Lord Abbett & CO. LLC Buys New Position in AGCO Co. (NYSE:AGCO)

Lord Abbett & CO. LLC bought a new position in AGCO Co. (NYSE:AGCO - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 663,478 shares of the industrial products company's stock, valued at approximately $62,022,000. Lord Abbett & CO. LLC owned approximately 0.89% of AGCO as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of AGCO by 386.8% in the 3rd quarter. Barclays PLC now owns 249,209 shares of the industrial products company's stock worth $24,389,000 after purchasing an additional 198,014 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in AGCO during the 3rd quarter worth approximately $52,000. Principal Financial Group Inc. raised its stake in shares of AGCO by 28.2% in the third quarter. Principal Financial Group Inc. now owns 684,249 shares of the industrial products company's stock worth $66,959,000 after purchasing an additional 150,656 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of AGCO by 174.7% in the fourth quarter. GAMMA Investing LLC now owns 544 shares of the industrial products company's stock valued at $51,000 after purchasing an additional 346 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new stake in AGCO during the fourth quarter worth $236,000. 78.80% of the stock is owned by institutional investors and hedge funds.

AGCO Stock Performance

NYSE:AGCO traded up $8.81 on Thursday, reaching $93.64. 729,987 shares of the company's stock were exchanged, compared to its average volume of 894,498. The stock has a fifty day simple moving average of $89.93 and a 200-day simple moving average of $94.98. AGCO Co. has a 52 week low of $73.79 and a 52 week high of $119.71. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.34 and a quick ratio of 0.63. The firm has a market cap of $6.98 billion, a price-to-earnings ratio of -16.44, a P/E/G ratio of 1.80 and a beta of 1.16.

AGCO (NYSE:AGCO - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.29. AGCO had a negative net margin of 3.64% and a positive return on equity of 13.40%. AGCO's revenue for the quarter was down 30.0% compared to the same quarter last year. During the same period last year, the business posted $2.32 earnings per share. As a group, sell-side analysts predict that AGCO Co. will post 4.2 earnings per share for the current year.

AGCO Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Thursday, May 15th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Thursday, May 15th. AGCO's dividend payout ratio (DPR) is presently -20.39%.

Analysts Set New Price Targets

AGCO has been the topic of a number of analyst reports. Morgan Stanley downgraded shares of AGCO from an "equal weight" rating to an "underweight" rating and cut their price objective for the stock from $94.00 to $75.00 in a report on Wednesday, April 16th. Robert W. Baird downgraded shares of AGCO from an "outperform" rating to a "neutral" rating and reduced their price objective for the stock from $116.00 to $100.00 in a research report on Monday, March 3rd. Truist Financial cut 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. Baird R W downgraded AGCO from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 3rd. Finally, Citigroup raised AGCO from a "neutral" rating to a "buy" rating and decreased their target price for the company from $98.00 to $90.00 in a research report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, AGCO has an average rating of "Hold" and an average price target of $99.80.

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.