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AGCO (NYSE:AGCO) to Buyback $1.00 billion in Outstanding Shares

AGCO logo with Industrials background

AGCO (NYSE:AGCO - Get Free Report) announced that its board has authorized a stock buyback plan on Wednesday, July 9th, RTT News reports. The company plans to buyback $1.00 billion in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 12.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Truist Financial reduced their target price on AGCO from $125.00 to $105.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. upped their target price on AGCO from $110.00 to $117.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. UBS Group set a $106.00 target price on AGCO in a report on Tuesday, April 22nd. Wall Street Zen upgraded AGCO from a "sell" rating to a "hold" rating in a report on Tuesday, April 22nd. Finally, Morgan Stanley upped 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. One equities 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.com, the company presently has an average rating of "Hold" and an average price target of $104.10.

Read Our Latest Research Report on AGCO

AGCO Stock Up 0.3%

Shares of AGCO stock traded up $0.35 during midday trading on Wednesday, hitting $110.11. The company had a trading volume of 738,716 shares, compared to its average volume of 885,093. 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 capitalization of $8.21 billion, a P/E ratio of -14.12, a P/E/G ratio of 1.98 and a beta of 1.24. The company has a 50 day moving average of $102.44 and a 200 day moving average of $96.70. AGCO has a 52-week low of $73.79 and a 52-week high of $113.50.

AGCO (NYSE:AGCO - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $0.41 earnings per share 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 company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter in the prior year, the business posted $2.32 EPS. The firm's quarterly revenue was down 30.0% compared to the same quarter last year. On average, equities analysts predict that AGCO will post 4.2 earnings per share for the current fiscal year.

AGCO Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Thursday, May 15th were paid a dividend of $0.29 per share. The ex-dividend date was Thursday, May 15th. This represents a $1.16 annualized dividend and a yield of 1.05%. AGCO's dividend payout ratio is -14.87%.

Insider Buying and Selling

In other AGCO news, SVP Kelvin Eugene Bennett sold 250 shares of the 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 sale, the senior vice president directly owned 17,380 shares in the company, valued at approximately $1,845,408.40. This trade represents a 1.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 16.60% of the company's stock.

About AGCO

(Get Free Report)

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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