CCM Investment Group LLC Makes New $237,000 Investment in AGCO Corporation (NYSE:AGCO)

Key Points

• CCM Investment Group LLC has made a new investment of $237,000 in AGCO Corporation, acquiring 2,536 shares during the first quarter.
• AGCO has declared a quarterly dividend of $0.29 per share, set to be paid on September 15th, with a current annualized yield of 1.1%.
• Several brokerages have recently adjusted their ratings and price targets for AGCO, with one analyst raising the price target to $137.00, citing strong growth expectations.

CCM Investment Group LLC bought a new position in shares of AGCO Corporation (NYSE:AGCO - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,536 shares of the industrial products company's stock, valued at approximately $237,000.

Several other hedge funds also recently bought and sold shares of AGCO. Price T Rowe Associates Inc. MD lifted its position in shares of AGCO by 128.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,504,328 shares of the industrial products company's stock worth $608,026,000 after purchasing an additional 3,654,350 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of AGCO by 534.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,901,790 shares of the industrial products company's stock worth $271,259,000 after purchasing an additional 2,444,615 shares in the last quarter. Lord Abbett & CO. LLC acquired a new stake in shares of AGCO during the fourth quarter worth about $62,022,000. Bank of New York Mellon Corp lifted its position in shares of AGCO by 62.4% during the first quarter. Bank of New York Mellon Corp now owns 1,135,672 shares of the industrial products company's stock worth $105,129,000 after purchasing an additional 436,237 shares in the last quarter. Finally, Millennium Management LLC acquired a new stake in shares of AGCO during the fourth quarter worth about $27,185,000. Hedge funds and other institutional investors own 78.80% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AGCO. Wall Street Zen raised shares of AGCO from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. UBS Group reissued a "neutral" rating and set a $119.00 price target (up previously from $100.00) on shares of AGCO in a research report on Friday. Morgan Stanley raised their target price on shares of AGCO from $75.00 to $84.00 and gave the company an "underweight" rating in a report on Monday, May 12th. Citigroup reaffirmed a "neutral" rating and issued a $110.00 target price on shares of AGCO in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of AGCO from $130.00 to $137.00 and gave the company an "overweight" rating in a report on Friday, August 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, AGCO presently has a consensus rating of "Hold" and a consensus price target of $109.63.

Insider Buying and Selling

In other AGCO news, SVP Kelvin Eugene Bennett sold 250 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $106.18, for a total value of $26,545.00. Following the transaction, the senior vice president directly owned 17,380 shares in the company, valued at $1,845,408.40. This represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 16.90% of the stock is owned by corporate insiders.

AGCO Stock Down 1.8%

Shares of NYSE:AGCO opened at $109.72 on Monday. The stock has a market cap of $8.19 billion, a price-to-earnings ratio of 81.88, a price-to-earnings-growth ratio of 1.72 and a beta of 1.21. AGCO Corporation has a fifty-two week low of $73.79 and a fifty-two week high of $121.16. The company has a quick ratio of 0.67, a current ratio of 1.48 and a debt-to-equity ratio of 0.66. The firm's 50 day moving average price is $106.60 and its 200 day moving average price is $99.01.

AGCO (NYSE:AGCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The industrial products company reported $1.35 EPS for the quarter, beating the consensus estimate of $1.06 by $0.29. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.52 billion. AGCO had a net margin of 0.98% and a return on equity of 8.27%. The firm's revenue was down 18.8% on a year-over-year basis. During the same period in the prior year, the firm posted $2.53 earnings per share. As a group, equities research analysts predict that AGCO Corporation will post 4.2 earnings per share for the current fiscal year.

AGCO Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, August 15th. AGCO's dividend payout ratio is currently 86.57%.

AGCO declared that its Board of Directors has approved a stock buyback plan on Wednesday, July 9th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 12.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.

About AGCO

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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