DnB Asset Management AS trimmed its holdings in shares of Deere & Company (NYSE:DE – Free Report) by 2.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 123,535 shares of the industrial products company’s stock after selling 2,701 shares during the period. DnB Asset Management AS’s holdings in Deere & Company were worth $50,055,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. University of Texas Texas AM Investment Managment Co. increased its stake in shares of Deere & Company by 1,475.0% in the 1st quarter. University of Texas Texas AM Investment Managment Co. now owns 63 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 59 shares during the last quarter. Worth Asset Management LLC acquired a new position in Deere & Company during the first quarter valued at approximately $28,000. Lansing Street Advisors grew its holdings in Deere & Company by 1,725.0% during the first quarter. Lansing Street Advisors now owns 73 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 69 shares during the period. Barrett & Company Inc. bought a new stake in Deere & Company in the first quarter valued at approximately $31,000. Finally, 25 LLC acquired a new stake in Deere & Company in the first quarter worth $34,000. 66.27% of the stock is owned by institutional investors.
Deere & Company Stock Up 1.6 %
DE traded up $6.46 on Thursday, hitting $408.69. 347,379 shares of the company were exchanged, compared to its average volume of 1,596,484. The stock’s fifty day moving average is $417.51 and its 200-day moving average is $399.11. Deere & Company has a 12 month low of $328.62 and a 12 month high of $450.00. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.74 and a current ratio of 1.98. The company has a market cap of $117.70 billion, a PE ratio of 11.89, a PEG ratio of 0.93 and a beta of 1.07.
Deere & Company Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 8th. Shareholders of record on Friday, September 29th will be paid a $1.35 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $5.40 dividend on an annualized basis and a yield of 1.32%. This is a boost from Deere & Company’s previous quarterly dividend of $1.25. Deere & Company’s dividend payout ratio (DPR) is currently 15.96%.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the stock. DA Davidson boosted their price target on shares of Deere & Company from $492.00 to $510.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. Oppenheimer decreased their target price on Deere & Company from $467.00 to $458.00 and set an “outperform” rating for the company in a research note on Monday, August 21st. Credit Suisse Group dropped their price target on Deere & Company from $560.00 to $551.00 and set an “outperform” rating on the stock in a research report on Monday, August 21st. Citigroup boosted their price objective on Deere & Company from $460.00 to $475.00 and gave the company a “buy” rating in a research report on Tuesday, July 18th. Finally, UBS Group increased their target price on Deere & Company from $383.00 to $408.00 and gave the stock a “neutral” rating in a research note on Monday, August 21st. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $458.53.
In other Deere & Company news, CEO John C. May II sold 52,967 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $416.02, for a total transaction of $22,035,331.34. Following the transaction, the chief executive officer now owns 109,126 shares of the company’s stock, valued at $45,398,598.52. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Cory J. Reed sold 4,680 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $449.75, for a total value of $2,104,830.00. Following the transaction, the insider now directly owns 36,563 shares of the company’s stock, valued at $16,444,209.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John C. May II sold 52,967 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $416.02, for a total transaction of $22,035,331.34. Following the sale, the chief executive officer now owns 109,126 shares of the company’s stock, valued at approximately $45,398,598.52. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.
Deere & Company Profile
Deere & Company manufactures and distributes various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides mid-size tractors, combines, cotton pickers and strippers, sugarcane harvesters, harvesting front-end equipment, sugarcane loaders, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.
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