State of Tennessee Treasury Department Cuts Stock Holdings in Deere & Company (NYSE:DE)

State of Tennessee Treasury Department lowered its stake in shares of Deere & Company (NYSE:DEFree Report) by 36.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 74,006 shares of the industrial products company’s stock after selling 43,210 shares during the quarter. State of Tennessee Treasury Department’s holdings in Deere & Company were worth $29,593,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Pinnacle Associates Ltd. boosted its stake in Deere & Company by 21.3% in the fourth quarter. Pinnacle Associates Ltd. now owns 5,355 shares of the industrial products company’s stock valued at $2,141,000 after acquiring an additional 939 shares in the last quarter. Penserra Capital Management LLC boosted its stake in shares of Deere & Company by 2.4% during the third quarter. Penserra Capital Management LLC now owns 236,696 shares of the industrial products company’s stock worth $89,322,000 after buying an additional 5,485 shares during the period. Summit Asset Management LLC boosted its stake in shares of Deere & Company by 24.1% during the fourth quarter. Summit Asset Management LLC now owns 1,030 shares of the industrial products company’s stock worth $412,000 after buying an additional 200 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Deere & Company by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,570,773 shares of the industrial products company’s stock worth $628,105,000 after buying an additional 31,074 shares during the period. Finally, Graham Capital Management L.P. boosted its stake in shares of Deere & Company by 483.3% during the third quarter. Graham Capital Management L.P. now owns 17,500 shares of the industrial products company’s stock worth $6,604,000 after buying an additional 14,500 shares during the period. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Price Performance

DE opened at $368.30 on Tuesday. The company has a 50-day moving average of $393.16 and a 200-day moving average of $386.16. The company has a market capitalization of $101.49 billion, a P/E ratio of 11.09, a PEG ratio of 1.47 and a beta of 0.98. Deere & Company has a 1-year low of $353.15 and a 1-year high of $450.00. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.80 and a current ratio of 2.01.

Deere & Company (NYSE:DEGet Free Report) last released its earnings results on Thursday, May 16th. The industrial products company reported $8.53 earnings per share for the quarter, topping the consensus estimate of $7.86 by $0.67. The company had revenue of $13.61 billion during the quarter, compared to the consensus estimate of $13.29 billion. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The company’s revenue was down 15.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $9.65 EPS. Equities analysts expect that Deere & Company will post 25.73 EPS for the current fiscal year.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Friday, June 28th will be given a $1.47 dividend. This represents a $5.88 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, June 28th. Deere & Company’s payout ratio is currently 17.70%.

Wall Street Analyst Weigh In

DE has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their target price on shares of Deere & Company from $425.00 to $385.00 and set a “neutral” rating for the company in a research note on Friday, May 17th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Deere & Company from $425.00 to $401.00 and set a “hold” rating for the company in a research note on Friday, February 16th. Wells Fargo & Company dropped their price objective on shares of Deere & Company from $445.00 to $425.00 and set an “overweight” rating for the company in a research note on Friday, February 16th. Citigroup lowered their target price on shares of Deere & Company from $450.00 to $435.00 and set a “buy” rating for the company in a research note on Friday, February 16th. Finally, Evercore ISI lifted their target price on shares of Deere & Company from $381.00 to $387.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $433.36.

View Our Latest Research Report on DE

About Deere & Company

(Free Report)

Deere & Company engages in the manufacture and distribution of 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 large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, 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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Institutional Ownership by Quarter for Deere & Company (NYSE:DE)

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