AGCO Corporation $AGCO Shares Sold by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio reduced its stake in AGCO Corporation by 18.6%, now holding 23,210 shares valued at approximately $2.39 million.
• Multiple analysts have revised their price targets for AGCO, with Citigroup lowering its target from $125 to $120, while UBS raised its target to $119.
• AGCO announced a $1 billion share buyback plan as well as a quarterly dividend of $0.29 per share, indicating confidence in the company’s stock valuation.

Public Employees Retirement System of Ohio reduced its holdings in AGCO Corporation (NYSE:AGCO - Free Report) by 18.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,210 shares of the industrial products company's stock after selling 5,308 shares during the quarter. Public Employees Retirement System of Ohio's holdings in AGCO were worth $2,394,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Teacher Retirement System of Texas acquired a new stake in shares of AGCO in the 1st quarter valued at approximately $1,212,000. GAMMA Investing LLC raised its holdings in AGCO by 66.9% during the first quarter. GAMMA Investing LLC now owns 908 shares of the industrial products company's stock worth $84,000 after purchasing an additional 364 shares during the last quarter. Inspire Investing LLC raised its holdings in AGCO by 64.0% during the first quarter. Inspire Investing LLC now owns 7,051 shares of the industrial products company's stock worth $653,000 after purchasing an additional 2,752 shares during the last quarter. Voya Investment Management LLC raised its holdings in AGCO by 4.2% during the first quarter. Voya Investment Management LLC now owns 8,954 shares of the industrial products company's stock worth $829,000 after purchasing an additional 364 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in AGCO by 9.0% during the first quarter. Envestnet Asset Management Inc. now owns 99,951 shares of the industrial products company's stock worth $9,252,000 after purchasing an additional 8,293 shares during the last quarter. 78.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Citigroup reduced their price objective on AGCO from $125.00 to $120.00 and set a "neutral" rating for the company in a report on Tuesday, September 23rd. JPMorgan Chase & Co. reduced their price objective on AGCO from $137.00 to $135.00 and set an "overweight" rating for the company in a report on Tuesday, September 2nd. Oppenheimer reduced their price objective on AGCO from $124.00 to $123.00 and set an "outperform" rating for the company in a report on Thursday, September 18th. UBS Group reaffirmed a "neutral" rating and set a $119.00 price objective (up from $100.00) on shares of AGCO in a report on Friday, August 8th. Finally, Zacks Research downgraded AGCO from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 19th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $111.63.

AGCO Stock Performance

AGCO stock opened at $107.32 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.67 and a current ratio of 1.48. The stock has a fifty day moving average of $110.60 and a two-hundred day moving average of $102.08. The company has a market capitalization of $8.01 billion, a price-to-earnings ratio of 80.09, a PEG ratio of 1.67 and a beta of 1.23. AGCO Corporation has a fifty-two week low of $73.79 and a fifty-two week high of $121.16.

AGCO (NYSE:AGCO - Get Free Report) last released 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 company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.52 billion. AGCO had a return on equity of 8.27% and a net margin of 0.98%.AGCO's revenue was down 18.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.53 earnings per share. AGCO has set its FY 2025 guidance at 4.750-5.00 EPS. On average, analysts anticipate that AGCO Corporation will post 4.2 EPS for the current fiscal year.

AGCO Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 15th were given a $0.29 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.1%. AGCO's payout ratio is currently 86.57%.

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

Insider Activity at AGCO

In other news, SVP Luis Fernando Sartini Felli sold 10,000 shares of AGCO stock in a transaction on Monday, August 11th. The stock was sold at an average price of $109.40, for a total value of $1,094,000.00. Following the completion of the sale, the senior vice president owned 16,189 shares of the company's stock, valued at $1,771,076.60. The trade was a 38.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 16.60% of the stock is currently owned by corporate insiders.

AGCO 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.

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