1,914 Deere & Company $DE Shares Sold by Central Bank & Trust Co.

Key Points

• Central Bank & Trust Co. cut its Deere & Company stake by 35.4% in the third quarter, selling 1,914 shares and retaining 3,496 shares valued at approximately $2.35 million.
• Deere shares fell 3.6% to $629.16, while institutional investors collectively owned 68.58% of the company. The stock trades at a price-to-earnings ratio of 34.91 and has a 52-week range of $433.00 to $721.22.
• The company reported quarterly EPS of $5.10 and revenue of $12.61 billion, beating estimates, and announced a quarterly dividend of $1.62 per share. Analysts maintain a “Moderate Buy” consensus with an average price target of $688.10.

Central Bank & Trust Co. decreased its holdings in Deere & Company (NYSE:DE - Free Report) by 35.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,496 shares of the industrial products company's stock after selling 1,914 shares during the quarter. Central Bank & Trust Co.'s holdings in Deere & Company were worth $2,348,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Deere & Company during the second quarter valued at about $11,763,504,000. Bank of America Corp DE bought a new stake in shares of Deere & Company in the 2nd quarter worth approximately $1,685,093,000. Bank of New York Mellon Corp bought a new stake in Deere & Company in the second quarter valued at approximately $1,259,279,000. Legal & General Group Plc purchased a new stake in Deere & Company in the 2nd quarter worth approximately $957,456,000. Finally, Wellington Management Group LLP grew its stake in Deere & Company by 84.3% in the second quarter. Wellington Management Group LLP now owns 3,088,628 shares of the industrial products company's stock worth $1,959,209,000 after purchasing an additional 1,412,694 shares during the period. Institutional investors own 68.58% of the company's stock.

Deere & Company Stock Down 3.6%

Shares of DE traded down $23.42 during mid-day trading on Friday, hitting $629.16. 780,796 shares of the company traded hands, compared to its average volume of 1,361,460. The company has a market capitalization of $169.63 billion, a PE ratio of 34.91, a price-to-earnings-growth ratio of 2.40 and a beta of 0.86. The company has a quick ratio of 1.89, a current ratio of 2.10 and a debt-to-equity ratio of 1.45. Deere & Company has a 1-year low of $433.00 and a 1-year high of $721.22. The business has a 50 day moving average of $654.41 and a 200 day moving average of $609.32.

Deere & Company (NYSE:DE - Get Free Report) last posted its earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.69 by $0.41. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The company had revenue of $12.61 billion during the quarter, compared to the consensus estimate of $10.81 billion. During the same period in the previous year, the firm posted $4.75 earnings per share. The firm's quarterly revenue was up 6.2% on a year-over-year basis. Equities research analysts anticipate that Deere & Company will post 18.12 EPS for the current year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Wednesday, September 30th will be given a $1.62 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.0%. Deere & Company's payout ratio is presently 36.00%.

Analyst Ratings Changes

A number of brokerages have recently commented on DE. Robert W. Baird upgraded shares of Deere & Company from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $640.00 to $800.00 in a research note on Monday, August 31st. Raymond James Financial increased their price objective on shares of Deere & Company from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Monday, August 31st. Truist Financial lowered their target price on shares of Deere & Company from $812.00 to $804.00 and set a "buy" rating on the stock in a report on Monday, August 24th. DA Davidson lifted their price target on shares of Deere & Company from $685.00 to $760.00 and gave the company a "buy" rating in a report on Monday, August 24th. Finally, Citigroup boosted their target price on Deere & Company from $610.00 to $650.00 and gave the stock a "neutral" rating in a research report on Friday, August 21st. Seventeen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, Deere & Company presently has a consensus rating of "Moderate Buy" and an average price target of $688.10.

About Deere & Company

Deere & Company, commonly known as John Deere, is a global manufacturer of agricultural, construction, forestry and turf-care equipment. The company's products include tractors, combines, planters, sprayers, harvesting equipment, earthmoving machinery, forestry equipment, commercial and residential lawn-care products, and related technology solutions.

Deere operates through businesses serving production and precision agriculture, small agriculture and turf, and construction and forestry markets.

Want to see what other hedge funds are holding DE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Deere & Company (NYSE:DE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.