Pinney & Scofield Inc. Reduces Holdings in Deere & Company (NYSE:DE)

Pinney & Scofield Inc. trimmed its position in shares of Deere & Company (NYSE:DE) by 20.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 115 shares of the industrial products company’s stock after selling 30 shares during the quarter. Pinney & Scofield Inc.’s holdings in Deere & Company were worth $54,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in DE. Assenagon Asset Management S.A. boosted its stake in Deere & Company by 58.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company’s stock worth $6,395,000 after buying an additional 5,053 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in Deere & Company by 10.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company’s stock worth $3,863,000 after buying an additional 798 shares during the last quarter. ASR Vermogensbeheer N.V. acquired a new position in Deere & Company during the first quarter worth $13,588,000. Stenger Family Office LLC acquired a new position in Deere & Company during the fourth quarter worth $3,144,000. Finally, Stratos Investment Management LLC acquired a new position in Deere & Company during the first quarter worth $271,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Price Performance

DE stock opened at $509.86 on Thursday. The company has a current ratio of 2.11, a quick ratio of 1.89 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $138.09 billion, a PE ratio of 24.67, a P/E/G ratio of 3.22 and a beta of 1.06. Deere & Company has a 12-month low of $343.38 and a 12-month high of $533.78. The business’s fifty day moving average price is $512.29 and its 200 day moving average price is $488.40.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share for the quarter, topping the consensus estimate of $5.72 by $0.92. Deere & Company had a return on equity of 24.39% and a net margin of 12.40%. The company 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 EPS. Deere & Company’s revenue was down 17.9% on a year-over-year basis. On average, sell-side analysts anticipate that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Monday, June 30th will be issued a dividend of $1.62 per share. The ex-dividend date is Monday, June 30th. This represents a $6.48 annualized dividend and a yield of 1.3%. Deere & Company’s dividend payout ratio is 31.35%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Morgan Stanley boosted their price objective on Deere & Company from $450.00 to $500.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 16th. Melius Research raised Deere & Company from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 6th. Wall Street Zen lowered Deere & Company from a “hold” rating to a “sell” rating in a research note on Friday, May 30th. JPMorgan Chase & Co. upped their price target on Deere & Company from $490.00 to $540.00 and gave the company a “neutral” rating in a research note on Friday, May 16th. Finally, Oppenheimer upped their price target on Deere & Company from $555.00 to $560.00 and gave the company an “outperform” rating in a research note on Tuesday, July 15th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Deere & Company has an average rating of “Hold” and a consensus price target of $515.50.

Deere & Company Profile

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.