Corient IA LLC Makes New $278,000 Investment in AGCO Corporation $AGCO

Key Points

• Corient IA LLC invested $278,000 in AGCO Corporation by purchasing 3,000 shares, marking the firm's first position in the company.
• AGCO's quarterly earnings report demonstrated a significant surge in earnings per share to $1.35, surpassing estimates, despite an 18.8% decline in revenue year-over-year.
• The company's Board of Directors authorized a $1.00 billion share buyback plan, indicating confidence in the stock's valuation amid recent performance challenges.

Corient IA LLC purchased a new position in shares of AGCO Corporation (NYSE:AGCO - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,000 shares of the industrial products company's stock, valued at approximately $278,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Raymond James Financial Inc. raised its holdings in AGCO by 8.3% in the first quarter. Raymond James Financial Inc. now owns 195,122 shares of the industrial products company's stock valued at $18,062,000 after acquiring an additional 14,922 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of AGCO by 23.5% in the 1st quarter. American Century Companies Inc. now owns 154,006 shares of the industrial products company's stock valued at $14,256,000 after purchasing an additional 29,310 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of AGCO by 12.1% during the first quarter. Dimensional Fund Advisors LP now owns 3,346,046 shares of the industrial products company's stock worth $309,745,000 after purchasing an additional 361,965 shares in the last quarter. Kovitz Investment Group Partners LLC raised its stake in AGCO by 21.3% in the first quarter. Kovitz Investment Group Partners LLC now owns 13,506 shares of the industrial products company's stock valued at $1,250,000 after buying an additional 2,375 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in AGCO by 38.7% during the 1st quarter. Lord Abbett & CO. LLC now owns 920,431 shares of the industrial products company's stock worth $85,204,000 after buying an additional 256,953 shares during the last quarter. Hedge funds and other institutional investors own 78.80% of the company's stock.

AGCO Price Performance

Shares of NYSE AGCO opened at $112.20 on Monday. The stock has a fifty day moving average price of $107.82 and a 200 day moving average price of $99.24. AGCO Corporation has a 1-year low of $73.79 and a 1-year high of $121.16. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.48 and a quick ratio of 0.67. The company has a market cap of $8.37 billion, a PE ratio of 83.73, a P/E/G ratio of 1.76 and a beta of 1.21.

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 for the quarter, beating the consensus estimate of $1.06 by $0.29. The business had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.52 billion. AGCO had a net margin of 0.98% and a return on equity of 8.27%. The business's quarterly revenue was down 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.53 earnings per share. Sell-side analysts forecast that AGCO Corporation will post 4.2 EPS for the current year.

AGCO declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 9th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to reacquire up to 12.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership 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 paid a $0.29 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.0%. AGCO's payout ratio is 86.57%.

Insider Buying and Selling at AGCO

In other AGCO news, SVP Luis Fernando Sartini Felli sold 10,000 shares of the 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 transaction, the senior vice president owned 16,189 shares in the company, valued at approximately $1,771,076.60. This represents a 38.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 16.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

AGCO has been the subject of several recent analyst reports. The Goldman Sachs Group boosted their target price on AGCO from $91.00 to $107.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Morgan Stanley boosted their price objective on shares of AGCO from $75.00 to $84.00 and gave the stock an "underweight" rating in a research report on Monday, May 12th. Wall Street Zen raised shares of AGCO from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Citigroup restated a "neutral" rating and issued a $110.00 price objective on shares of AGCO in a research note on Friday, May 30th. Finally, UBS Group reissued a "neutral" rating and issued a $119.00 target price (up from $100.00) on shares of AGCO in a report on Friday, August 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $109.63.

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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