AGCO Corporation (AGCO) Rating Lowered to Hold at Zacks Investment Research
AGCO Corporation (NYSE:AGCO) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “AGCO’s sales guidance of around $8 billion for 2017, reflects improved sales volumes, positive pricing and acquisition impacts. The company's recent launch of IDEAL will boost its full line of agricultural solution. Further, the expansion of parts distribution center remains a tailwind. Moreover, AGCO will benefit from increased investments through capital expenditures, engineering spend, acquisitions and cost-reduction efforts. The company has a positive record of earnings surprises in recent quarters. However, AGCO's performance is expected to be hurt by weakness in agricultural equipment sector and dismal industry demand. Elevated expenses are also likely to hurt the company's earnings. AGCO’s estimates have been undergoing negative revisions lately. The stock has also underperformed the industry over the past year.”
Several other brokerages have also commented on AGCO. Deutsche Bank AG restated a “buy” rating and set a $86.00 price target (down from $90.00) on shares of AGCO Corporation in a research note on Monday. J P Morgan Chase & Co lowered AGCO Corporation from a “neutral” rating to an “underweight” rating and set a $65.00 price target for the company. in a research note on Tuesday. BidaskClub lowered AGCO Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Piper Jaffray Companies set a $66.00 price target on AGCO Corporation and gave the stock a “hold” rating in a research note on Wednesday, August 9th. Finally, BMO Capital Markets upped their price target on AGCO Corporation from $70.00 to $75.00 and gave the stock a “market perform” rating in a research note on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company. AGCO Corporation currently has an average rating of “Hold” and a consensus price target of $68.23.
AGCO Corporation (NYSE AGCO) opened at 74.65 on Wednesday. The stock has a market capitalization of $5.94 billion, a PE ratio of 32.64 and a beta of 0.86. The company’s 50-day moving average price is $71.23 and its 200-day moving average price is $67.24. AGCO Corporation has a one year low of $48.93 and a one year high of $75.58.
AGCO Corporation (NYSE:AGCO) last announced its quarterly earnings results on Thursday, July 27th. The industrial products company reported $1.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.11. The company had revenue of $2.17 billion during the quarter, compared to analyst estimates of $2.08 billion. AGCO Corporation had a return on equity of 6.84% and a net margin of 2.40%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 earnings per share. Equities research analysts predict that AGCO Corporation will post $3.06 EPS for the current year.
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In related news, SVP Robert B. Crain sold 15,000 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $71.78, for a total value of $1,076,700.00. Following the completion of the transaction, the senior vice president now owns 89,322 shares of the company’s stock, valued at $6,411,533.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Lucinda B. Smith sold 1,000 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $73.00, for a total value of $73,000.00. Following the completion of the transaction, the senior vice president now directly owns 38,877 shares of the company’s stock, valued at approximately $2,838,021. The disclosure for this sale can be found here. Insiders sold 26,750 shares of company stock valued at $1,921,390 in the last three months. 16.60% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of AGCO. BlueMountain Capital Management LLC purchased a new position in AGCO Corporation in the second quarter valued at about $165,000. PNC Financial Services Group Inc. boosted its holdings in AGCO Corporation by 3.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,367 shares of the industrial products company’s stock valued at $203,000 after purchasing an additional 106 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings in AGCO Corporation by 59.1% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 3,500 shares of the industrial products company’s stock valued at $211,000 after purchasing an additional 1,300 shares during the last quarter. Advisor Partners LLC purchased a new position in AGCO Corporation in the second quarter valued at about $212,000. Finally, Numeric Investors LLC purchased a new position in AGCO Corporation in the second quarter valued at about $229,000. 80.73% of the stock is owned by hedge funds and other institutional investors.
About AGCO Corporation
AGCO Corporation is a manufacturer and distributor of agricultural equipment and related replacement parts. The Company sells a range of agricultural equipment, including tractors, combines, self-propelled sprayers, hay tools, forage equipment, seeding and tillage equipment, implements, and grain storage and protein production systems.
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