Appian Way Asset Management LP Buys New Position in AGCO Co. (NYSE:AGCO)

Appian Way Asset Management LP purchased a new position in shares of AGCO Co. (NYSE:AGCO) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 40,600 shares of the industrial products company’s stock, valued at approximately $4,929,000. AGCO makes up 1.0% of Appian Way Asset Management LP’s portfolio, making the stock its 21st biggest position. Appian Way Asset Management LP owned approximately 0.05% of AGCO at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AGCO. Rakuten Securities Inc. acquired a new stake in AGCO in the fourth quarter valued at $26,000. Allworth Financial LP lifted its position in shares of AGCO by 72.3% in the fourth quarter. Allworth Financial LP now owns 286 shares of the industrial products company’s stock valued at $35,000 after buying an additional 120 shares during the last quarter. C M Bidwell & Associates Ltd. bought a new position in shares of AGCO during the 3rd quarter worth approximately $35,000. American National Bank acquired a new position in shares of AGCO during the 4th quarter worth approximately $37,000. Finally, Denali Advisors LLC raised its stake in AGCO by 50.0% in the 4th quarter. Denali Advisors LLC now owns 309 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 103 shares during the period. 78.80% of the stock is currently owned by institutional investors and hedge funds.

AGCO Price Performance

Shares of NYSE:AGCO traded up $1.93 during midday trading on Wednesday, hitting $103.77. The stock had a trading volume of 838,641 shares, compared to its average volume of 723,202. AGCO Co. has a fifty-two week low of $100.24 and a fifty-two week high of $140.46. The company has a market capitalization of $7.74 billion, a P/E ratio of 6.99, a price-to-earnings-growth ratio of 0.62 and a beta of 1.31. The company has a quick ratio of 1.09, a current ratio of 1.99 and a debt-to-equity ratio of 0.72. The company’s 50-day moving average price is $113.34 and its 200-day moving average price is $115.74.

AGCO (NYSE:AGCO) last released its quarterly earnings data on Monday, May 6th. The industrial products company reported $2.32 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.03. AGCO had a return on equity of 24.02% and a net margin of 7.90%. The business had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same period last year, the firm posted $3.51 earnings per share. AGCO’s revenue was down 12.1% compared to the same quarter last year. As a group, equities research analysts predict that AGCO Co. will post 12.18 EPS for the current fiscal year.

AGCO Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a $0.29 dividend. This represents a dividend yield of 1%. The ex-dividend date of this dividend is Tuesday, May 14th. AGCO’s dividend payout ratio is currently 7.85%.

Analyst Ratings Changes

A number of research analysts recently commented on AGCO shares. Oppenheimer decreased their price target on shares of AGCO from $145.00 to $133.00 and set an “outperform” rating on the stock in a research note on Wednesday. Truist Financial dropped their target price on AGCO from $142.00 to $137.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Finally, JPMorgan Chase & Co. lowered their price target on shares of AGCO from $150.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $139.83.

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.