Wedge Capital Management L L P NC Sells 5,486 Shares of AGCO Corporation $AGCO

Key Points

• Wedge Capital Management L L P NC reduced its stake in AGCO Corporation by 5.2%, owning 100,604 shares valued at approximately $10.4 million as of the end of the second quarter.
• Brokerages have upgraded AGCO's stock ratings, with Zacks Research increasing it to a "strong-buy" rating, while the consensus target price is set at $110.38.
• AGCO announced a quarterly dividend of $0.29 and initiated a $1 billion share buyback program, indicating that the company's board believes its stock is undervalued.

Wedge Capital Management L L P NC lowered its position in shares of AGCO Corporation (NYSE:AGCO - Free Report) by 5.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 100,604 shares of the industrial products company's stock after selling 5,486 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.13% of AGCO worth $10,378,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of AGCO. Baader Bank Aktiengesellschaft raised its stake in shares of AGCO by 3.1% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 3,794 shares of the industrial products company's stock valued at $390,000 after acquiring an additional 113 shares during the period. SummerHaven Investment Management LLC increased its stake in AGCO by 1.7% during the 1st quarter. SummerHaven Investment Management LLC now owns 8,241 shares of the industrial products company's stock worth $763,000 after buying an additional 138 shares during the period. Jones Financial Companies Lllp grew its holdings in AGCO by 29.7% during the 1st quarter. Jones Financial Companies Lllp now owns 650 shares of the industrial products company's stock worth $61,000 after acquiring an additional 149 shares in the last quarter. ProShare Advisors LLC grew its holdings in AGCO by 4.4% during the 4th quarter. ProShare Advisors LLC now owns 3,635 shares of the industrial products company's stock worth $340,000 after acquiring an additional 154 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in AGCO by 3.1% during the 1st quarter. Empowered Funds LLC now owns 5,876 shares of the industrial products company's stock worth $544,000 after acquiring an additional 176 shares in the last quarter. Hedge funds and other institutional investors own 78.80% of the company's stock.

Insider Buying and Selling at AGCO

In other AGCO news, SVP Luis Fernando Sartini Felli sold 10,000 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $109.40, for a total transaction of $1,094,000.00. Following the completion of the sale, the senior vice president owned 16,189 shares of the company's stock, valued at $1,771,076.60. This trade represents a 38.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 16.90% of the company's stock.

AGCO Stock Up 0.5%

Shares of AGCO traded up $0.53 during mid-day trading on Tuesday, hitting $109.99. 161,174 shares of the company's stock were exchanged, compared to its average volume of 857,683. The company has a market cap of $8.21 billion, a PE ratio of 82.05, a P/E/G ratio of 1.75 and a beta of 1.20. AGCO Corporation has a 52 week low of $73.79 and a 52 week high of $121.16. The company has a 50-day simple moving average of $110.71 and a 200 day simple moving average of $101.51. 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 (NYSE:AGCO - Get Free Report) last released 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. AGCO had a net margin of 0.98% and a return on equity of 8.27%. The business had revenue of $2.64 billion during the quarter, compared to analysts' expectations of $2.52 billion. During the same period last year, the business earned $2.53 earnings per share. The firm's 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, research analysts forecast that AGCO Corporation will post 4.2 earnings per share for the current fiscal year.

AGCO announced that its board has authorized a share buyback program on Wednesday, July 9th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the industrial products company to reacquire up to 12.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

AGCO Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 15th were paid a $0.29 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.16 annualized dividend and a dividend yield of 1.1%. AGCO's dividend payout ratio (DPR) is currently 86.57%.

Analysts Set New Price Targets

AGCO has been the subject of several research reports. Wall Street Zen raised shares of AGCO from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Oppenheimer dropped their price target on shares of AGCO from $124.00 to $123.00 and set an "outperform" rating on the stock in a research report on Thursday, September 18th. Citigroup dropped their target price on shares of AGCO from $125.00 to $120.00 and set a "neutral" rating on the stock in a research report on Tuesday. Zacks Research downgraded shares of AGCO from a "strong-buy" rating to a "hold" rating in a research report on Friday. Finally, UBS Group reaffirmed a "neutral" rating and set a $119.00 price objective (up from $100.00) on shares of AGCO in a research report on Friday, August 8th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $111.63.

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.