SeaBridge Investment Advisors LLC cut its position in Deere & Company (NYSE:DE) by 2.3% during the third quarter, Holdings Channel reports. The firm owned 21,371 shares of the industrial products company’s stock after selling 502 shares during the period. SeaBridge Investment Advisors LLC’s holdings in Deere & Company were worth $3,605,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in the company. Atwater Malick LLC acquired a new stake in Deere & Company during the third quarter worth about $27,000. SRS Capital Advisors Inc. purchased a new position in Deere & Company during the second quarter worth approximately $28,000. Arcus Capital Partners LLC purchased a new position in Deere & Company during the second quarter worth approximately $33,000. Orrstown Financial Services Inc. boosted its position in Deere & Company by 116.0% during the second quarter. Orrstown Financial Services Inc. now owns 216 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 116 shares in the last quarter. Finally, Nelson Roberts Investment Advisors LLC boosted its position in Deere & Company by 34.8% during the second 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. 67.52% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have issued reports on DE shares. Jefferies Financial Group upgraded Deere & Company from a “hold” rating to a “buy” rating and increased their price target for the stock from $150.00 to $190.00 in a research report on Monday, June 24th. Morgan Stanley increased their price target on Deere & Company from $177.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. Wells Fargo & Co downgraded Deere & Company from an “outperform” rating to a “market perform” rating and set a $170.00 price target on the stock. in a research report on Thursday, September 12th. UBS Group lowered their price target on Deere & Company from $167.00 to $160.00 and set a “neutral” rating on the stock in a research report on Monday, August 19th. Finally, Credit Suisse Group reiterated an “outperform” rating and set a $197.00 price target (up previously from $176.00) on shares of Deere & Company in a research report on Monday, August 19th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $169.21.
Shares of NYSE DE traded up $0.36 during midday trading on Tuesday, hitting $174.39. The stock had a trading volume of 272,699 shares, compared to its average volume of 2,056,306. The company has a market capitalization of $54.76 billion, a PE ratio of 18.57, a P/E/G ratio of 2.62 and a beta of 1.16. The stock has a 50 day simple moving average of $165.06 and a 200-day simple moving average of $158.90. Deere & Company has a 1 year low of $128.32 and a 1 year high of $175.72. The company has a quick ratio of 1.73, a current ratio of 1.99 and a debt-to-equity ratio of 2.38.
Deere & Company (NYSE:DE) last released its earnings results on Friday, August 16th. The industrial products company reported $2.71 earnings per share for the quarter, missing the consensus estimate of $2.80 by ($0.09). The firm had revenue of $8.97 billion during the quarter, compared to analysts’ expectations of $9.38 billion. Deere & Company had a net margin of 8.55% and a return on equity of 27.75%. The business’s revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.59 EPS. As a group, analysts expect that Deere & Company will post 9.96 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, September 30th will be given a $0.76 dividend. The ex-dividend date is Friday, September 27th. This represents a $3.04 annualized dividend and a dividend yield of 1.74%. Deere & Company’s dividend payout ratio (DPR) is presently 32.37%.
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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