Alliancebernstein L.P. boosted its stake in Deere & Company (NYSE:DE) by 0.1% during the first quarter, Holdings Channel reports. The institutional investor owned 569,474 shares of the industrial products company’s stock after buying an additional 308 shares during the period. Alliancebernstein L.P.’s holdings in Deere & Company were worth $61,993,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Deere & Company during the fourth quarter valued at about $223,422,000. SG Americas Securities LLC raised its position in Deere & Company by 107.6% in the first quarter. SG Americas Securities LLC now owns 44,868 shares of the industrial products company’s stock valued at $4,884,000 after buying an additional 631,378 shares in the last quarter. First Eagle Investment Management LLC raised its position in Deere & Company by 5.1% in the first quarter. First Eagle Investment Management LLC now owns 6,652,623 shares of the industrial products company’s stock valued at $724,205,000 after buying an additional 322,158 shares in the last quarter. Quadrature Capital Ltd purchased a new position in Deere & Company during the fourth quarter valued at about $26,810,000. Finally, PGGM Investments purchased a new position in Deere & Company during the first quarter valued at about $26,179,000. 67.37% of the stock is currently owned by institutional investors and hedge funds.
Shares of Deere & Company (DE) opened at 126.64 on Monday. The firm has a 50-day moving average of $122.43 and a 200 day moving average of $111.76. Deere & Company has a 12-month low of $76.73 and a 12-month high of $128.37. The stock has a market capitalization of $40.51 billion, a price-to-earnings ratio of 22.80 and a beta of 0.66.
Deere & Company (NYSE:DE) last announced its earnings results on Friday, May 19th. The industrial products company reported $2.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.79. The company had revenue of $7.26 billion during the quarter, compared to analysts’ expectations of $7.27 billion. Deere & Company had a net margin of 6.52% and a return on equity of 24.85%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.56 earnings per share. Equities analysts forecast that Deere & Company will post $6.29 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Friday, June 30th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Wednesday, June 28th. Deere & Company’s payout ratio is currently 43.24%.
DE has been the topic of several analyst reports. Deutsche Bank AG lifted their price target on shares of Deere & Company from $122.00 to $135.00 and gave the stock a “hold” rating in a report on Monday, May 22nd. Vetr raised shares of Deere & Company from a “hold” rating to a “buy” rating and set a $118.76 price target on the stock in a report on Monday, March 27th. Credit Suisse Group set a $132.00 price target on shares of Deere & Company and gave the stock a “buy” rating in a report on Wednesday, April 12th. Barclays PLC reaffirmed a “sell” rating and issued a $82.00 price target (up from $80.00) on shares of Deere & Company in a report on Tuesday, April 18th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $109.00 price target on shares of Deere & Company in a report on Thursday, March 23rd. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $122.25.
In other Deere & Company news, VP Marc A. Howze sold 6,624 shares of Deere & Company stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $119.59, for a total transaction of $792,164.16. Following the completion of the transaction, the vice president now owns 9,004 shares in the company, valued at $1,076,788.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Cory J. Reed sold 4,936 shares of Deere & Company stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $128.00, for a total transaction of $631,808.00. Following the transaction, the insider now owns 9,903 shares of the company’s stock, valued at approximately $1,267,584. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,612 shares of company stock valued at $13,149,023. 0.85% of the stock is currently owned by company insiders.
About Deere & Company
Deere & Company is engaged in equipment operations. The Company is engaged in providing financial services. The Company operates through three business segments: agriculture and turf, construction and forestry, and financial services. The agriculture and turf segment manufactures and distributes a line of agriculture and turf equipment and related service parts.
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