Geode Capital Management LLC trimmed its holdings in shares of Archer-Daniels-Midland Company (NYSE:ADM - Free Report) by 2.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,467,393 shares of the company's stock after selling 250,079 shares during the period. Geode Capital Management LLC owned about 2.40% of Archer-Daniels-Midland worth $682,705,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Focused Wealth Management Inc lifted its position in shares of Archer-Daniels-Midland by 3.3% in the second quarter. Focused Wealth Management Inc now owns 5,338 shares of the company's stock valued at $323,000 after acquiring an additional 169 shares in the last quarter. Accordant Advisory Group Inc boosted its stake in Archer-Daniels-Midland by 0.8% in the 2nd quarter. Accordant Advisory Group Inc now owns 23,462 shares of the company's stock worth $1,418,000 after buying an additional 176 shares during the last quarter. Legacy Capital Group California Inc. grew its holdings in Archer-Daniels-Midland by 1.2% in the second quarter. Legacy Capital Group California Inc. now owns 15,327 shares of the company's stock valued at $927,000 after purchasing an additional 181 shares during the period. Lake Street Advisors Group LLC grew its stake in shares of Archer-Daniels-Midland by 4.8% during the 3rd quarter. Lake Street Advisors Group LLC now owns 4,015 shares of the company's stock valued at $240,000 after buying an additional 183 shares during the period. Finally, OLD National Bancorp IN increased its stake in Archer-Daniels-Midland by 0.9% during the third quarter. OLD National Bancorp IN now owns 20,648 shares of the company's stock worth $1,234,000 after acquiring an additional 189 shares during the last quarter. 78.28% of the stock is currently owned by institutional investors and hedge funds.
Archer-Daniels-Midland Stock Up 0.3 %
Shares of ADM stock traded up $0.17 during trading hours on Thursday, hitting $53.09. 2,795,487 shares of the company were exchanged, compared to its average volume of 4,148,451. The stock has a market capitalization of $25.41 billion, a price-to-earnings ratio of 15.13 and a beta of 0.72. Archer-Daniels-Midland Company has a one year low of $48.92 and a one year high of $77.35. The business's 50-day simple moving average is $54.75 and its two-hundred day simple moving average is $58.76. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.84 and a current ratio of 1.40.
Archer-Daniels-Midland declared that its board has initiated a share buyback program on Wednesday, December 11th that allows the company to repurchase 100,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.
Archer-Daniels-Midland Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $2.00 annualized dividend and a dividend yield of 3.77%. Archer-Daniels-Midland's payout ratio is 57.14%.
Analysts Set New Price Targets
A number of brokerages have weighed in on ADM. Citigroup lifted their price target on shares of Archer-Daniels-Midland from $51.00 to $55.00 and gave the company a "neutral" rating in a research report on Wednesday, December 4th. UBS Group raised their price objective on Archer-Daniels-Midland from $60.00 to $64.00 and gave the company a "neutral" rating in a research report on Monday, September 9th. Barclays decreased their target price on Archer-Daniels-Midland from $60.00 to $56.00 and set an "underweight" rating for the company in a research report on Wednesday, December 4th. Stephens initiated coverage on Archer-Daniels-Midland in a report on Wednesday. They set an "equal weight" rating and a $55.00 target price on the stock. Finally, BMO Capital Markets decreased their price target on Archer-Daniels-Midland from $55.00 to $51.00 and set a "market perform" rating for the company in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating and fifteen have issued a hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $60.62.
Check Out Our Latest Analysis on ADM
About Archer-Daniels-Midland
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Free Report)
Archer-Daniels-Midland Company engages in the procurement, transportation, storage, processing, and merchandising of agricultural commodities, ingredients, flavors, and solutions in the United States, Switzerland, the Cayman Islands, Brazil, Mexico, Canada, the United Kingdom, and internationally. It operates in three segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition.
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