Victory Capital Management Inc. Decreases Stock Holdings in AGCO Corporation (NYSE:AGCO)

Victory Capital Management Inc. reduced its stake in shares of AGCO Corporation (NYSE:AGCO - Free Report) by 2.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,331,137 shares of the industrial products company's stock after selling 95,537 shares during the quarter. Victory Capital Management Inc. owned about 4.47% of AGCO worth $308,363,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in AGCO. Jones Financial Companies Lllp raised its holdings in shares of AGCO by 112.3% in the fourth quarter. Jones Financial Companies Lllp now owns 501 shares of the industrial products company's stock valued at $47,000 after purchasing an additional 265 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of AGCO in the fourth quarter valued at $16,845,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of 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 acquiring an additional 1,788 shares in the last quarter. HighTower Advisors LLC boosted its position in AGCO by 4.2% in the fourth quarter. HighTower Advisors LLC now owns 8,359 shares of the industrial products company's stock valued at $781,000 after buying an additional 340 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its stake in AGCO by 57.9% in the 4th quarter. Sequoia Financial Advisors LLC now owns 3,991 shares of the industrial products company's stock valued at $373,000 after purchasing an additional 1,464 shares during the last quarter. 78.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AGCO has been the topic of several analyst reports. Truist Financial lowered their target price on AGCO from $125.00 to $105.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. UBS Group set a $106.00 price target on AGCO in a research note on Tuesday, April 22nd. Morgan Stanley increased their price target on 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 set a $110.00 target price on shares of AGCO in a research note on Friday, May 30th. Finally, JPMorgan Chase & Co. lifted their price target on AGCO from $117.00 to $130.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $105.89.

AGCO Price Performance

NYSE:AGCO traded down $0.67 during trading hours on Friday, reaching $107.05. 614,881 shares of the company were exchanged, compared to its average volume of 883,491. The company has a current ratio of 1.53, a quick ratio of 0.67 and a debt-to-equity ratio of 0.72. The firm has a market cap of $7.98 billion, a PE ratio of -13.72, a price-to-earnings-growth ratio of 1.93 and a beta of 1.24. The stock's 50-day moving average is $104.26 and its 200-day moving average is $97.44. AGCO Corporation has a twelve month low of $73.79 and a twelve month high of $116.25.

AGCO (NYSE:AGCO - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.38. AGCO had a positive return on equity of 10.60% and a negative net margin of 5.40%. The business had revenue of $2.05 billion during the quarter, compared to analysts' expectations of $2.06 billion. During the same quarter in the previous year, the business earned $2.32 EPS. The company's revenue for the quarter was down 30.0% on a year-over-year basis. On average, sell-side analysts anticipate that AGCO Corporation will post 4.2 earnings per share for the current fiscal year.

AGCO Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, August 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.08%. AGCO's payout ratio is presently -14.87%.

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

Insider Activity

In related news, SVP Kelvin Eugene Bennett sold 250 shares of the business'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 sale, the senior vice president owned 17,380 shares in the company, valued at $1,845,408.40. The trade was a 1.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 16.60% of the stock is currently owned by insiders.

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.