $5.66 billion, a P/E ratio of 17.63, a PEG ratio of 1.08 and a beta of 0.94.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 15th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 0.93%. The ex-dividend date is Wednesday, August 14th. AGCO’s payout ratio is currently 16.45%.
In other news, CFO Andrew H. Beck sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $71.17, for a total value of $711,700.00. Following the transaction, the chief financial officer now owns 178,776 shares in the company, valued at $12,723,487.92. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Martin Richenhagen sold 51,000 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $71.60, for a total transaction of $3,651,600.00. Following the completion of the transaction, the chairman now owns 473,733 shares in the company, valued at approximately $33,919,282.80. The disclosure for this sale can be found here. Insiders have sold 117,977 shares of company stock worth $8,707,768 in the last three months. 17.60% of the stock is currently owned by insiders.
AGCO has been the topic of a number of research reports. Morgan Stanley lifted their target price on shares of AGCO from $60.00 to $65.00 and gave the company an “underweight” rating in a research note on Wednesday, July 10th. Deutsche Bank set a $88.00 target price on shares of AGCO and gave the company a “buy” rating in a research note on Wednesday, July 31st. Stifel Nicolaus set a $79.00 target price on shares of AGCO and gave the company a “hold” rating in a research note on Wednesday, July 31st. Zacks Investment Research raised shares of AGCO from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research note on Tuesday, April 16th. Finally, Wells Fargo & Co lowered shares of AGCO from an “outperform” rating to a “market perform” rating and cut their target price for the company from $90.00 to $80.00 in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. AGCO presently has an average rating of “Hold” and an average price target of $76.86.
AGCO Company Profile
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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