AGCO Co. (NYSE:AGCO) Sees Significant Decrease in Short Interest

AGCO Co. (NYSE:AGCO) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 3,380,000 shares, a drop of 7.9% from the October 15th total of 3,670,000 shares. Currently, 5.5% of the company’s stock are short sold. Based on an average daily volume of 773,700 shares, the days-to-cover ratio is presently 4.4 days.

AGCO Price Performance

AGCO stock traded up $0.74 during mid-day trading on Monday, hitting $94.44. The company had a trading volume of 923,563 shares, compared to its average volume of 782,726. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of 41.74, a P/E/G ratio of 0.53 and a beta of 1.25. The company has a 50-day moving average price of $95.94 and a 200 day moving average price of $98.18. The company has a quick ratio of 0.72, a current ratio of 1.53 and a debt-to-equity ratio of 0.87. AGCO has a 12-month low of $84.35 and a 12-month high of $130.26.

AGCO (NYSE:AGCO) last released its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.40). The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.90 billion. AGCO had a net margin of 1.35% and a return on equity of 15.79%. The business’s quarterly revenue was down 24.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.97 EPS. On average, research analysts anticipate that AGCO will post 7.32 earnings per share for the current year.

AGCO Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be given a $0.29 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.16 dividend on an annualized basis and a yield of 1.23%. AGCO’s dividend payout ratio is presently 51.33%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Robert W. Baird dropped their price target on shares of AGCO from $139.00 to $129.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Citigroup lifted their target price on shares of AGCO from $88.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Truist Financial boosted their target price 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. StockNews.com raised AGCO from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, UBS Group lowered their price objective on shares of AGCO from $107.00 to $104.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $114.40.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Pacer Advisors Inc. grew its position in 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 acquiring an additional 799,429 shares during the last quarter. Vanguard Group Inc. grew its position in AGCO by 11.6% during the 1st quarter. Vanguard Group Inc. now owns 7,565,114 shares of the industrial products company’s stock worth $930,660,000 after purchasing an additional 784,617 shares during the period. AQR Capital Management LLC boosted its stake in shares of AGCO by 53.0% in the second quarter. AQR Capital Management LLC now owns 1,747,954 shares of the industrial products company’s stock worth $171,090,000 after buying an additional 605,509 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in AGCO by 28.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,791,202 shares of the industrial products company’s stock worth $175,323,000 after acquiring an additional 391,591 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in AGCO by 17.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,259,699 shares of the industrial products company’s stock valued at $221,187,000 after acquiring an additional 335,092 shares during the period. Hedge funds and other institutional investors own 78.80% of the company’s stock.

AGCO Company 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.