AGCO (NYSE:AGCO) Approves Share Buyback Plan

AGCO (NYSE:AGCO - Get Free Report) declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 9th, RTT News reports. The company plans to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to buy up to 12.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AGCO. Citigroup restated a "neutral" rating and issued a $110.00 target price on shares of AGCO in a report on Friday, May 30th. Truist Financial lowered their target price 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. Wall Street Zen upgraded shares of AGCO from a "sell" rating to a "hold" rating in a report on Tuesday, April 22nd. UBS Group set a $106.00 target price on shares of AGCO in a report on Tuesday, April 22nd. Finally, The Goldman Sachs Group raised their price objective on shares of AGCO from $91.00 to $107.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, AGCO currently has a consensus rating of "Hold" and an average price target of $105.40.

AGCO Stock Performance

AGCO stock traded down $2.92 during midday trading on Friday, hitting $110.85. 580,530 shares of the company's stock were exchanged, compared to its average volume of 885,049. AGCO has a 12-month low of $73.79 and a 12-month high of $116.25. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.67 and a current ratio of 1.53. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of -14.21, a price-to-earnings-growth ratio of 2.05 and a beta of 1.24. The firm's 50 day simple moving average is $103.16 and its 200 day simple moving average is $96.96.

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

AGCO Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Friday, August 15th. AGCO's payout ratio is -14.87%.

Insider Buying and Selling at AGCO

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

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.