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AGCO (AGCO)

GCO is a global leader in the design, manufacture and distribution of agricultural solutions and delivers high-tech solutions for farmers feeding the world through its full line of equipment and related services. AGCO products are sold through five core brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by Fuse® smart farming solutions. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of approximately $9.0 billion in 2019.

Company profile

Ticker
AGCO
Exchange
CEO
Martin Richenhagen
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
AGCO Argentina SA • Indamo SA • AGCO Australia Ltd • Sparex Australia PTY Ltd • AGCO Austria GmbH • Cimbria Heid GmbH • Sparex Belgium BVBA • AGCO do Brasil Soluções Agrícolas Ltda • GSI Brasil Industria e Comercio de Equipamentos Agropecuarios Ltd • Tecnoagro Maquinas Agrícolas Ltda ...
IRS number
581960019

AGCO stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$135.00
Low target
$129.00
High target
$141.00
Morgan Stanley
Downgraded
Equal-Weight
$129.00
23 Jun 22
Deutsche Bank
Maintains
Hold
$141.00
10 Jun 22

Calendar

5 May 22
2 Jul 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 655.7M 655.7M 655.7M 655.7M 655.7M 655.7M
Cash burn (monthly) 77.8M (no burn) (no burn) (no burn) 192.17M (no burn)
Cash used (since last report) 238.56M n/a n/a n/a 589.25M n/a
Cash remaining 417.14M n/a n/a n/a 66.45M n/a
Runway (months of cash) 5.4 n/a n/a n/a 0.3 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
28 Apr 22 arnold michael c Common Stock Payment of exercise Dispose F No No 127.31 260 33.1K 16,021
28 Apr 22 arnold michael c Common Stock Grant Acquire A No No 0 1,296 0 16,281
28 Apr 22 Barbour Sondra L Common Stock Grant Acquire A No No 0 1,296 0 5,147
28 Apr 22 Clark Suzanne Patricia Common Stock Grant Acquire A No No 0 1,296 0 7,141
28 Apr 22 Lange Bob De Common Stock Grant Acquire A No No 0 1,296 0 2,309
28 Apr 22 Minnich George E Common Stock Payment of exercise Dispose F No No 127.31 519 66.07K 8,497
28 Apr 22 Minnich George E Common Stock Grant Acquire A No No 0 1,296 0 9,016
94.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 445 402 +10.7%
Opened positions 106 76 +39.5%
Closed positions 63 68 -7.4%
Increased positions 146 123 +18.7%
Reduced positions 128 135 -5.2%
13F shares Current Prev Q Change
Total value 8.94B 6.7B +33.5%
Total shares 70.09M 69.87M +0.3%
Total puts 424.4K 447.6K -5.2%
Total calls 565.6K 494.9K +14.3%
Total put/call ratio 0.8 0.9 -17.0%
Largest owners Shares Value Change
Srinivasan Mallika 12.15M $0 0.0%
BLK Blackrock 6.8M $992.51M +19.7%
Vanguard 6.45M $942.42M +1.7%
Victory Capital Management 2.85M $416.06M -3.5%
LSV Asset Management 2.77M $404.78M -1.3%
Dimensional Fund Advisors 2.07M $302.72M +0.8%
Nordea Investment Management Ab 2.04M $302.1M +4.7%
AMP Ameriprise Financial 1.75M $255.33M -36.2%
STT State Street 1.67M $244.5M +5.4%
FMR 1.58M $230.29M +34.1%
Largest transactions Shares Bought/sold Change
Norges Bank 0 -1.13M EXIT
BLK Blackrock 6.8M +1.12M +19.7%
AMP Ameriprise Financial 1.75M -989.75K -36.2%
Pendal 775.85K +773K +27037.3%
Ubs Global Asset Management Americas 945.74K -678.83K -41.8%
Migdal Insurance & Financial 0 -452.65K EXIT
Artemis Investment Management 799.84K -429.55K -34.9%
Lord, Abbett & Co. 401.73K +401.73K NEW
FMR 1.58M +400.78K +34.1%
Jupiter Asset Management 14.34K -371.41K -96.3%

Financial report summary

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Competition
Deere & Co.CNH Industrial
Risks
  • We may be unable to renew or replace expiring contracts at favorable rates or on a long-term basis.
  • If third-party pipelines and other facilities interconnected to our assets become unavailable to transport natural gas, our business, financial condition and results of operations could be materially adversely affected.
  • Our operations are subject to operational hazards, unforeseen interruptions and damage caused by third parties and natural events. If a significant accident or event occurs that results in a business interruption or damage to our pipelines, storage and gathering systems, the facilities of our customers or other interconnected pipelines and facilities, our business, financial condition and results of operations could be materially adversely affected.
  • Expansion projects or acquisitions that are expected to be accretive may nevertheless reduce our cash from operations and could materially adversely affect our business, financial condition and results of operations.
  • We have entered into joint ventures, and may in the future enter into additional or modify existing joint ventures, which might restrict our operational and corporate flexibility. In addition, these joint ventures are subject to most of the same operational risks to which we are subject.
  • We do not own the majority of the land on which assets are located, which could disrupt our current and future operations.
  • We face and will continue to face opposition to the development or operation of our assets from various groups.
  • The expansion of our existing assets and construction of new assets is subject to economic, market, regulatory, environmental, political, and legal risks, which could materially adversely affect our business, financial condition and results of operations. If we are unable to complete expansion projects, our future growth may be limited.
  • Failure to retain and attract key executives and other skilled professional and technical employees could materially adversely affect our business, financial condition and results of operations.
  • The lack of diversification of our assets and geographic locations could materially adversely affect our business, financial condition and results of operations.
  • We may not have access to additional financing sources on favorable terms, or at all, which could materially adversely affect our business, financial condition and results of operations, and independent third parties determine our credit ratings outside of our control.
  • Fluctuations in energy prices could materially adversely affect our business, financial condition and results of operations.
  • We are exposed to our customers’ credit risk and our credit risk management and contractual terms may be inadequate to protect against such risk.
  • Our existing and future level of debt may limit our flexibility to obtain additional financing and to pursue other business opportunities.
  • Increases in interest rates could increase our interest expense and may adversely affect our cash flows, our ability to service our indebtedness and our ability to pay dividends to our shareholders.
  • Continuing inflation and cost increases may impact our sales margins and profitability.
  • Restrictions under our existing or any future credit facilities, indentures and senior notes could adversely affect our business, financial condition, results of operations and ability to pay dividends to our shareholders.
  • If our intangible assets or goodwill become impaired, we may be required to record a charge to earnings.
  • The adoption of legislation and introduction of regulations relating to hydraulic fracturing and the enactment of new or increased severance taxes and impact fees on natural gas production could cause our current and potential customers to reduce the number of wells or curtail production of existing wells. If reductions are significant for those or other reasons, the reductions could materially adversely affect our business, financial condition and results of operations.
  • Our operations are subject to environmental laws and regulations that may expose us to significant costs and liabilities and changes in these laws and regulations could materially adversely affect our business, financial condition and results of operations.
  • Our natural gas transportation and storage operations are subject to extensive regulation by the FERC and state regulatory authorities and changes in FERC or state regulation could materially adversely affect our business, financial condition and results of operations.
  • We are exposed to costs associated with lost and unaccounted-for volumes.
  • A change in the jurisdictional characterization of our gathering assets may result in increased regulation by FERC, which could cause our revenues to decline and operating expenses to increase and could materially adversely affect our business, financial condition and results of operations.
  • State and local legislative and regulatory initiatives relating to gas operations could adversely affect our services and customers’ production and therefore, materially adversely affect our business, financial condition and results of operations.
  • Changes in tax laws or regulations may have a material adverse effect on our business, cash flow, financial condition or results of operations.
  • Some of our operations cross the U.S./Canada border and are subject to cross-border regulation.
  • We may incur significant costs and liabilities to maintain our pipeline integrity management program and related testing, pipeline repair, and preventative or remedial measures.
  • Certain portions of our pipelines, storage and gathering infrastructure are aging, which could materially adversely affect our business, financial condition and results of operations.
  • Our insurance policies do not cover all losses, costs or liabilities that we may experience, and there is no assurance that we will be able to purchase cost effective insurance in the future.
  • We are subject to cyber security and data privacy laws, regulations, litigation and directives relating to our processing of personal data.
  • A terrorist attack, armed conflict or cyber security event, or the threat of them, could harm our business.
  • Customers’, legislators’ and regulators’ perceptions of us are affected by many factors, including environmental and safety concerns, pipeline reliability, protection of customer information, media coverage and public sentiment. Customers’, legislators’ or regulators’ negative opinion of us could materially adversely affect our business, financial condition and results of operations.
  • A pandemic, epidemic or outbreak of an infectious disease, such as the COVID-19 pandemic, could materially adversely affect our business, financial condition and results of operations and we face numerous risks related to the COVID-19 pandemic.
  • We could have an indemnification obligation to DTE Energy in accordance with the terms of the Tax Matters Agreement if the Distribution were determined not to qualify for non-recognition treatment for U.S. federal tax purposes, which could materially adversely affect our business, financial condition and results of operations
  • We have only operated as an independent, publicly traded company since July 1, 2021, and our historical financial data is not necessarily representative of the results we would have achieved if we had been an independent, publicly traded company and may not be a reliable indicator of our future results.
  • The Separation may expose us to potential liabilities arising out of state and U.S. federal fraudulent conveyance laws and legal dividend requirements.
  • After the Separation, certain members of management and directors may face actual or potential conflicts of interest.
Management Discussion
  • In November 2020, the SEC issued a final rule to modernize and simplify Management's Discussion and Analysis and certain financial disclosure requirements in SEC Regulation S-K. As permitted by this final rule, the analysis below reflects the optional approach to discuss results of operations in a sequential-quarter basis, which we believe will provide the most useful information to investors in assessing our quarterly results of operations going forward. Also, as required by the final rule, we have included the comparison of the current quarter to the prior-year quarter for this filing only, and we will cease to provide this comparison in future filings.
  • For purposes of the following discussion, any increases or decreases refer to the comparison of the three months ended March 31, 2022 to the three months ended December 31, 2021, or to the three months ended March 31, 2021, as applicable.
  • Operating revenues decreased compared to the three months ended December 31, 2021 in both our Pipeline and Gathering segments. Operating revenues increased compared to the three months ended March 31, 2021 in both our Pipeline and Gathering segments.

Content analysis

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Positive
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Constraining
Legalese
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Readability
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