Ameriprise Financial Inc. Trims Position in Deere & Company $DE

Key Points

• Ameriprise Financial Inc. reduced its holdings in Deere & Company by 16.9%, owning 440,625 shares worth $206.88 million after selling 89,615 shares in the first quarter.
• Analysts predict a Moderate Buy consensus for DE stock with an average price target of $523.87, following several ratings upgrades from long-term hold to buy.
• Deere & Company reported earnings of $4.75 per share for the last quarter, exceeding estimates, but total revenue saw a 9% decline year-over-year.

Ameriprise Financial Inc. decreased its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 16.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 440,625 shares of the industrial products company's stock after selling 89,615 shares during the quarter. Ameriprise Financial Inc. owned 0.16% of Deere & Company worth $206,884,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Hughes Financial Services LLC bought a new stake in Deere & Company in the first quarter valued at approximately $29,000. Cornerstone Planning Group LLC increased its stake in shares of Deere & Company by 116.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after acquiring an additional 36 shares in the last quarter. Orion Capital Management LLC bought a new position in shares of Deere & Company in the 4th quarter worth about $34,000. Mascagni Wealth Management Inc. purchased a new stake in shares of Deere & Company in the fourth quarter worth $39,000. Finally, Dogwood Wealth Management LLC purchased a new stake in shares of Deere & Company in the fourth quarter worth $42,000. Institutional investors own 68.58% of the company's stock.

Wall Street Analysts Forecast Growth

DE has been the topic of several recent analyst reports. Truist Financial dropped their price objective on Deere & Company from $619.00 to $602.00 and set a "buy" rating on the stock in a research report on Friday, August 15th. Evercore ISI set a $491.00 price objective on Deere & Company in a research note on Tuesday. JPMorgan Chase & Co. lifted their target price on Deere & Company from $490.00 to $540.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Melius Research raised Deere & Company from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 6th. Finally, Melius upgraded Deere & Company from a "hold" rating to a "buy" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $523.87.

Deere & Company Price Performance

Shares of DE stock opened at $495.0920 on Friday. Deere & Company has a 52-week low of $374.46 and a 52-week high of $533.78. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19. The firm has a market capitalization of $134.08 billion, a P/E ratio of 25.88, a P/E/G ratio of 3.17 and a beta of 1.06. The stock has a 50 day moving average price of $508.58 and a 200 day moving average price of $490.59.

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

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 8th. Shareholders 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 dividend on an annualized basis and a yield of 1.3%. Deere & Company's payout ratio is 33.87%.

Deere & Company 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.

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