AGCO Corporation (NYSE:AGCO) Announces Quarterly Dividend of $0.29

AGCO Corporation (NYSE:AGCO - Get Free Report) announced a quarterly dividend on Thursday, July 10th, RTT News reports. Investors of record on Friday, August 15th will be given a dividend of 0.29 per share by the industrial products company on Monday, September 15th. This represents a $1.16 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Friday, August 15th.

AGCO has a payout ratio of 18.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect AGCO to earn $6.16 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 18.8%.

AGCO Stock Down 2.6%

Shares of AGCO stock traded down $2.92 on Friday, hitting $110.85. The stock had a trading volume of 580,530 shares, compared to its average volume of 885,049. The company has a quick ratio of 0.67, a current ratio of 1.53 and a debt-to-equity ratio of 0.72. The business has a 50 day moving average price of $103.16 and a 200 day moving average price of $96.96. The company has a market cap of $8.27 billion, a PE ratio of -14.21, a P/E/G ratio of 2.05 and a beta of 1.24. AGCO has a one year low of $73.79 and a one year high of $116.25.

AGCO (NYSE:AGCO - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.03 by $0.38. AGCO had a positive return on equity of 10.60% and a negative net margin of 5.40%. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the previous year, the firm earned $2.32 earnings per share. The company's revenue was down 30.0% on a year-over-year basis. Research analysts anticipate that AGCO will post 4.2 earnings per share for the current fiscal year.

Insider Buying and Selling at AGCO

In other news, SVP Kelvin Eugene Bennett sold 250 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $106.18, for a total transaction of $26,545.00. Following the completion of the transaction, the senior vice president directly owned 17,380 shares of the company's stock, valued at $1,845,408.40. This represents a 1.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 16.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. increased its position in shares of AGCO by 109.2% during the first quarter. Geneos Wealth Management Inc. now owns 364 shares of the industrial products company's stock worth $34,000 after purchasing an additional 190 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of AGCO by 29.7% during the first quarter. Jones Financial Companies Lllp now owns 650 shares of the industrial products company's stock worth $61,000 after purchasing an additional 149 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of AGCO by 46.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,958 shares of the industrial products company's stock worth $459,000 after purchasing an additional 1,567 shares in the last quarter. Empowered Funds LLC increased its position in shares of AGCO by 3.1% during the first quarter. Empowered Funds LLC now owns 5,876 shares of the industrial products company's stock worth $544,000 after purchasing an additional 176 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of AGCO by 39.6% during the first quarter. Goldman Sachs Group Inc. now owns 215,242 shares of the industrial products company's stock worth $19,925,000 after purchasing an additional 61,009 shares in the last quarter. 78.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup restated a "neutral" rating and set a $110.00 price target on shares of AGCO in a research note on Friday, May 30th. The Goldman Sachs Group boosted their price target on AGCO from $91.00 to $107.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. JPMorgan Chase & Co. boosted their price target on AGCO from $117.00 to $130.00 and gave the company an "overweight" rating in a report on Thursday. Wall Street Zen raised AGCO from a "sell" rating to a "hold" rating in a report on Tuesday, April 22nd. Finally, Truist Financial decreased their price target on AGCO from $125.00 to $105.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, AGCO presently has an average rating of "Hold" and an average target price of $105.40.

AGCO announced that its Board of Directors has authorized a share buyback program on Wednesday, July 9th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the industrial products company to reacquire up to 12.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

AGCO Company Profile

AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. It offers horsepower tractors for row crop production, soil cultivation, planting, land leveling, seeding, and commercial hay operations; 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, equestrian, and residential uses.