Agco Corp. (NYSE:AGCO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
According to Zacks, “AGCO expects weak global demand for farm equipment to hamper its 2016 sales and earnings. Industry demand for farm equipment is likely to weaken in all regions for full-year 2016 compared to 2015, resulting from lower commodity prices and reduced farm income levels. It marginally raised net sales outlook to $7.2 billion for full–year 2016, while maintaining its earnings per share guidance of around $2.30. Gross and operating margins will be below 2015 levels due to the effect of lower sales and production volumes along with a weaker sales mix. Moreover, foreign currency swings will hurt growth.”
AGCO has been the subject of a number of other research reports. JPMorgan Chase & Co. downgraded Agco Corp. from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $47.00 to $44.00 in a research report on Monday, June 27th. Piper Jaffray Cos. cut their price objective on Agco Corp. from $47.00 to $44.00 and set a “neutral” rating for the company in a research report on Thursday, August 25th. Deutsche Bank AG started coverage on Agco Corp. in a research report on Tuesday, September 6th. They set a “hold” rating and a $54.00 price objective for the company. Credit Suisse Group AG reiterated a “hold” rating and set a $53.00 price objective on shares of Agco Corp. in a research report on Tuesday, August 30th. Finally, Jefferies Group reiterated a “buy” rating on shares of Agco Corp. in a research report on Friday, August 5th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $48.75.
Shares of Agco Corp. (NYSE:AGCO) opened at 49.44 on Tuesday. The stock has a market cap of $4.01 billion, a P/E ratio of 22.22 and a beta of 1.32. Agco Corp. has a 52-week low of $42.40 and a 52-week high of $56.00. The firm’s 50-day moving average price is $47.98 and its 200-day moving average price is $49.75.
Agco Corp. (NYSE:AGCO) last announced its quarterly earnings data on Thursday, August 4th. The company reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Agco Corp. had a return on equity of 7.72% and a net margin of 2.58%. The company earned $2 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the prior year, the firm earned $1.25 EPS. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, equities research analysts forecast that Agco Corp. will post $2.31 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Monday, August 15th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date was Thursday, August 11th. Agco Corp.’s dividend payout ratio (DPR) is presently 23.64%.
Institutional investors have recently bought and sold shares of the company. Sii Investments Inc. WI bought a new position in Agco Corp. during the second quarter worth $224,000. Seven Eight Capital LLC bought a new position in Agco Corp. during the first quarter worth $226,000. Huntington Asset Advisors Inc. bought a new position in Agco Corp. during the first quarter worth $231,000. Gratus Capital LLC bought a new position in Agco Corp. during the second quarter worth $240,000. Finally, Boston Advisors LLC bought a new position in Agco Corp. during the second quarter worth $241,000. 88.67% of the stock is currently owned by institutional investors and hedge funds.
About Agco Corp.
AGCO Corporation is a manufacturer and distributor of agricultural equipment and related replacement parts around the world. The Company sells a range of agricultural equipment, including tractors, combines, self-propelled sprayers, hay tools, forage equipment, seeding and tillage, implements, and grain storage and protein production systems.
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