AGCO Corporation $AGCO Shares Acquired by Millennium Management LLC

Key Points

• Millennium Management LLC increased its stake in AGCO Corporation by 71.7%, now holding 499,188 shares valued at approximately $46.21 million.
• AGCO Corporation recently initiated a $1 billion stock repurchase plan aimed at buying back up to 12.2% of its shares, indicating management's belief that the stock is undervalued.
• The company declared a quarterly dividend of $0.29 per share, representing a yield of 1.1%, with a payout ratio of 86.57%.

Millennium Management LLC increased its stake in shares of AGCO Corporation (NYSE:AGCO - Free Report) by 71.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 499,188 shares of the industrial products company's stock after purchasing an additional 208,374 shares during the quarter. Millennium Management LLC owned 0.67% of AGCO worth $46,210,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of AGCO by 46.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,958 shares of the industrial products company's stock worth $459,000 after purchasing an additional 1,567 shares during the period. Gotham Asset Management LLC lifted its holdings in AGCO by 36.1% in the first quarter. Gotham Asset Management LLC now owns 156,281 shares of the industrial products company's stock valued at $14,467,000 after acquiring an additional 41,455 shares during the period. Amundi lifted its holdings in AGCO by 1.9% in the first quarter. Amundi now owns 215,923 shares of the industrial products company's stock valued at $19,988,000 after acquiring an additional 4,025 shares during the period. Dark Forest Capital Management LP acquired a new stake in AGCO in the first quarter valued at $3,486,000. Finally, Quarry LP acquired a new stake in AGCO in the first quarter valued at $37,000. 78.80% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on AGCO shares. UBS Group reissued a "neutral" rating and issued a $119.00 target price (up previously from $100.00) on shares of AGCO in a report on Friday, August 8th. Zacks Research raised AGCO from a "hold" rating to a "strong-buy" rating in a report on Monday, August 18th. Oppenheimer raised their target price on AGCO from $108.00 to $115.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Wall Street Zen upgraded AGCO from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Finally, JPMorgan Chase & Co. dropped their price target on AGCO from $137.00 to $135.00 and set an "overweight" rating for the company in a research report on Tuesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, AGCO currently has an average rating of "Hold" and an average target price of $109.38.

Insider Transactions at AGCO

In other AGCO news, SVP Luis Fernando Sartini Felli sold 10,000 shares of the firm's stock in a transaction dated 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 sale, the senior vice president directly owned 16,189 shares of the company's stock, valued at approximately $1,771,076.60. This trade represents a 38.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 16.90% of the company's stock.

AGCO Trading Down 0.1%

NYSE:AGCO traded down $0.16 during mid-day trading on Friday, reaching $109.02. The company's stock had a trading volume of 660,107 shares, compared to its average volume of 660,688. The company's fifty day simple moving average is $110.75 and its two-hundred day simple moving average is $100.87. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.48 and a quick ratio of 0.67. AGCO Corporation has a twelve month low of $73.79 and a twelve month high of $121.16. The stock has a market cap of $8.13 billion, a P/E ratio of 81.36, a P/E/G ratio of 1.72 and a beta of 1.20.

AGCO (NYSE:AGCO - Get Free Report) last issued its quarterly 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 return on equity of 8.27% and a net margin of 0.98%.The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period last year, the company earned $2.53 EPS. The firm's quarterly revenue was down 18.8% on a year-over-year basis. AGCO has set its FY 2025 guidance at 4.750-5.00 EPS. On average, equities analysts predict that AGCO Corporation will post 4.2 EPS for the current year.

AGCO Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, August 15th. AGCO's dividend payout ratio (DPR) is presently 86.57%.

AGCO declared that its board has authorized a stock repurchase plan on Wednesday, July 9th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to repurchase up to 12.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is 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.