AGCO (NYSE:AGCO) Price Target Raised to $137.00

Key Points

• JPMorgan Chase & Co. has raised AGCO's price target from $130.00 to $137.00, indicating a potential upside of 20.52% from its current price.
• AGCO's stock has recently declined by 3.6% to $113.67, with significant trading volume reported at 450,919 shares.
• The company's Board of Directors has authorized a stock buyback plan allowing for the repurchase of $1.00 billion in shares, which is often seen as a sign that the leadership believes the stock is undervalued.

AGCO (NYSE:AGCO - Get Free Report) had its price target hoisted by research analysts at JPMorgan Chase & Co. from $130.00 to $137.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the industrial products company's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 20.52% from the stock's current price.

Several other equities research analysts have also recently issued reports on AGCO. Morgan Stanley lifted their target price on AGCO from $75.00 to $84.00 and gave the stock an "underweight" rating in a report on Monday, May 12th. Wall Street Zen raised AGCO from a "sell" rating to a "hold" rating in a research report on Tuesday, April 22nd. Truist Financial reduced their price target on shares of AGCO from $125.00 to $105.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. The Goldman Sachs Group raised their price target on shares of AGCO from $91.00 to $107.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Finally, Citigroup restated a "neutral" rating and issued a $110.00 price objective on shares of AGCO in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $106.67.

AGCO Stock Down 3.6%

Shares of NYSE AGCO traded down $4.30 during mid-day trading on Friday, hitting $113.67. 450,919 shares of the stock traded hands, compared to its average volume of 876,373. The stock has a fifty day moving average price of $104.85 and a 200-day moving average price of $98.43. The company has a market cap of $8.48 billion, a price-to-earnings ratio of -14.56, a PEG ratio of 1.91 and a beta of 1.24. AGCO has a 52 week low of $73.79 and a 52 week high of $121.16. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.67 and a current ratio of 1.53.

AGCO (NYSE:AGCO - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The industrial products company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.29. The firm had revenue of $2.64 billion during the quarter, compared to analysts' expectations of $2.52 billion. AGCO had a positive return on equity of 10.60% and a negative net margin of 5.40%. The company's revenue was down 18.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.53 earnings per share. Research analysts anticipate that AGCO will post 4.2 EPS for the current year.

AGCO announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 9th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 12.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, SVP Kelvin Eugene Bennett sold 250 shares of the business's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $106.18, for a total transaction of $26,545.00. Following the sale, the senior vice president owned 17,380 shares of the company's stock, valued at approximately $1,845,408.40. The trade was a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 16.60% of the company's stock.

Hedge Funds Weigh In On AGCO

Several institutional investors and hedge funds have recently bought and sold shares of AGCO. Price T Rowe Associates Inc. MD boosted its stake in shares of AGCO by 128.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,504,328 shares of the industrial products company's stock valued at $608,026,000 after purchasing an additional 3,654,350 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in AGCO by 534.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,901,790 shares of the industrial products company's stock valued at $271,259,000 after acquiring an additional 2,444,615 shares during the last quarter. Invesco Ltd. boosted its stake in AGCO by 68.7% during the 4th quarter. Invesco Ltd. now owns 2,360,301 shares of the industrial products company's stock valued at $220,641,000 after acquiring an additional 961,081 shares during the last quarter. Lord Abbett & CO. LLC acquired a new stake in shares of AGCO during the fourth quarter worth $62,022,000. Finally, Norges Bank acquired a new stake in shares of AGCO during the fourth quarter worth $57,321,000. Institutional investors and hedge funds own 78.80% of the company's stock.

About AGCO

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.

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