AGCO Corporation (AGCO) Stock Price: Why It Increased 2.26% Today

By Amit Chowdhry ● Jun 15, 2022
  • The stock price of AGCO Corporation (NYSE: AGCO) increased by 2.26% today. This is why.

The stock price of AGCO Corporation (NYSE: AGCO) increased by 2.26% today. Investors responded positively to a few catalysts.

1 Millionth Tractor (Massey Ferguson)

The company celebrated the production of the one-millionth tractor at its Massey Ferguson Beauvais plant. And this significant milestone coincides with the company’s 175th anniversary. Massey Ferguson has been manufacturing tractors in Beauvais, France, since November 20, 1960.

Management Changes

AGCO had announced that its Board of Directors appointed Damon Audia to succeed Andy Beck as Senior Vice President and Chief Financial Officer (CFO) effective July 1, 2022. Audia joined AGCO from Kennametal, an industrial technology leader specializing in tooling and wear-resistant solutions, where he served as the CFO since August 2018.

Andy Beck is going to retire from AGCO in early 2023. And he will serve as Senior Advisor to both the CEO and the new CFO for the remainder of his tenure. 

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.