PNC Financial Services Group Inc. trimmed its position in shares of Deere & Company (NYSE:DE) by 4.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 269,822 shares of the industrial products company’s stock after selling 13,494 shares during the quarter. PNC Financial Services Group Inc. owned 0.08% of Deere & Company worth $40,561,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Carmichael Hill & Associates Inc. bought a new stake in Deere & Company in the 3rd quarter valued at $210,000. Bank of New York Mellon Corp lifted its position in Deere & Company by 1.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,909,749 shares of the industrial products company’s stock valued at $587,750,000 after acquiring an additional 37,487 shares in the last quarter. LexAurum Advisors LLC acquired a new stake in Deere & Company in the 3rd quarter valued at $204,000. Northeast Financial Consultants Inc increased its stake in Deere & Company by 18.2% in the 3rd quarter. Northeast Financial Consultants Inc now owns 13,052 shares of the industrial products company’s stock valued at $1,962,000 after buying an additional 2,010 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its stake in Deere & Company by 4.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 49,490 shares of the industrial products company’s stock valued at $7,440,000 after buying an additional 2,203 shares during the last quarter. 65.26% of the stock is currently owned by institutional investors.
Several equities research analysts have issued reports on DE shares. JPMorgan Chase & Co. set a $145.00 price target on shares of Deere & Company and gave the company a “hold” rating in a research note on Monday, August 13th. Stifel Nicolaus lowered their price target on shares of Deere & Company from $193.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, August 20th. Wells Fargo & Co lowered their price target on shares of Deere & Company from $190.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, August 20th. Credit Suisse Group lowered their price target on shares of Deere & Company from $231.00 to $221.00 and set an “outperform” rating on the stock in a research note on Monday, August 20th. Finally, Argus lowered their price target on shares of Deere & Company to $160.00 and set a “buy” rating on the stock in a research note on Monday, August 20th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $176.29.
Deere & Company (NYSE:DE) last released its quarterly earnings data on Wednesday, November 21st. The industrial products company reported $2.30 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.14). The firm had revenue of $8.34 billion for the quarter, compared to analyst estimates of $8.59 billion. Deere & Company had a return on equity of 29.61% and a net margin of 6.34%. The firm’s revenue for the quarter was up 17.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.57 earnings per share. Research analysts expect that Deere & Company will post 11.56 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Friday, September 28th were paid a dividend of $0.69 per share. The ex-dividend date was Thursday, September 27th. This represents a $2.76 annualized dividend and a dividend yield of 1.93%. Deere & Company’s dividend payout ratio is presently 29.39%.
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About Deere & Company
Deere & Company, together with its subsidiaries, manufactures and distributes agriculture and turf, and construction and forestry equipment worldwide. The company's Agriculture and Turf segment provides agriculture and turf equipment, and related service parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; related harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment comprising sprayers, and nutrient management and soil preparation machinery.
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