Invesco Ltd. Sells 113,690 Shares of AGCO Corporation (NYSE:AGCO)

Invesco Ltd. cut its position in shares of AGCO Corporation (NYSE:AGCO) by 4.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,246,611 shares of the industrial products company’s stock after selling 113,690 shares during the quarter. Invesco Ltd. owned about 3.01% of AGCO worth $207,969,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of AGCO by 1,250.3% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 114,131 shares of the industrial products company’s stock valued at $10,565,000 after purchasing an additional 105,679 shares in the last quarter. Zions Bancorporation National Association UT bought a new stake in AGCO in the first quarter worth $1,210,000. Davis Selected Advisers boosted its holdings in AGCO by 1.8% in the first quarter. Davis Selected Advisers now owns 2,027,266 shares of the industrial products company’s stock worth $187,664,000 after acquiring an additional 35,909 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in AGCO by 65.6% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 86,019 shares of the industrial products company’s stock worth $7,963,000 after acquiring an additional 34,072 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board boosted its holdings in AGCO by 2.4% in the first quarter. Ontario Teachers Pension Plan Board now owns 41,594 shares of the industrial products company’s stock worth $3,850,000 after acquiring an additional 988 shares in the last quarter. 78.80% of the stock is currently owned by institutional investors.

AGCO Stock Up 3.9%

AGCO stock opened at $115.32 on Thursday. AGCO Corporation has a 1-year low of $73.79 and a 1-year high of $121.16. The business has a fifty day moving average price of $107.38 and a 200-day moving average price of $99.25. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.48 and a quick ratio of 0.67. The stock has a market capitalization of $8.61 billion, a P/E ratio of 86.06, a P/E/G ratio of 1.74 and a beta of 1.21.

AGCO (NYSE:AGCO) last posted its earnings results on Thursday, July 31st. The industrial products company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.29. AGCO had a return on equity of 8.27% and a net margin of 0.98%. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the prior year, the company earned $2.53 earnings per share. AGCO’s revenue was down 18.8% on a year-over-year basis. Equities analysts forecast that AGCO Corporation will post 4.2 earnings per share for the current fiscal year.

AGCO Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.16 dividend on an annualized basis and a yield of 1.0%. AGCO’s dividend payout ratio is currently 86.57%.

AGCO announced that its Board of Directors has approved a share repurchase program on Wednesday, July 9th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the industrial products company to buy up to 12.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have commented on AGCO. The Goldman Sachs Group boosted their target price on AGCO from $91.00 to $107.00 and gave the stock a “neutral” rating in a report on Tuesday, May 27th. JPMorgan Chase & Co. boosted their target price on AGCO from $130.00 to $137.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Wall Street Zen raised AGCO from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. Oppenheimer boosted their target price on AGCO from $108.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, July 15th. Finally, Morgan Stanley boosted their target price on AGCO from $75.00 to $84.00 and gave the stock an “underweight” rating in a report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $109.63.

Insiders Place Their Bets

In other AGCO news, SVP Luis Fernando Sartini Felli sold 10,000 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $109.40, for a total value of $1,094,000.00. Following the transaction, the senior vice president owned 16,189 shares of the company’s stock, valued at approximately $1,771,076.60. This represents a 38.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 16.60% of the company’s stock.

AGCO 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.