Parsec Financial Management Inc. raised its stake in shares of Agrium Inc. (NYSE:AGU) (TSE:AGU) by 4.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 139,965 shares of the basic materials company’s stock after buying an additional 5,770 shares during the period. Parsec Financial Management Inc.’s holdings in Agrium were worth $12,665,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Probity Advisors Inc. increased its stake in shares of Agrium by 0.4% in the second quarter. Probity Advisors Inc. now owns 9,799 shares of the basic materials company’s stock valued at $887,000 after buying an additional 41 shares in the last quarter. Cascade Investment Advisors Inc. increased its stake in shares of Agrium by 0.5% in the second quarter. Cascade Investment Advisors Inc. now owns 18,185 shares of the basic materials company’s stock valued at $1,646,000 after buying an additional 85 shares in the last quarter. World Asset Management Inc increased its stake in shares of Agrium by 1.0% in the first quarter. World Asset Management Inc now owns 8,607 shares of the basic materials company’s stock valued at $822,000 after buying an additional 86 shares in the last quarter. Jarislowsky Fraser Ltd increased its stake in shares of Agrium by 3.2% in the first quarter. Jarislowsky Fraser Ltd now owns 3,000 shares of the basic materials company’s stock valued at $285,000 after buying an additional 92 shares in the last quarter. Finally, Comerica Bank increased its stake in shares of Agrium by 1.2% in the first quarter. Comerica Bank now owns 8,519 shares of the basic materials company’s stock valued at $809,000 after buying an additional 103 shares in the last quarter. 69.26% of the stock is currently owned by institutional investors.
The firm also recently announced a quarterly dividend, which was paid on Thursday, July 20th. Shareholders of record on Friday, June 30th were given a dividend of $0.875 per share. The ex-dividend date was Wednesday, June 28th. This represents a $3.50 dividend on an annualized basis and a dividend yield of 3.51%. Agrium’s payout ratio is presently 83.14%.
Several brokerages have recently issued reports on AGU. Scotiabank reaffirmed a “sector perform” rating and issued a $110.00 price target on shares of Agrium in a research report on Tuesday, May 2nd. Citigroup Inc. lowered their price target on Agrium from $104.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 9th. BMO Capital Markets reaffirmed a “hold” rating and issued a $100.00 price target on shares of Agrium in a research report on Wednesday, April 5th. Cowen and Company set a $99.00 price target on Agrium and gave the company a “buy” rating in a research report on Friday. Finally, TD Securities set a $99.00 price target on Agrium and gave the company a “hold” rating in a research report on Wednesday, May 3rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $103.00.
About Agrium
Agrium Inc is a retailer of agricultural products and services in the United States, Canada, Australia, Argentina, Brazil, Chile and Uruguay and a multi-national producer and wholesale marketer of nutrients for agricultural and industrial markets. The Company’s segments include Retail and Wholesale. As of December 31, 2016, its Retail business unit marketed crop nutrients, crop protection products, seed, merchandise, application and other agronomic services through 1,500 retail locations in the United States, Canada, Australia, Argentina, Brazil, Chile and Uruguay.
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