AGCO Corporation (NYSE: AGCO) shares rose on Wednesday February 8 on lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock, increasing the price target of stock.
Meanwhile U.S. stocks traded modestly lower on Wednesday, as losses in energy shares following a drop in oil prices and a slide in financials weighed on the main indexes.
The S&P 500 index SPX, -0.17% declined 6 points, or 0.3%, to 2,286, with six of the main sectors trading lower. Energy and financials were leading the losses, down more than 1%.
The Dow Jones Industrial Average DJIA, -0.26% was down 65 points, or 0.3%, to 20,021, a day after the blue-chip index set an intraday high at 10,155.35. The Nasdaq Composite COMP, -0.13% retreated from an all-time high set on Tuesday, falling 23 points, or 0.4%, to 5,650.
AGCO Corporation (NYSE: AGCO) had its price target raised by equities researchers at Barclays PLC from $0.00 to $58.00. The company currently has a rating of on the shares. As a means of comparison, a number of other analysts have spoken on the company recently, and AGCO Corporation has secured a consensus one-year price target of $57.73, lower than the opening price of $64.01. AGCO Corporation stock has a 52-week high of $64.38.
Shares of AGCO Corporation (NYSE: AGCO) opened at $64.01 yesterday trading between $63.61 and $64.18, and last traded at $64.04, which represents an increase of $0.05 over the previous closing price.
AGCO Corporation (NYSE: AGCO) currently has a market cap of 5.14B.
AGCO Corporation (NYSE: AGCO) Average Daily Trading Volume
The stock’s average daily volume is 902,200 shares out of a total float 60,317,000 and some 128,185 shares crossed the trading desk yesterday, 19 percent below the average. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
AGCO Corporation (NYSE: AGCO) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
With that in mind, AGCO Corporation (NYSE: AGCO) now has a 50-day MA of $60.92 and 200-day MA of $53.28. It has traded in a 52-week range between $43.75 – 64.38 and today’s last price is 0.53%% lower than the 52 week high of $64.38.
Earnings growth is a critical factor to look at when buying stocks and investors watch for companies that have raised their earnings by at least 25% for a 3 year period.
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