Bank of America Corp DE Takes Position in AGCO Corporation $AGCO

Key Points

• Bank of America acquired 520,313 AGCO shares worth approximately $62.3 million, giving it a 0.74% stake. Institutional investors collectively own 78.8% of the company.
• Analyst sentiment is mixed: AGCO has an average rating of “Hold” and an average price target of $122.17, with recent target changes ranging from $99 to $150.
• AGCO missed quarterly expectations, reporting $1.43 EPS versus $1.46 expected and revenue of $2.61 billion versus $2.75 billion forecast; revenue declined 1% year over year. The company also pays a $0.30 quarterly dividend, yielding about 1% annually.

Bank of America Corp DE bought a new stake in shares of AGCO Corporation (NYSE:AGCO - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 520,313 shares of the industrial products company's stock, valued at approximately $62,281,000. Bank of America Corp DE owned approximately 0.74% of AGCO as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in AGCO. The Manufacturers Life Insurance Company lifted its stake in shares of AGCO by 27.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 126,234 shares of the industrial products company's stock worth $14,626,000 after purchasing an additional 26,862 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of AGCO in the 2nd quarter worth $701,908,000. Callan Family Office LLC purchased a new position in AGCO during the 2nd quarter worth $2,236,000. Entropy Technologies LP purchased a new position in AGCO during the 1st quarter worth $1,469,000. Finally, Weiss Asset Management LP acquired a new position in AGCO during the 1st quarter valued at about $1,659,000. 78.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AGCO shares. Truist Financial restated a "buy" rating and set a $135.00 price target (down from $159.00) on shares of AGCO in a research note on Friday, July 31st. Robert W. Baird raised shares of AGCO from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $120.00 to $150.00 in a report on Monday, August 31st. UBS Group lowered their price objective on shares of AGCO from $123.00 to $114.00 and set a "neutral" rating for the company in a research note on Tuesday, August 4th. Morgan Stanley dropped their price objective on shares of AGCO from $110.00 to $99.00 and set an "underweight" rating on the stock in a report on Tuesday, August 4th. Finally, Wall Street Zen downgraded AGCO from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, AGCO currently has an average rating of "Hold" and an average target price of $122.17.

AGCO Trading Down 1.3%

Shares of NYSE:AGCO opened at $119.95 on Friday. The company has a market capitalization of $8.40 billion, a PE ratio of 16.59, a PEG ratio of 0.99 and a beta of 1.10. AGCO Corporation has a 12-month low of $98.22 and a 12-month high of $143.78. The business has a 50 day moving average of $113.59 and a two-hundred day moving average of $115.73. The company has a current ratio of 1.32, a quick ratio of 0.58 and a debt-to-equity ratio of 0.53.

AGCO (NYSE:AGCO - Get Free Report) last posted its earnings results on Thursday, July 30th. The industrial products company reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.03). AGCO had a return on equity of 10.09% and a net margin of 5.15%.The firm had revenue of $2.61 billion for the quarter, compared to analysts' expectations of $2.75 billion. During the same period in the previous year, the company earned $1.35 earnings per share. The company's revenue was down 1.0% compared to the same quarter last year. AGCO has set its FY 2026 guidance at 5.500-5.750 EPS. As a group, analysts forecast that AGCO Corporation will post 5.54 EPS for the current year.

AGCO Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. AGCO's payout ratio is 16.60%.

Insider Activity at AGCO

In other AGCO news, SVP Kelvin Bennett sold 1,000 shares of the firm's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $132.89, for a total value of $132,890.00. Following the completion of the sale, the senior vice president directly owned 14,047 shares of the company's stock, valued at $1,866,705.83. This trade represents a 6.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Ivory Harris sold 1,600 shares of AGCO stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $125.30, for a total value of $200,480.00. Following the transaction, the senior vice president owned 14,454 shares in the company, valued at approximately $1,811,086.20. This represents a 9.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 497,622 shares of company stock valued at $57,461,807 in the last three months. Company insiders own 0.62% of the company's stock.

About AGCO

AGCO Corporation NYSE: AGCO is a global manufacturer and distributor of agricultural equipment and related solutions. The company serves farmers, agricultural contractors and dealers with products designed for crop production, harvesting, hay and forage operations, and farm management.

AGCO's product portfolio includes tractors, combines, application equipment, hay and forage machinery, implements, replacement parts and precision agriculture technologies. Its principal brands include Fendt, Massey Ferguson, Challenger, GSI and Valtra, while its precision agriculture offerings support activities such as guidance, data management, machine control and autonomous farming.

Founded in 1990 through the acquisition of Deutz-Allis, AGCO has expanded through additional acquisitions and brand development.

Want to see what other hedge funds are holding AGCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AGCO Corporation (NYSE:AGCO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.