Drake & Associates LLC trimmed its holdings in Deere & Company (NYSE:DE – Free Report) by 37.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 981 shares of the industrial products company’s stock after selling 576 shares during the quarter. Drake & Associates LLC’s holdings in Deere & Company were worth $398,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently made changes to their positions in DE. University of Texas Texas AM Investment Managment Co. increased its position in Deere & Company by 1,475.0% in the 1st quarter. University of Texas Texas AM Investment Managment Co. now owns 63 shares of the industrial products company’s stock valued at $26,000 after buying an additional 59 shares in the last quarter. Worth Asset Management LLC bought a new stake in Deere & Company in the 1st quarter valued at about $28,000. Lansing Street Advisors increased its position in Deere & Company by 1,725.0% in the 1st quarter. Lansing Street Advisors now owns 73 shares of the industrial products company’s stock valued at $30,000 after buying an additional 69 shares in the last quarter. Barrett & Company Inc. bought a new stake in Deere & Company in the 1st quarter valued at about $31,000. Finally, 25 LLC bought a new stake in Deere & Company in the 1st quarter valued at about $34,000. 66.27% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
DE has been the subject of a number of recent research reports. Bank of America boosted their price objective on Deere & Company from $455.00 to $484.00 in a report on Sunday, August 20th. Canaccord Genuity Group initiated coverage on Deere & Company in a report on Wednesday, June 28th. They set a “buy” rating and a $530.00 price objective for the company. Deutsche Bank Aktiengesellschaft boosted their price objective on Deere & Company from $398.00 to $407.00 and gave the stock a “hold” rating in a report on Monday, August 21st. Credit Suisse Group decreased their price objective on Deere & Company from $560.00 to $551.00 and set an “outperform” rating for the company in a report on Monday, August 21st. Finally, StockNews.com initiated coverage on Deere & Company in a report on Thursday, August 17th. They set a “hold” rating for the company. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Deere & Company currently has an average rating of “Moderate Buy” and an average price target of $459.90.
Insiders Place Their Bets
In other Deere & Company news, insider Cory J. Reed sold 4,680 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $449.75, for a total transaction of $2,104,830.00. Following the sale, the insider now owns 36,563 shares in the company, valued at $16,444,209.25. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Cory J. Reed sold 4,680 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $449.75, for a total value of $2,104,830.00. Following the transaction, the insider now owns 36,563 shares of the company’s stock, valued at $16,444,209.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO John C. May II sold 52,967 shares of the company’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $416.02, for a total transaction of $22,035,331.34. Following the completion of the transaction, the chief executive officer now directly owns 109,126 shares in the company, valued at approximately $45,398,598.52. The disclosure for this sale can be found here. Company insiders own 0.26% of the company’s stock.
Deere & Company Price Performance
Deere & Company stock opened at $412.11 on Friday. Deere & Company has a 12 month low of $328.62 and a 12 month high of $450.00. The company has a current ratio of 1.98, a quick ratio of 1.74 and a debt-to-equity ratio of 1.65. The business’s 50 day simple moving average is $417.81 and its 200 day simple moving average is $399.02. The company has a market cap of $118.69 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.91 and a beta of 1.07.
Deere & Company (NYSE:DE – Get Free Report) last posted its earnings results on Friday, August 18th. The industrial products company reported $10.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.22 by $1.98. The firm had revenue of $14.28 billion for the quarter, compared to the consensus estimate of $14.14 billion. Deere & Company had a return on equity of 46.15% and a net margin of 16.36%. The business’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $6.16 earnings per share. Sell-side analysts forecast that Deere & Company will post 33.9 EPS for the current year.
Deere & Company Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 8th. Shareholders of record on Friday, September 29th will be given a dividend of $1.35 per share. The ex-dividend date is Thursday, September 28th. This represents a $5.40 annualized dividend and a dividend yield of 1.31%. This is an increase from Deere & Company’s previous quarterly dividend of $1.25. Deere & Company’s dividend payout ratio is currently 15.96%.
About Deere & Company
Deere & Company manufactures and distributes various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides mid-size tractors, combines, cotton pickers and strippers, sugarcane harvesters, harvesting front-end equipment, sugarcane loaders, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.