Bayforest Capital Ltd Invests $1.64 Million in AGCO Corporation (NYSE:AGCO)

Key Points

• Bayforest Capital Ltd has invested approximately $1.64 million in AGCO Corporation, acquiring 17,693 shares, which represents about 0.7% of its investment portfolio.
• Several institutional investors, including Goldman Sachs Group Inc. and UBS Asset Management, have increased their holdings in AGCO, indicating strong interest in the stock.
• AGCO recently announced a share repurchase program allowing for up to $1 billion in stock buybacks and also declared a quarterly dividend of $0.29 per share, reinforcing confidence in its financial stability.

Bayforest Capital Ltd purchased a new position in shares of AGCO Corporation (NYSE:AGCO - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 17,693 shares of the industrial products company's stock, valued at approximately $1,638,000. AGCO makes up approximately 0.7% of Bayforest Capital Ltd's portfolio, making the stock its 4th biggest position.

Other large investors also recently made changes to their positions in the company. GeoWealth Management LLC bought a new stake in shares of AGCO during the 4th quarter worth about $27,000. Citizens National Bank Trust Department boosted its stake in AGCO by 400.0% during the 1st quarter. Citizens National Bank Trust Department now owns 300 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 240 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in AGCO during the 1st quarter valued at approximately $32,000. Quarry LP bought a new stake in AGCO during the 1st quarter valued at approximately $37,000. Finally, Brooklyn Investment Group boosted its stake in AGCO by 98.7% during the 1st quarter. Brooklyn Investment Group now owns 590 shares of the industrial products company's stock valued at $55,000 after purchasing an additional 293 shares during the period. Institutional investors own 78.80% of the company's stock.

Insiders Place Their Bets

In related news, SVP Kelvin Eugene Bennett sold 250 shares of the firm's 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 completion of the sale, the senior vice president directly owned 17,380 shares of the company's stock, valued at $1,845,408.40. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 16.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on AGCO shares. Oppenheimer increased their target price on AGCO from $108.00 to $115.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Morgan Stanley increased their target price on AGCO from $75.00 to $84.00 and gave the company an "underweight" rating in a research note on Monday, May 12th. Truist Financial cut their price target on 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 raised AGCO from a "sell" rating to a "hold" rating in a report on Tuesday, April 22nd. Finally, The Goldman Sachs Group upped their price target on AGCO from $91.00 to $107.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, AGCO currently has an average rating of "Hold" and a consensus target price of $105.89.

AGCO Price Performance

Shares of AGCO traded up $11.02 during mid-day trading on Thursday, reaching $117.66. The company had a trading volume of 3,156,294 shares, compared to its average volume of 688,571. AGCO Corporation has a twelve month low of $73.79 and a twelve month high of $121.16. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.53 and a quick ratio of 0.67. The company's 50-day moving average is $104.85 and its 200-day moving average is $98.43. The company has a market capitalization of $8.78 billion, a P/E ratio of -15.08, a P/E/G ratio of 1.91 and a beta of 1.24.

AGCO (NYSE:AGCO - Get Free Report) last issued its earnings results on Thursday, July 31st. The industrial products company reported $1.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.06 by $0.29. AGCO had a positive return on equity of 10.60% and a negative net margin of 5.40%. The business had revenue of $2.64 billion during the quarter, compared to analysts' expectations of $2.52 billion. During the same period in the prior year, the firm posted $2.53 EPS. AGCO's quarterly revenue was down 18.8% compared to the same quarter last year. On average, equities analysts anticipate that AGCO Corporation will post 4.2 EPS for the current year.

AGCO announced that its board has authorized a share buyback 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 repurchase up to 12.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

AGCO Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 1.0%. The ex-dividend date of this dividend is Friday, August 15th. AGCO's dividend payout ratio (DPR) is currently -14.87%.

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.