AGCO Co. (NYSE:AGCO) Short Interest Up 9.5% in June

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

Institutional Trading of AGCO

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in AGCO by 11.6% in the first quarter. Vanguard Group Inc. now owns 7,565,114 shares of the industrial products company’s stock valued at $930,660,000 after buying an additional 784,617 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of AGCO by 0.6% in the 4th quarter. Victory Capital Management Inc. now owns 3,060,587 shares of the industrial products company’s stock worth $371,586,000 after acquiring an additional 18,209 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of AGCO by 3,115.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,192,533 shares of the industrial products company’s stock worth $144,785,000 after purchasing an additional 1,155,440 shares during the period. DekaBank Deutsche Girozentrale increased its holdings in AGCO by 1.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,012,681 shares of the industrial products company’s stock valued at $122,517,000 after purchasing an additional 17,690 shares during the last quarter. Finally, Mackenzie Financial Corp grew its stake in shares of AGCO by 3.2% in the fourth quarter. Mackenzie Financial Corp now owns 723,119 shares of the industrial products company’s stock valued at $87,794,000 after buying an additional 22,687 shares in the last quarter. Hedge funds and other institutional investors own 78.80% of the company’s stock.

AGCO Trading Up 0.6 %

Shares of AGCO stock opened at $96.62 on Thursday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.99 and a quick ratio of 1.09. The stock’s 50 day simple moving average is $107.08 and its 200-day simple moving average is $114.01. The stock has a market cap of $7.21 billion, a P/E ratio of 6.54, a P/E/G ratio of 0.62 and a beta of 1.27. AGCO has a 1-year low of $95.03 and a 1-year high of $140.46.

AGCO (NYSE:AGCO) last issued its earnings results on Monday, May 6th. The industrial products company reported $2.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $2.99 billion. During the same period last year, the company earned $3.51 EPS. The company’s revenue for the quarter was down 12.1% on a year-over-year basis. Analysts predict that AGCO will post 11.78 EPS for the current fiscal year.

AGCO Cuts Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AGCO. Citigroup assumed coverage on AGCO in a research note on Wednesday, June 26th. They set a “neutral” rating and a $108.00 target price for the company. JPMorgan Chase & Co. dropped their target price on shares of AGCO from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Friday, June 28th. Oppenheimer reduced their price target on shares of AGCO from $145.00 to $133.00 and set an “outperform” rating for the company in a research report on Wednesday, June 12th. Raymond James initiated coverage on AGCO in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Truist Financial reduced 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. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, AGCO currently has an average rating of “Moderate Buy” and an average target price 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.