DB Fitzpatrick & Co Inc Decreases Stake in Deere & Company $DE

DB Fitzpatrick & Co Inc lessened its holdings in shares of Deere & Company (NYSE:DE) by 35.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,185 shares of the industrial products company’s stock after selling 1,202 shares during the period. DB Fitzpatrick & Co Inc’s holdings in Deere & Company were worth $1,231,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Strategic Advocates LLC purchased a new stake in shares of Deere & Company in the third quarter valued at approximately $25,000. Portus Wealth Advisors LLC purchased a new position in Deere & Company during the first quarter worth approximately $32,000. Key Capital Management INC purchased a new position in Deere & Company during the fourth quarter worth approximately $27,000. Timmons Wealth Management LLC acquired a new position in Deere & Company during the fourth quarter worth $29,000. Finally, McIlrath & Eck LLC acquired a new position in Deere & Company during the fourth quarter worth $30,000. Institutional investors and hedge funds own 68.58% of the company’s stock.

Deere & Company Stock Down 1.0%

Shares of NYSE:DE opened at $621.09 on Friday. The company has a market capitalization of $167.66 billion, a price-to-earnings ratio of 35.19, a PEG ratio of 2.32 and a beta of 0.89. Deere & Company has a 12-month low of $433.00 and a 12-month high of $674.19. The business has a 50-day moving average price of $577.59 and a 200 day moving average price of $562.28. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54.

Deere & Company (NYSE:DE) last posted its earnings results on Thursday, May 21st. The industrial products company reported $6.55 EPS for the quarter, beating analysts’ consensus estimates of $5.70 by $0.85. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The company had revenue of $13.37 billion for the quarter, compared to analysts’ expectations of $11.55 billion. During the same quarter in the prior year, the company posted $6.64 earnings per share. Deere & Company’s revenue for the quarter was up 5.4% compared to the same quarter last year. Sell-side analysts expect that Deere & Company will post 18.13 EPS for the current year.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Tuesday, June 30th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, June 30th. Deere & Company’s dividend payout ratio (DPR) is 36.71%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on DE. DA Davidson cut their target price on Deere & Company from $775.00 to $685.00 and set a “buy” rating for the company in a research note on Friday, May 22nd. Jefferies Financial Group raised shares of Deere & Company from an “underperform” rating to a “hold” rating and set a $550.00 price objective for the company in a report on Wednesday, April 8th. Wolfe Research raised their price objective on shares of Deere & Company from $550.00 to $660.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 31st. Bank of America reduced their target price on shares of Deere & Company from $672.00 to $607.50 and set a “neutral” rating on the stock in a research note on Friday, May 22nd. Finally, Barclays boosted their target price on shares of Deere & Company from $530.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, March 31st. Fourteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $642.23.

Deere & Company Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.