Deere & Company $DE Shares Sold by Carnegie Investment Counsel

Carnegie Investment Counsel cut its stake in shares of Deere & Company (NYSE:DE) by 4.3% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 25,470 shares of the industrial products company’s stock after selling 1,131 shares during the period. Carnegie Investment Counsel’s holdings in Deere & Company were worth $14,347,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of DE. Norges Bank purchased a new stake in shares of Deere & Company during the fourth quarter valued at approximately $1,715,633,000. Capital World Investors boosted its stake in shares of Deere & Company by 53.9% in the fourth quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company’s stock valued at $4,465,906,000 after purchasing an additional 3,358,264 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Deere & Company by 1,725.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company’s stock valued at $932,870,000 after purchasing an additional 1,893,972 shares during the period. M&T Bank Corp grew its holdings in Deere & Company by 1,199.8% during the 4th quarter. M&T Bank Corp now owns 1,864,701 shares of the industrial products company’s stock valued at $868,149,000 after purchasing an additional 1,721,239 shares in the last quarter. Finally, Diamant Asset Management Inc. grew its holdings in Deere & Company by 56,230.0% during the 1st quarter. Diamant Asset Management Inc. now owns 610,617 shares of the industrial products company’s stock valued at $343,961,000 after purchasing an additional 609,533 shares in the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Stock Down 0.9%

DE traded down $5.54 during trading on Friday, hitting $587.36. The company had a trading volume of 782,098 shares, compared to its average volume of 1,174,307. The company has a market cap of $158.55 billion, a PE ratio of 33.28, a P/E/G ratio of 2.17 and a beta of 0.89. The business has a 50-day moving average of $581.74 and a 200-day moving average of $566.99. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.18 and a quick ratio of 1.95. Deere & Company has a 1-year low of $433.00 and a 1-year high of $674.19.

Deere & Company (NYSE:DE) last posted its quarterly earnings data 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. The firm had revenue of $13.37 billion for the quarter, compared to the consensus estimate of $11.55 billion. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.64 EPS. As a group, analysts forecast that Deere & Company will post 18.13 earnings per share for the current year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.1%. Deere & Company’s dividend payout ratio (DPR) is presently 36.71%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on DE shares. DA Davidson dropped their price target on shares of Deere & Company from $775.00 to $685.00 and set a “buy” rating on the stock in a research note on Friday, May 22nd. Robert W. Baird decreased their price objective on shares of Deere & Company from $580.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, May 22nd. Wolfe Research raised their target price on Deere & Company from $550.00 to $660.00 and gave the company an “outperform” rating in a research note on Tuesday, March 31st. Citigroup dropped their target price on Deere & Company from $625.00 to $595.00 and set a “neutral” rating on the stock in a research report on Friday, May 22nd. Finally, Oppenheimer reiterated an “outperform” rating and issued a $680.00 price target (down from $715.00) on shares of Deere & Company in a research note on Wednesday, May 27th. Fourteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, Deere & Company currently has a consensus rating of “Moderate Buy” and an average price target of $642.23.

Deere & Company News Roundup

Here are the key news stories impacting Deere & Company this week:

• Positive Sentiment: D.A. Davidson’s new coverage on AGCO highlighted that weak farm conditions can still support equipment makers like Deere, reinforcing the view that replacement demand and pricing power may hold up better than expected for agricultural OEMs. Farming Is Terrible Right Now. That’s Good for Deere and AGCO Stocks.
• Positive Sentiment: Jim Cramer was upbeat on Deere, calling the stock “incredible” and suggesting it still has room to go higher, which may help sentiment around the shares. Jim Cramer on Deere & Company: “The Stock Is Incredible, and It’s Not Done Going Higher”
• Neutral Sentiment: An analyst report on Deere was published, but no clear thesis or rating details were provided in the feed, so it is likely a limited near-term catalyst. Analyst Report: Deere & Co
• Negative Sentiment: Deere settled a right-to-repair dispute with the FTC, requiring it to provide farmers and independent repair providers the same repair resources as authorized dealers for 10 years. Investors may see this as a hit to Deere’s control over service revenue and after-sales economics. Deere settles right to repair dispute with FTC

About Deere & Company

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.