Global X Management Co. LLC Acquires 1,438 Shares of Agrium Inc. (AGU)
Global X Management Co. LLC raised its stake in shares of Agrium Inc. (NYSE:AGU) (TSE:AGU) by 22.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,727 shares of the basic materials company’s stock after buying an additional 1,438 shares during the period. Global X Management Co. LLC’s holdings in Agrium were worth $699,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of AGU. Lazard Asset Management LLC acquired a new position in Agrium during the first quarter valued at $55,636,000. Southpoint Capital Advisors LP acquired a new position in Agrium during the first quarter valued at $33,443,000. Lincluden Management Ltd. acquired a new position in Agrium during the first quarter valued at $32,511,000. Teachers Retirement System of The State of Kentucky acquired a new position in Agrium during the first quarter valued at $16,851,000. Finally, Bank of New York Mellon Corp increased its position in Agrium by 91.9% in the first quarter. Bank of New York Mellon Corp now owns 548,168 shares of the basic materials company’s stock valued at $52,376,000 after buying an additional 262,478 shares during the period. Hedge funds and other institutional investors own 68.42% of the company’s stock.
Shares of Agrium Inc. (NYSE:AGU) opened at 98.30 on Wednesday. The company has a 50 day moving average of $97.10 and a 200 day moving average of $95.78. The firm has a market capitalization of $13.58 billion, a PE ratio of 23.72 and a beta of 0.62. Agrium Inc. has a 52-week low of $87.78 and a 52-week high of $111.88.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 19th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.875 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $3.50 annualized dividend and a yield of 3.56%. Agrium’s payout ratio is presently 84.34%.
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Several equities analysts have weighed in on AGU shares. Scotiabank upgraded shares of Agrium from a “sector perform” rating to an “outperform” rating and set a $110.00 target price for the company in a report on Monday, July 10th. Royal Bank Of Canada restated a “buy” rating and set a $110.00 target price on shares of Agrium in a report on Thursday, June 29th. AltaCorp Capital restated a “sector perform” rating on shares of Agrium in a report on Thursday, June 22nd. Citigroup Inc. dropped their target price on shares of Agrium from $104.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, May 9th. Finally, Vertical Research upgraded shares of Agrium from a “hold” rating to a “buy” rating in a report on Friday, May 19th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $103.86.
Agrium Company Profile
Agrium Inc is a retailer of agricultural products and services in the United States, Canada, Australia, Argentina, Brazil, Chile and Uruguay and a multi-national producer and wholesale marketer of nutrients for agricultural and industrial markets. The Company’s segments include Retail and Wholesale. As of December 31, 2016, its Retail business unit marketed crop nutrients, crop protection products, seed, merchandise, application and other agronomic services through 1,500 retail locations in the United States, Canada, Australia, Argentina, Brazil, Chile and Uruguay.
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