JPMorgan Chase & Co. Issues Positive Forecast for AGCO (NYSE:AGCO) Stock Price

AGCO (NYSE:AGCO - Get Free Report) had its target price lifted by JPMorgan Chase & Co. from $117.00 to $130.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the industrial products company's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 17.28% from the stock's previous close.

A number of other research firms have also recently issued reports on AGCO. UBS Group set a $106.00 price objective on AGCO in a research report on Tuesday, April 22nd. The Goldman Sachs Group boosted their price target on shares of AGCO from $91.00 to $107.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Truist Financial reduced their price objective on shares of AGCO from $125.00 to $105.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Citigroup reiterated a "neutral" rating and set a $110.00 target price on shares of AGCO in a research report on Friday, May 30th. Finally, Morgan Stanley increased their price target on shares of AGCO from $75.00 to $84.00 and gave the stock an "underweight" rating in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, AGCO currently has an average rating of "Hold" and an average target price of $105.40.

AGCO Stock Down 2.6%

Shares of AGCO traded down $2.92 during mid-day trading on Thursday, hitting $110.85. 580,530 shares of the company's stock were exchanged, compared to its average volume of 885,049. The firm has a fifty day moving average of $103.16 and a two-hundred day moving average of $96.96. AGCO has a twelve month low of $73.79 and a twelve month high of $116.25. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of -14.21, a P/E/G ratio of 2.05 and a beta of 1.24. The company has a quick ratio of 0.67, a current ratio of 1.53 and a debt-to-equity ratio of 0.72.

AGCO (NYSE:AGCO - Get Free Report) last issued its quarterly earnings data 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 negative net margin of 5.40% and a positive return on equity of 10.60%. The business had revenue of $2.05 billion during the quarter, compared to analysts' expectations of $2.06 billion. During the same period in the previous year, the company earned $2.32 earnings per share. AGCO's revenue for the quarter was down 30.0% on a year-over-year basis. On average, sell-side analysts forecast that AGCO will post 4.2 earnings per share for the current year.

AGCO announced that its board has initiated a share repurchase program on Wednesday, July 9th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the industrial products company to repurchase up to 12.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

Insider Transactions at AGCO

In other AGCO news, SVP Kelvin Eugene Bennett sold 250 shares of the stock in a transaction dated 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 owned 17,380 shares in the company, valued at approximately $1,845,408.40. This represents a 1.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 16.60% of the company's stock.

Hedge Funds Weigh In On AGCO

Several hedge funds have recently modified their holdings of AGCO. GAMMA Investing LLC grew its position in shares of AGCO by 66.9% in the 1st quarter. GAMMA Investing LLC now owns 908 shares of the industrial products company's stock valued at $84,000 after acquiring an additional 364 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in AGCO by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 469,669 shares of the industrial products company's stock worth $43,905,000 after purchasing an additional 15,531 shares during the period. LPL Financial LLC increased its position in AGCO by 4.9% during the fourth quarter. LPL Financial LLC now owns 21,812 shares of the industrial products company's stock worth $2,135,000 after buying an additional 1,016 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in AGCO by 12.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,692 shares of the industrial products company's stock valued at $1,467,000 after buying an additional 1,788 shares during the period. Finally, O Shaughnessy Asset Management LLC raised its stake in AGCO by 2.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,207 shares of the industrial products company's stock valued at $580,000 after buying an additional 144 shares during the period. Institutional investors 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.