As reported earlier, RBC Capital analyst Seth Weber upgraded Agco to Outperform from Sector Perform and nudged his price target to $70 from $69. The analyst cites the 10% pullback in the stock price since the summer to a valuation of 12-times his expected forward earnings, which he sees as "attractive" based on the company's 24% earnings growth trend. Weber adds that he sees the global farm equipment markets as "stable" and "off prior peaks", anticipating "firming farm equipment" demand being supplemented by Agco's ongoing operating and product initiatives supporting its growth rate.

AGCO Corporation announced that its board of directors declared a special variable dividend in the amount of $2.50 per share and a regular quarterly dividend of 29c per outstanding share. The special variable dividend will be payable on June 20 to shareholders of record at the close of business on May 20. Payment of the 29c quarterly dividend will be made on June 14 to all stockholders of record as of the close of business on May 15.