AIA Group Ltd Sells 107,878 Shares of Deere & Company (NYSE:DE)

Key Points

• AIA Group Ltd has significantly reduced its stake in Deere & Company by 57.1% in the first quarter, holding 81,165 shares worth approximately $38.1 million.
• Several institutional investors, including Vanguard Group Inc. and Price T Rowe Associates, have increased their holdings in Deere, indicative of ongoing interest in the stock.
• Analyst ratings show a consensus of "Hold" on Deere shares, with a current average price target of $523.93, reflecting mixed expectations for the stock's performance.

AIA Group Ltd lowered its holdings in Deere & Company (NYSE:DE - Free Report) by 57.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 81,165 shares of the industrial products company's stock after selling 107,878 shares during the quarter. Deere & Company accounts for about 0.9% of AIA Group Ltd's investment portfolio, making the stock its 20th biggest position. AIA Group Ltd's holdings in Deere & Company were worth $38,095,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Hughes Financial Services LLC bought a new stake in Deere & Company during the first quarter worth about $29,000. Cornerstone Planning Group LLC grew its stake in Deere & Company by 116.1% during the first quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after buying an additional 36 shares during the last quarter. Orion Capital Management LLC bought a new stake in Deere & Company during the fourth quarter worth about $34,000. Mascagni Wealth Management Inc. bought a new stake in Deere & Company during the fourth quarter worth about $39,000. Finally, Dogwood Wealth Management LLC acquired a new position in shares of Deere & Company during the fourth quarter worth approximately $42,000. Institutional investors own 68.58% of the company's stock.

Deere & Company Trading Down 6.5%

NYSE:DE traded down $33.52 during trading hours on Thursday, hitting $480.02. The stock had a trading volume of 5,099,464 shares, compared to its average volume of 1,358,736. Deere & Company has a one year low of $357.90 and a one year high of $533.78. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.89 and a current ratio of 2.11. The company has a market cap of $130.00 billion, a price-to-earnings ratio of 23.22, a P/E/G ratio of 3.21 and a beta of 1.06. The business's 50 day moving average is $512.41 and its 200-day moving average is $489.86.

Deere & Company (NYSE:DE - Get Free Report) last issued its earnings results on Thursday, August 14th. The industrial products company reported $4.75 EPS for the quarter, beating the consensus estimate of $4.62 by $0.13. Deere & Company had a net margin of 12.40% and a return on equity of 24.39%. The firm had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.33 billion. During the same quarter in the prior year, the firm earned $6.29 earnings per share. The business's quarterly revenue was down 9.0% on a year-over-year basis. Sell-side analysts anticipate that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Monday, June 30th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.3%. Deere & Company's dividend payout ratio is currently 31.35%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on DE. Barclays upped their target price on shares of Deere & Company from $475.00 to $530.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. upped their target price on shares of Deere & Company from $490.00 to $540.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Citigroup reduced their target price on shares of Deere & Company from $550.00 to $525.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Evercore ISI upped their target price on shares of Deere & Company from $455.00 to $493.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Finally, Melius upgraded shares of Deere & Company from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $523.93.

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.