Cullen Investment Group LTD. Has $11.80 Million Position in Deere & Company (NYSE:DE)

Cullen Investment Group LTD. reduced its stake in shares of Deere & Company (NYSE:DE) by 5.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 25,150 shares of the industrial products company’s stock after selling 1,435 shares during the period. Deere & Company comprises approximately 1.8% of Cullen Investment Group LTD.’s portfolio, making the stock its 10th biggest position. Cullen Investment Group LTD.’s holdings in Deere & Company were worth $11,804,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pineridge Advisors LLC increased its holdings in Deere & Company by 60.5% during the 4th quarter. Pineridge Advisors LLC now owns 69 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 26 shares in the last quarter. YANKCOM Partnership bought a new stake in Deere & Company during the 4th quarter worth approximately $34,000. Orion Capital Management LLC bought a new stake in Deere & Company during the 4th quarter worth approximately $34,000. Synergy Asset Management LLC bought a new stake in Deere & Company during the 4th quarter worth approximately $35,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Deere & Company during the 4th quarter worth approximately $39,000. 68.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Truist Financial boosted their target price on Deere & Company from $546.00 to $619.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. Evercore ISI boosted their target price on Deere & Company from $455.00 to $493.00 and gave the stock an “in-line” rating in a research note on Monday, May 19th. Raymond James boosted their target price on Deere & Company from $530.00 to $560.00 and gave the stock an “outperform” rating in a research note on Friday, May 16th. The Goldman Sachs Group restated a “buy” rating on shares of Deere & Company in a research note on Thursday, May 15th. Finally, Barclays boosted their target price on Deere & Company from $475.00 to $530.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Thirteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Deere & Company currently has a consensus rating of “Hold” and a consensus price target of $516.75.

Deere & Company Price Performance

Deere & Company stock opened at $507.89 on Thursday. Deere & Company has a 12 month low of $340.20 and a 12 month high of $533.78. The company has a current ratio of 2.22, a quick ratio of 1.98 and a debt-to-equity ratio of 1.94. The business’s 50 day simple moving average is $474.56 and its 200 day simple moving average is $460.54. The company has a market cap of $137.85 billion, a price-to-earnings ratio of 22.51, a PEG ratio of 2.14 and a beta of 1.08.

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

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Monday, June 30th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.28%. Deere & Company’s dividend payout ratio is currently 31.35%.

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.