AGCO Corporation (NYSE:AGCO) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in AGCO Corporation (NYSE:AGCO - Free Report) by 62.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,135,672 shares of the industrial products company's stock after buying an additional 436,237 shares during the quarter. Bank of New York Mellon Corp owned about 1.52% of AGCO worth $105,129,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in shares of AGCO by 66.9% in the first quarter. GAMMA Investing LLC now owns 908 shares of the industrial products company's stock worth $84,000 after acquiring an additional 364 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in AGCO by 3.4% during the 4th 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 holdings in AGCO by 4.9% in the 4th quarter. LPL Financial LLC now owns 21,812 shares of the industrial products company's stock valued at $2,135,000 after purchasing an additional 1,016 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position 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 purchasing an additional 1,788 shares during the period. Finally, O Shaughnessy Asset Management LLC raised its position 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 purchasing an additional 144 shares during the period. Institutional investors and hedge funds own 78.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AGCO. Oppenheimer lowered their target price on AGCO from $109.00 to $106.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Morgan Stanley increased their price objective on shares of AGCO from $75.00 to $84.00 and gave the company an "underweight" rating in a research report on Monday, May 12th. Truist Financial dropped their price objective on shares of AGCO from $125.00 to $105.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. The Goldman Sachs Group upped their target price on shares of AGCO from $91.00 to $107.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Finally, Wall Street Zen raised shares of AGCO from a "sell" rating to a "hold" rating in a report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, AGCO presently has a consensus rating of "Hold" and a consensus price target of $105.40.

Insider Activity at AGCO

In other news, SVP Kelvin Eugene Bennett sold 250 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $106.18, for a total value of $26,545.00. Following the completion of the sale, the senior vice president directly owned 17,380 shares in the company, valued at approximately $1,845,408.40. The trade was a 1.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 16.60% of the company's stock.

AGCO Stock Up 3.4%

Shares of NYSE:AGCO traded up $3.72 during midday trading on Thursday, reaching $113.67. The company had a trading volume of 1,061,559 shares, compared to its average volume of 885,796. The stock has a market capitalization of $8.48 billion, a P/E ratio of -14.57, a PEG ratio of 1.98 and a beta of 1.24. The stock's fifty day moving average price is $102.44 and its 200-day moving average price is $96.70. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.53 and a quick ratio of 0.67. AGCO Corporation has a one year low of $73.79 and a one year high of $116.21.

AGCO (NYSE:AGCO - Get Free Report) last released its 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. The company had revenue of $2.05 billion during 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 company's revenue was down 30.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.32 EPS. Equities research analysts expect that AGCO Corporation will post 4.2 earnings per share for the current fiscal year.

AGCO Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.02%. AGCO's dividend payout ratio is presently -14.87%.

AGCO announced that its board has authorized a stock repurchase plan on Wednesday, July 9th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the industrial products company to reacquire up to 12.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

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.