Birmingham Capital Management Co. Inc. AL Reduces Stake in Deere & Company (NYSE:DE)

Birmingham Capital Management Co. Inc. AL lowered its position in shares of Deere & Company (NYSE:DE) by 4.3% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 34,840 shares of the industrial products company’s stock after selling 1,548 shares during the quarter. Deere & Company accounts for 5.5% of Birmingham Capital Management Co. Inc. AL’s holdings, making the stock its 2nd biggest position. Birmingham Capital Management Co. Inc. AL’s holdings in Deere & Company were worth $14,762,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of DE. Price T Rowe Associates Inc. MD raised its holdings in shares of Deere & Company by 19.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,589,760 shares of the industrial products company’s stock worth $2,792,082,000 after purchasing an additional 1,095,736 shares during the period. Capital World Investors raised its stake in Deere & Company by 2.7% in the 4th quarter. Capital World Investors now owns 6,058,259 shares of the industrial products company’s stock valued at $2,566,884,000 after acquiring an additional 157,224 shares during the period. FMR LLC raised its stake in Deere & Company by 22.9% in the 4th quarter. FMR LLC now owns 5,581,408 shares of the industrial products company’s stock valued at $2,364,843,000 after acquiring an additional 1,039,395 shares during the period. Geode Capital Management LLC raised its stake in Deere & Company by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 5,305,571 shares of the industrial products company’s stock valued at $2,247,216,000 after acquiring an additional 97,203 shares during the period. Finally, Norges Bank bought a new stake in Deere & Company in the 4th quarter valued at about $1,244,094,000. Institutional investors own 68.58% of the company’s stock.

Deere & Company Stock Down 1.1%

Shares of NYSE:DE opened at $509.83 on Tuesday. The stock’s 50-day moving average price is $473.20 and its 200-day moving average price is $459.86. Deere & Company has a 12-month low of $340.20 and a 12-month high of $533.78. The stock has a market capitalization of $138.37 billion, a P/E ratio of 22.60, a price-to-earnings-growth ratio of 2.14 and a beta of 1.08. The company has a current ratio of 2.22, a quick ratio of 1.98 and a debt-to-equity ratio of 1.94.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.72 by $0.92. Deere & Company had a net margin of 12.94% and a return on equity of 27.31%. The firm had revenue of $11.17 billion for the quarter, compared to analysts’ expectations of $10.80 billion. During the same quarter last year, the business earned $8.53 earnings per share. The business’s revenue was down 17.9% on a year-over-year basis. On average, equities analysts anticipate that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 8th. Investors of record on Monday, March 31st were paid a $1.62 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $6.48 annualized dividend and a dividend yield of 1.27%. Deere & Company’s payout ratio is presently 31.35%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DE. The Goldman Sachs Group reissued a “buy” rating on shares of Deere & Company in a report on Thursday, May 15th. Robert W. Baird upped their price target on Deere & Company from $501.00 to $514.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Bank of America upped their price target on Deere & Company from $495.00 to $556.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Wall Street Zen raised shares of Deere & Company from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Deere & Company from $490.00 to $540.00 and gave the stock a “neutral” rating in a research report on Friday, May 16th. Thirteen investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $516.75.

About Deere & Company

Deere & Co engages in the manufacture 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 manufacture of a full line of agriculture and turf equipment and related service parts.