AGCO (NYSE:AGCO) Trading Down 4.6% After Earnings Miss

Shares of AGCO Co. (NYSE:AGCO) dropped 4.6% during mid-day trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $93.30 and last traded at $93.38. Approximately 135,831 shares traded hands during trading, a decline of 82% from the average daily volume of 757,237 shares. The stock had previously closed at $97.87.

The industrial products company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.40). AGCO had a net margin of 3.13% and a return on equity of 21.17%. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.90 billion. During the same period last year, the firm earned $3.97 EPS. The business’s revenue for the quarter was down 24.8% on a year-over-year basis.

AGCO Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Friday, November 15th. AGCO’s dividend payout ratio (DPR) is currently 20.71%.

Analysts Set New Price Targets

AGCO has been the topic of several research reports. Barclays lowered their price target on shares of AGCO from $145.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 18th. The Goldman Sachs Group reduced their price objective on shares of AGCO from $112.00 to $99.00 and set a “neutral” rating for the company in a research note on Wednesday. Oppenheimer reduced their price objective on shares of AGCO from $131.00 to $111.00 and set an “outperform” rating for the company in a research note on Wednesday. Robert W. Baird reduced their price objective on shares of AGCO from $139.00 to $129.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Finally, Truist Financial boosted their price objective on shares of AGCO from $118.00 to $127.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $114.40.

Hedge Funds Weigh In On AGCO

A number of hedge funds and other institutional investors have recently bought and sold shares of AGCO. Pacer Advisors Inc. boosted its stake in shares of AGCO by 103.5% in the 2nd quarter. Pacer Advisors Inc. now owns 1,571,453 shares of the industrial products company’s stock valued at $153,814,000 after purchasing an additional 799,429 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of AGCO by 11.6% in the 1st quarter. Vanguard Group Inc. now owns 7,565,114 shares of the industrial products company’s stock valued at $930,660,000 after purchasing an additional 784,617 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of AGCO by 53.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,747,954 shares of the industrial products company’s stock valued at $171,090,000 after purchasing an additional 605,509 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of AGCO by 28.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,791,202 shares of the industrial products company’s stock valued at $175,323,000 after purchasing an additional 391,591 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of AGCO by 17.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,259,699 shares of the industrial products company’s stock valued at $221,187,000 after purchasing an additional 335,092 shares in the last quarter. Hedge funds and other institutional investors own 78.80% of the company’s stock.

AGCO Stock Up 4.7 %

The company has a market cap of $7.05 billion, a PE ratio of 16.88, a PEG ratio of 0.94 and a beta of 1.25. The stock’s 50 day moving average price is $95.60 and its 200-day moving average price is $99.53. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.72 and a current ratio of 1.52.

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.