Next Century Growth Investors LLC lowered its position in Deere & Company (NYSE:DE) by 3.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,394 shares of the industrial products company’s stock after selling 458 shares during the period. Next Century Growth Investors LLC’s holdings in Deere & Company were worth $4,018,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in DE. Weitzel Financial Services Inc. raised its position in Deere & Company by 35,664.3% in the 2nd quarter. Weitzel Financial Services Inc. now owns 1,959,166 shares of the industrial products company’s stock valued at $5,523,000 after purchasing an additional 1,953,688 shares during the last quarter. Viking Global Investors LP bought a new position in shares of Deere & Company in the first quarter valued at about $260,555,000. Putnam Investments LLC lifted its position in Deere & Company by 635.3% during the 1st quarter. Putnam Investments LLC now owns 770,690 shares of the industrial products company’s stock worth $288,346,000 after buying an additional 665,877 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in Deere & Company by 24.4% during the 1st quarter. Nuveen Asset Management LLC now owns 2,662,032 shares of the industrial products company’s stock worth $995,972,000 after acquiring an additional 522,637 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. increased its stake in shares of Deere & Company by 88.7% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 620,871 shares of the industrial products company’s stock valued at $218,987,000 after buying an additional 291,793 shares during the period. 67.02% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently weighed in on DE. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Deere & Company from $404.00 to $383.00 and set a “hold” rating for the company in a report on Monday, August 23rd. JPMorgan Chase & Co. cut their price objective on shares of Deere & Company from $346.00 to $297.00 and set an “underweight” rating on the stock in a research report on Monday, October 4th. Credit Suisse Group increased their target price on shares of Deere & Company from $439.00 to $440.00 and gave the stock an “outperform” rating in a report on Monday, August 23rd. Morgan Stanley lowered their price target on shares of Deere & Company from $450.00 to $442.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 13th. Finally, Evercore ISI lowered Deere & Company from an “outperform” rating to an “inline” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Deere & Company presently has a consensus rating of “Buy” and a consensus target price of $383.63.
Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, August 19th. The industrial products company reported $5.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.58 by $0.74. Deere & Company had a return on equity of 37.60% and a net margin of 12.82%. The firm had revenue of $10.41 billion during the quarter, compared to the consensus estimate of $10.33 billion. During the same quarter last year, the company posted $2.57 EPS. The company’s revenue for the quarter was up 32.5% on a year-over-year basis. On average, analysts expect that Deere & Company will post 18.9 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 8th. Stockholders of record on Thursday, September 30th will be issued a $1.05 dividend. This is a boost from Deere & Company’s previous quarterly dividend of $0.90. This represents a $4.20 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date is Wednesday, September 29th. Deere & Company’s dividend payout ratio is presently 48.33%.
In related news, insider Cory J. Reed sold 6,188 shares of the firm’s stock in a transaction dated Wednesday, August 11th. The stock was sold at an average price of $385.00, for a total transaction of $2,382,380.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.31% of the stock is currently owned by corporate insiders.
About Deere & Company
Deere & Co engages in the manufacturing and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf; Construction and Forestry; and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacturing of full line of agriculture and turf equipment and related service parts.
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