State Board of Administration of Florida Retirement System trimmed its position in shares of Deere & Company (NYSE:DE) by 5.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 376,165 shares of the industrial products company’s stock after selling 22,004 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.12% of Deere & Company worth $59,114,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Howland Capital Management LLC increased its holdings in shares of Deere & Company by 4.5% during the 2nd quarter. Howland Capital Management LLC now owns 16,182 shares of the industrial products company’s stock valued at $2,543,000 after purchasing an additional 700 shares in the last quarter. DNB Asset Management AS increased its holdings in shares of Deere & Company by 10.3% during the 2nd quarter. DNB Asset Management AS now owns 66,861 shares of the industrial products company’s stock valued at $10,507,000 after purchasing an additional 6,268 shares in the last quarter. Canandaigua National Corp purchased a new position in shares of Deere & Company during the 2nd quarter valued at approximately $1,475,000. Raymond James Trust N.A. increased its holdings in shares of Deere & Company by 7.4% during the 2nd quarter. Raymond James Trust N.A. now owns 11,542 shares of the industrial products company’s stock valued at $1,814,000 after purchasing an additional 791 shares in the last quarter. Finally, First Hawaiian Bank purchased a new position in shares of Deere & Company during the 1st quarter valued at approximately $256,000. 67.00% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on DE shares. Jefferies Financial Group lifted their price target on shares of Deere & Company from $165.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, July 17th. Robert W. Baird lifted their price target on shares of Deere & Company from $189.00 to $216.00 and gave the company an “outperform” rating in a research note on Monday. Goldman Sachs Group lifted their price target on shares of Deere & Company from $182.00 to $209.00 in a research note on Tuesday. Wells Fargo & Co lifted their price target on shares of Deere & Company from $145.00 to $185.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, JPMorgan Chase & Co. cut shares of Deere & Company from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $140.00 to $160.00 in a research note on Thursday, August 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Deere & Company presently has an average rating of “Buy” and a consensus price target of $188.80.
In related news, insider Pentz Markwart Von sold 9,912 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $185.00, for a total value of $1,833,720.00. Following the sale, the insider now directly owns 70,324 shares in the company, valued at approximately $13,009,940. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Rajesh Kalathur sold 7,379 shares of the business’s stock in a transaction dated Thursday, July 16th. The shares were sold at an average price of $175.00, for a total transaction of $1,291,325.00. Following the completion of the sale, the insider now owns 61,514 shares in the company, valued at $10,764,950. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,051 shares of company stock worth $5,061,845. Corporate insiders own 0.70% of the company’s stock.
Shares of DE stock traded down $0.44 on Thursday, hitting $191.55. 57,636 shares of the stock traded hands, compared to its average volume of 1,250,617. The firm’s 50-day moving average price is $174.47 and its two-hundred day moving average price is $154.64. The company has a debt-to-equity ratio of 2.89, a quick ratio of 1.95 and a current ratio of 2.20. The stock has a market capitalization of $60.11 billion, a PE ratio of 21.78, a PEG ratio of 4.35 and a beta of 0.98. Deere & Company has a twelve month low of $106.14 and a twelve month high of $195.85.
Deere & Company (NYSE:DE) last announced its quarterly earnings results on Friday, May 22nd. The industrial products company reported $2.11 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.49. The firm had revenue of $8.22 billion for the quarter, compared to analysts’ expectations of $7.68 billion. Deere & Company had a net margin of 7.62% and a return on equity of 23.01%. The company’s revenue was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.52 EPS. On average, equities research analysts anticipate that Deere & Company will post 6.31 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.76 per share. The ex-dividend date was Monday, June 29th. This represents a $3.04 annualized dividend and a dividend yield of 1.59%. Deere & Company’s payout ratio is 30.58%.
About Deere & Company
Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.
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