AGCO (NYSE:AGCO) Shares Break Above 200 Day Moving Average – Here’s Why

AGCO Corporation (NYSE:AGCO)’s stock price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $116.30 and traded as high as $119.22. AGCO shares last traded at $116.6030, with a volume of 1,003,459 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on AGCO shares. JPMorgan Chase & Co. upped their price target on AGCO from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Friday, October 30th. UBS Group reduced their price objective on AGCO from $123.00 to $114.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 4th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $108.00 price target on shares of AGCO in a research note on Friday, July 31st. Wells Fargo & Company dropped their price objective on AGCO from $132.00 to $117.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Finally, Robert W. Baird upgraded shares of AGCO from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $120.00 to $150.00 in a research note on Monday, August 31st. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, AGCO has a consensus rating of “Hold” and an average price target of $123.67.

AGCO Trading Up 1.6%

The stock has a market cap of $7.92 billion, a PE ratio of 20.24, a PEG ratio of 0.86 and a beta of 1.12. The company’s fifty day moving average is $114.01 and its 200-day moving average is $116.30. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.32 and a quick ratio of 0.55.

AGCO (NYSE:AGCO) last posted its quarterly earnings results on Thursday, October 29th. The industrial products company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.87 by $0.18. The company had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.32 billion. AGCO had a net margin of 2.76% and a return on equity of 9.66%. The firm’s revenue was down 8.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.35 earnings per share. On average, analysts predict that AGCO Corporation will post 5.49 earnings per share for the current fiscal year.

AGCO Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 16th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.0%. The ex-dividend date is Monday, November 16th. AGCO’s dividend payout ratio (DPR) is currently 30.85%.

Insider Activity at AGCO

In other AGCO news, SVP Ivory Harris sold 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $125.30, for a total value of $200,480.00. Following the completion of the transaction, the senior vice president directly owned 14,454 shares of the company’s stock, valued at approximately $1,811,086.20. The trade was a 9.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lange De acquired 1,000 shares of the stock in a transaction on Friday, August 14th. The stock was bought at an average price of $100.71 per share, for a total transaction of $100,710.00. Following the transaction, the director owned 18,717 shares in the company, valued at approximately $1,884,989.07. This represents a 5.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 32,597 shares of company stock valued at $3,721,969 in the last 90 days. 0.62% of the stock is currently owned by corporate insiders.

Institutional Trading of AGCO

A number of hedge funds have recently added to or reduced their stakes in AGCO. BlackRock Inc. acquired a new stake in shares of AGCO in the second quarter valued at about $701,908,000. Bank of New York Mellon Corp acquired a new stake in AGCO during the 2nd quarter worth approximately $64,273,000. Bank of America Corp DE raised its position in AGCO by 19.4% in the 1st quarter. Bank of America Corp DE now owns 543,955 shares of the industrial products company’s stock valued at $63,028,000 after purchasing an additional 88,571 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of AGCO by 15.1% in the 1st quarter. Quantinno Capital Management LP now owns 492,234 shares of the industrial products company’s stock valued at $57,035,000 after purchasing an additional 64,453 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in AGCO by 13.2% during the third quarter. Russell Investments Group Ltd. now owns 318,400 shares of the industrial products company’s stock worth $36,375,000 after purchasing an additional 37,236 shares during the last quarter. 78.80% of the stock is owned by hedge funds and other institutional investors.

About AGCO

AGCO Corporation designs, manufactures and distributes agricultural equipment and technology for farmers around the world. Its products include tractors, combines, hay and forage equipment, sprayers, seeding and tillage equipment, grain storage systems, and precision agriculture solutions. The company’s brands include Fendt, Massey Ferguson, Valtra, and PTx, its precision agriculture business. AGCO was formed in 1990 and is headquartered in Duluth, Georgia. AGCO serves agricultural markets globally through a network of dealers and other distribution partners.