Short Interest in AGCO Co. (NYSE:AGCO) Rises By 9.5%

AGCO Co. (NYSE:AGCO) was the recipient of a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 2,200,000 shares, an increase of 9.5% from the May 31st total of 2,010,000 shares. Currently, 3.6% of the company’s stock are short sold. Based on an average daily volume of 744,200 shares, the days-to-cover ratio is presently 3.0 days.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Ontario Teachers Pension Plan Board grew its stake in shares of AGCO by 30.0% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 32,629 shares of the industrial products company’s stock valued at $3,961,000 after acquiring an additional 7,539 shares during the period. Lecap Asset Management Ltd. bought a new position in shares of AGCO during the 4th quarter valued at approximately $1,082,000. UBS Group AG grew its stake in shares of AGCO by 106.8% during the 4th quarter. UBS Group AG now owns 192,140 shares of the industrial products company’s stock valued at $23,328,000 after acquiring an additional 99,212 shares during the period. Corient Private Wealth LLC grew its stake in shares of AGCO by 176.1% during the 4th quarter. Corient Private Wealth LLC now owns 21,873 shares of the industrial products company’s stock valued at $2,656,000 after acquiring an additional 13,952 shares during the period. Finally, Cim LLC bought a new position in shares of AGCO during the 4th quarter valued at approximately $994,000. 78.80% of the stock is currently owned by institutional investors.

AGCO Trading Up 0.5 %

AGCO stock opened at $96.10 on Wednesday. The business has a 50-day simple moving average of $107.52 and a two-hundred day simple moving average of $114.14. The company has a market cap of $7.17 billion, a P/E ratio of 6.50, a P/E/G ratio of 0.62 and a beta of 1.27. AGCO has a 52-week low of $95.03 and a 52-week high of $140.46. The company has a quick ratio of 1.09, a current ratio of 1.99 and a debt-to-equity ratio of 0.72.

AGCO (NYSE:AGCO) last released its quarterly earnings results on Monday, May 6th. The industrial products company reported $2.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.03. The business had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.99 billion. AGCO had a return on equity of 24.02% and a net margin of 7.90%. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the company posted $3.51 EPS. Analysts predict that AGCO will post 11.78 EPS for the current year.

AGCO Cuts Dividend

The business also recently disclosed a dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were paid a dividend of $0.29 per share. The ex-dividend date was Tuesday, May 14th. This represents a dividend yield of 1%. AGCO’s dividend payout ratio (DPR) is presently 7.85%.

Analyst Ratings Changes

A number of equities analysts have weighed in on AGCO shares. Citigroup started coverage on AGCO in a research report on Wednesday, June 26th. They issued a “neutral” rating and a $108.00 target price for the company. Oppenheimer decreased their target price on AGCO from $145.00 to $133.00 and set an “outperform” rating for the company in a research report on Wednesday, June 12th. JPMorgan Chase & Co. decreased their target price on AGCO from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Friday, June 28th. Truist Financial decreased their target price on AGCO from $142.00 to $137.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Finally, Raymond James started coverage on AGCO in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.00.

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.