AGCO's (AGCO) "Outperform" Rating Reaffirmed at Oppenheimer

AGCO (NYSE:AGCO - Get Free Report)'s stock had its "outperform" rating reissued by stock analysts at Oppenheimer in a research note issued on Tuesday, Marketbeat reports. They currently have a $115.00 price objective on the industrial products company's stock, up from their previous price objective of $108.00. Oppenheimer's target price indicates a potential upside of 6.68% from the stock's previous close.

AGCO has been the topic of several other reports. Wall Street Zen raised shares of AGCO from a "sell" rating to a "hold" rating in a research report on Tuesday, April 22nd. Morgan Stanley raised their price objective on shares of AGCO from $75.00 to $84.00 and gave the stock an "underweight" rating in a research report on Monday, May 12th. The Goldman Sachs Group boosted their price objective on AGCO from $91.00 to $107.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. JPMorgan Chase & Co. increased their target price on AGCO from $117.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Finally, Citigroup restated a "neutral" rating and issued a $110.00 price target on shares of AGCO in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $106.30.

AGCO Stock Performance

AGCO stock traded up $0.67 during trading hours on Tuesday, reaching $107.80. The stock had a trading volume of 968,937 shares, compared to its average volume of 873,349. The stock has a 50-day simple moving average of $103.91 and a 200 day simple moving average of $97.24. AGCO has a fifty-two week low of $73.79 and a fifty-two week high of $116.25. The stock has a market capitalization of $8.04 billion, a PE ratio of -13.82, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.53 and a quick ratio of 0.67.

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 (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the prior year, the company earned $2.32 earnings per share. The business's revenue for the quarter was down 30.0% compared to the same quarter last year. Analysts predict that AGCO will post 4.2 EPS for the current fiscal year.

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

Insider Buying and Selling at AGCO

In other 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 completion of the transaction, the senior vice president owned 17,380 shares of the company's stock, valued at approximately $1,845,408.40. The trade was a 1.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 16.60% of the company's stock.

Institutional Trading of AGCO

Large investors have recently bought and sold shares of the business. GeoWealth Management LLC bought a new stake in AGCO during the 4th quarter worth $27,000. Citizens National Bank Trust Department boosted its position in AGCO by 400.0% during the first quarter. Citizens National Bank Trust Department now owns 300 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 240 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in AGCO during the 1st quarter worth about $32,000. Geneos Wealth Management Inc. raised its position in shares of AGCO by 109.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 364 shares of the industrial products company's stock worth $34,000 after acquiring an additional 190 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of AGCO in the 1st quarter valued at about $37,000. 78.80% of the stock is owned by institutional investors and hedge funds.

About AGCO

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.