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

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 paid 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 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. 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%

AGCO stock traded down $2.92 during trading on Friday, hitting $110.85. 580,530 shares of the company were exchanged, compared to its average volume of 885,577. The business's 50 day moving average is $103.16 and its 200 day moving average is $96.98. AGCO has a 52 week low of $73.79 and a 52 week high of $116.25. The company has a market capitalization of $8.27 billion, a P/E ratio of -14.21, a PEG ratio of 2.00 and a beta of 1.24. The company has a current ratio of 1.53, a quick ratio of 0.67 and a debt-to-equity ratio of 0.72.

AGCO (NYSE:AGCO - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter in the prior year, the company posted $2.32 earnings per share. AGCO's revenue was down 30.0% compared to the same quarter last year. Analysts predict that AGCO will post 4.2 earnings per share for the current year.

Analysts Set New Price Targets

AGCO has been the subject of several recent research reports. Morgan Stanley upped their price target on AGCO from $75.00 to $84.00 and gave the stock an "underweight" rating in a report on Monday, May 12th. The Goldman Sachs Group upped their price target on AGCO from $91.00 to $107.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. JPMorgan Chase & Co. boosted their price objective on AGCO from $117.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday. Wall Street Zen raised AGCO from a "sell" rating to a "hold" rating in a research report on Tuesday, April 22nd. Finally, UBS Group set a $106.00 price objective on AGCO in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $105.40.

Insider Activity at AGCO

In other news, SVP Kelvin Eugene Bennett sold 250 shares of the company's stock in a transaction 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 transaction, the senior vice president 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 Securities & Exchange Commission, which is available at the SEC website. 16.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

AGCO announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 9th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the industrial products company to reacquire up to 12.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is 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.