Zions Bancorporation National Association UT Buys New Position in AGCO Corporation (NYSE:AGCO)

Key Points

• Zions Bancorporation National Association has acquired a new position in AGCO Corporation, purchasing 13,073 shares valued at approximately $1.21 million during the first quarter of the year.
• AGCO reported a net margin of 0.98% in its latest earnings, with revenue of $2.64 billion for the quarter, exceeding analysts' expectations of $2.52 billion.
• The company announced a quarterly dividend of $0.29 per share, with an annual yield of 1.1%, set to be paid on September 15th, and plans for a $1 billion share repurchase plan.

Zions Bancorporation National Association UT purchased a new position in shares of AGCO Corporation (NYSE:AGCO - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 13,073 shares of the industrial products company's stock, valued at approximately $1,210,000.

A number of other hedge funds and other institutional investors have also modified their holdings of AGCO. Teacher Retirement System of Texas acquired a new position in shares of AGCO during the 1st quarter valued at about $1,212,000. GAMMA Investing LLC raised its holdings in AGCO by 66.9% in the first quarter. GAMMA Investing LLC now owns 908 shares of the industrial products company's stock valued at $84,000 after buying an additional 364 shares during the period. LPL Financial LLC raised its holdings in AGCO by 4.9% in the fourth quarter. LPL Financial LLC now owns 21,812 shares of the industrial products company's stock valued at $2,135,000 after buying an additional 1,016 shares during the period. Envestnet Asset Management Inc. raised its holdings in AGCO by 9.0% in the first quarter. Envestnet Asset Management Inc. now owns 99,951 shares of the industrial products company's stock valued at $9,252,000 after buying an additional 8,293 shares during the period. Finally, UMB Bank n.a. raised its holdings in AGCO by 140.7% in the first quarter. UMB Bank n.a. now owns 811 shares of the industrial products company's stock valued at $75,000 after buying an additional 474 shares during the period. 78.80% of the stock is currently owned by hedge funds and other institutional investors.

AGCO Stock Down 1.8%

AGCO stock opened at $109.72 on Friday. The firm has a 50 day simple moving average of $106.60 and a 200-day simple moving average of $99.06. AGCO Corporation has a twelve month low of $73.79 and a twelve month high of $121.16. The company has a market capitalization of $8.19 billion, a P/E ratio of 81.88, a PEG ratio of 1.76 and a beta of 1.21. The company has a current ratio of 1.48, a quick ratio of 0.67 and a debt-to-equity ratio of 0.66.

AGCO (NYSE:AGCO - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The industrial products company reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $2.52 billion. During the same period last year, the business posted $2.53 earnings per share. The firm's revenue for the quarter was down 18.8% on a year-over-year basis. On average, equities research analysts predict 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 paid a dividend of $0.29 per share. The ex-dividend date is Friday, August 15th. This represents a $1.16 annualized dividend and a yield of 1.1%. AGCO's dividend payout ratio (DPR) is 86.57%.

AGCO announced that its board has initiated a share repurchase 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 typically a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts recently commented on AGCO shares. Citigroup restated a "neutral" rating and issued a $110.00 price target on shares of AGCO in a report on Friday, May 30th. UBS Group reaffirmed a "neutral" rating and issued a $119.00 price objective (up previously from $100.00) on shares of AGCO in a research report on Friday. The Goldman Sachs Group increased their price objective on shares of AGCO from $91.00 to $107.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Wall Street Zen raised shares of AGCO from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Finally, Oppenheimer increased their price objective on shares of AGCO from $108.00 to $115.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, AGCO presently has a consensus rating of "Hold" and an average target price of $109.63.

Insider Transactions at AGCO

In other AGCO news, SVP Kelvin Eugene Bennett sold 250 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $106.18, for a total value of $26,545.00. Following the sale, the senior vice president directly owned 17,380 shares in the company, valued at approximately $1,845,408.40. This trade represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 16.60% of the stock is owned by company insiders.

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.

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