Mengis Capital Management Inc. Sells 1,875 Shares of Deere & Company $DE

Mengis Capital Management Inc. reduced its holdings in shares of Deere & Company (NYSE:DE) by 6.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 25,415 shares of the industrial products company’s stock after selling 1,875 shares during the quarter. Deere & Company makes up approximately 2.7% of Mengis Capital Management Inc.’s holdings, making the stock its 5th largest holding. Mengis Capital Management Inc.’s holdings in Deere & Company were worth $12,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its position in Deere & Company by 58.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company’s stock valued at $6,395,000 after buying an additional 5,053 shares in the last quarter. OLD National Bancorp IN grew its stake in Deere & Company by 2.6% during the 2nd quarter. OLD National Bancorp IN now owns 24,000 shares of the industrial products company’s stock valued at $12,204,000 after purchasing an additional 610 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in Deere & Company by 10.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company’s stock valued at $3,863,000 after purchasing an additional 798 shares during the last quarter. Providence Capital Advisors LLC grew its stake in Deere & Company by 2.1% during the 1st quarter. Providence Capital Advisors LLC now owns 14,639 shares of the industrial products company’s stock valued at $6,871,000 after purchasing an additional 303 shares during the last quarter. Finally, Bragg Financial Advisors Inc grew its stake in Deere & Company by 12.7% during the 1st quarter. Bragg Financial Advisors Inc now owns 7,213 shares of the industrial products company’s stock valued at $3,386,000 after purchasing an additional 813 shares during the last quarter. 68.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on DE. Jefferies Financial Group dropped their price target on Deere & Company from $510.00 to $440.00 and set a “hold” rating on the stock in a research note on Wednesday. Citigroup dropped their price target on Deere & Company from $525.00 to $515.00 and set a “neutral” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. dropped their price target on Deere & Company from $500.00 to $495.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 2nd. Evercore ISI set a $491.00 price target on Deere & Company in a research note on Tuesday, August 19th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Deere & Company in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $513.88.

Deere & Company Stock Down 1.1%

Shares of DE opened at $455.73 on Friday. Deere & Company has a 52 week low of $387.03 and a 52 week high of $533.78. The company has a quick ratio of 1.98, a current ratio of 2.19 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $123.20 billion, a price-to-earnings ratio of 23.82, a PEG ratio of 2.97 and a beta of 1.02. The stock’s 50-day moving average price is $480.23 and its 200-day moving average price is $488.58.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, August 14th. The industrial products company reported $4.75 EPS for the quarter, topping analysts’ consensus estimates of $4.62 by $0.13. The firm had revenue of $10.36 billion for the quarter, compared to the consensus estimate of $10.33 billion. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%.The company’s revenue was down 9.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.29 earnings per share. On average, sell-side analysts predict that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $1.62 per share. The ex-dividend date is Tuesday, September 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.4%. Deere & Company’s dividend payout ratio is currently 33.87%.

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.