Synovus Financial Corp Increases Stock Position in Archer-Daniels-Midland Company (NYSE:ADM)

Synovus Financial Corp lifted its stake in Archer-Daniels-Midland Company (NYSE:ADM) by 3.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,858 shares of the company’s stock after acquiring an additional 582 shares during the period. Synovus Financial Corp’s holdings in Archer-Daniels-Midland were worth $1,007,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in ADM. State Street Corp raised its holdings in Archer-Daniels-Midland by 3.3% in the third quarter. State Street Corp now owns 32,045,672 shares of the company’s stock worth $1,914,408,000 after purchasing an additional 1,018,256 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Archer-Daniels-Midland by 41.5% in the 3rd quarter. Wellington Management Group LLP now owns 19,430,111 shares of the company’s stock worth $1,160,755,000 after buying an additional 5,702,451 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Archer-Daniels-Midland by 6.4% during the 3rd quarter. Pacer Advisors Inc. now owns 8,086,446 shares of the company’s stock worth $483,084,000 after acquiring an additional 489,554 shares in the last quarter. FMR LLC lifted its position in Archer-Daniels-Midland by 33.9% during the third quarter. FMR LLC now owns 3,979,867 shares of the company’s stock valued at $237,757,000 after acquiring an additional 1,007,494 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Archer-Daniels-Midland by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,607,843 shares of the company’s stock valued at $215,533,000 after acquiring an additional 63,883 shares in the last quarter. 78.28% of the stock is owned by institutional investors.

Archer-Daniels-Midland Price Performance

Archer-Daniels-Midland stock opened at $51.71 on Tuesday. The company has a fifty day simple moving average of $54.36 and a 200-day simple moving average of $58.58. The company has a quick ratio of 0.84, a current ratio of 1.40 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $24.74 billion, a price-to-earnings ratio of 14.77 and a beta of 0.72. Archer-Daniels-Midland Company has a 52-week low of $48.92 and a 52-week high of $75.60.

Archer-Daniels-Midland Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.87%. The ex-dividend date was Thursday, November 21st. Archer-Daniels-Midland’s dividend payout ratio is currently 57.14%.

Archer-Daniels-Midland announced that its Board of Directors has initiated a share buyback plan on Wednesday, December 11th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ADM shares. Citigroup increased their price objective on Archer-Daniels-Midland from $51.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Stephens started coverage on Archer-Daniels-Midland in a research note on Wednesday, December 11th. They issued an “equal weight” rating and a $55.00 price target for the company. Barclays dropped their price target on Archer-Daniels-Midland from $60.00 to $56.00 and set an “underweight” rating on the stock in a research note on Wednesday, December 4th. Morgan Stanley decreased their price objective on shares of Archer-Daniels-Midland from $57.00 to $52.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 12th. Finally, BMO Capital Markets cut their price target on shares of Archer-Daniels-Midland from $55.00 to $51.00 and set a “market perform” rating on the stock in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating and fifteen have issued a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $60.62.

Archer-Daniels-Midland Company Profile

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.