Pinnacle Associates Ltd. Cuts Stock Position in Deere & Company (NYSE:DE)

Pinnacle Associates Ltd. lowered its position in Deere & Company (NYSE:DE) by 13.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,712 shares of the industrial products company’s stock after selling 2,670 shares during the period. Pinnacle Associates Ltd.’s holdings in Deere & Company were worth $2,935,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Endurance Wealth Management Inc. boosted its stake in Deere & Company by 3.9% in the 2nd quarter. Endurance Wealth Management Inc. now owns 1,614 shares of the industrial products company’s stock worth $267,000 after purchasing an additional 60 shares in the last quarter. Enterprise Financial Services Corp boosted its stake in Deere & Company by 2.5% in the 1st quarter. Enterprise Financial Services Corp now owns 2,838 shares of the industrial products company’s stock worth $454,000 after purchasing an additional 68 shares in the last quarter. Penserra Capital Management LLC boosted its stake in Deere & Company by 12.2% in the 1st quarter. Penserra Capital Management LLC now owns 646 shares of the industrial products company’s stock worth $103,000 after purchasing an additional 70 shares in the last quarter. Nelson Roberts Investment Advisors LLC boosted its stake in Deere & Company by 34.8% in the 2nd quarter. Nelson Roberts Investment Advisors LLC now owns 271 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 70 shares in the last quarter. Finally, Regentatlantic Capital LLC boosted its stake in Deere & Company by 0.9% in the 2nd quarter. Regentatlantic Capital LLC now owns 9,169 shares of the industrial products company’s stock worth $1,519,000 after purchasing an additional 78 shares in the last quarter. 67.67% of the stock is currently owned by hedge funds and other institutional investors.

NYSE DE traded down $0.55 on Thursday, hitting $154.31. 48,794 shares of the company’s stock traded hands, compared to its average volume of 2,207,760. The company has a current ratio of 1.99, a quick ratio of 1.73 and a debt-to-equity ratio of 2.38. Deere & Company has a 1-year low of $128.32 and a 1-year high of $171.22. The firm’s 50-day moving average price is $160.03 and its two-hundred day moving average price is $158.32. The firm has a market capitalization of $48.31 billion, a PE ratio of 16.43, a P/E/G ratio of 1.91 and a beta of 1.10.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Friday, August 16th. The industrial products company reported $2.71 EPS for the quarter, missing the consensus estimate of $2.80 by ($0.09). Deere & Company had a net margin of 8.55% and a return on equity of 27.75%. The business had revenue of $8.97 billion for the quarter, compared to analyst estimates of $9.38 billion. During the same quarter in the previous year, the firm posted $2.59 earnings per share. The business’s revenue was down 3.4% on a year-over-year basis. On average, research analysts anticipate that Deere & Company will post 10.02 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Friday, June 28th were paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend was Thursday, June 27th. Deere & Company’s payout ratio is 32.37%.

A number of analysts recently commented on the stock. Royal Bank of Canada lowered their target price on shares of Deere & Company from $190.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, May 20th. Stephens assumed coverage on shares of Deere & Company in a research note on Wednesday, August 14th. They issued an “equal weight” rating and a $160.00 target price for the company. Macquarie set a $132.00 target price on shares of Deere & Company and gave the stock a “hold” rating in a research note on Monday, May 20th. Deutsche Bank lowered their target price on shares of Deere & Company from $163.00 to $155.00 and set a “hold” rating for the company in a research note on Wednesday, August 14th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $197.00 target price (up from $176.00) on shares of Deere & Company in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $166.89.

In other news, COO John C. May II sold 16,468 shares of Deere & Company stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $163.21, for a total transaction of $2,687,742.28. Following the completion of the transaction, the chief operating officer now directly owns 60,550 shares of the company’s stock, valued at approximately $9,882,365.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO John C. May II sold 5,228 shares of Deere & Company stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $170.00, for a total transaction of $888,760.00. Following the transaction, the chief operating officer now directly owns 49,310 shares of the company’s stock, valued at $8,382,700. The disclosure for this sale can be found here. Insiders own 0.71% of the company’s stock.

About Deere & Company

Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.

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Institutional Ownership by Quarter for Deere & Company (NYSE:DE)

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