ARK Investment Management LLC Increases Holdings in Deere & Company (NYSE:DE)

Key Points

• ARK Investment Management increased its holdings in Deere & Company by 189.2% in the first quarter, bringing its total to 225,220 shares valued at approximately $105.7 million.
• Deere & Company reported earnings per share of $6.64 for the most recent quarter, exceeding analyst expectations by $0.92, but revenue fell 17.9% year-over-year.
• The company has announced a quarterly dividend of $1.62 per share, with a yield of 1.25%, set to be paid on August 8th.

ARK Investment Management LLC grew its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 189.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 225,220 shares of the industrial products company's stock after buying an additional 147,351 shares during the period. Deere & Company accounts for about 1.0% of ARK Investment Management LLC's holdings, making the stock its 29th largest holding. ARK Investment Management LLC owned about 0.08% of Deere & Company worth $105,707,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Sunbelt Securities Inc. lifted its holdings in Deere & Company by 2.4% during the 1st quarter. Sunbelt Securities Inc. now owns 925 shares of the industrial products company's stock worth $434,000 after buying an additional 22 shares during the last quarter. First Bancorp Inc ME lifted its holdings in Deere & Company by 4.7% during the 1st quarter. First Bancorp Inc ME now owns 509 shares of the industrial products company's stock worth $239,000 after buying an additional 23 shares during the last quarter. World Equity Group Inc. lifted its holdings in Deere & Company by 4.5% during the 1st quarter. World Equity Group Inc. now owns 552 shares of the industrial products company's stock worth $244,000 after buying an additional 24 shares during the last quarter. Coppell Advisory Solutions LLC lifted its holdings in Deere & Company by 2.5% during the 4th quarter. Coppell Advisory Solutions LLC now owns 1,011 shares of the industrial products company's stock worth $432,000 after buying an additional 25 shares during the last quarter. Finally, Glen Eagle Advisors LLC lifted its holdings in Deere & Company by 0.9% during the 4th quarter. Glen Eagle Advisors LLC now owns 2,936 shares of the industrial products company's stock worth $1,244,000 after buying an additional 25 shares during the last quarter. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Stock Performance

Shares of DE stock opened at $517.58 on Friday. The stock has a market capitalization of $140.18 billion, a PE ratio of 25.04, a price-to-earnings-growth ratio of 3.26 and a beta of 1.08. Deere & Company has a 52-week low of $340.20 and a 52-week high of $533.78. The stock's 50-day moving average price is $513.03 and its 200 day moving average price is $483.78. The company has a quick ratio of 1.89, a current ratio of 2.11 and a debt-to-equity ratio of 1.76.

Deere & Company (NYSE:DE - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.72 by $0.92. The firm had revenue of $11.17 billion for the quarter, compared to analysts' expectations of $10.80 billion. Deere & Company had a return on equity of 24.39% and a net margin of 12.40%. The firm's revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.53 EPS. As a group, equities research analysts forecast that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Monday, June 30th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 1.25%. The ex-dividend date is Monday, June 30th. Deere & Company's payout ratio is 31.35%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on DE. Wall Street Zen downgraded Deere & Company from a "hold" rating to a "sell" rating in a report on Friday, May 30th. The Goldman Sachs Group reissued a "buy" rating on shares of Deere & Company in a report on Thursday, May 15th. Oppenheimer set a $560.00 target price on Deere & Company and gave the company an "outperform" rating in a report on Tuesday, July 15th. Evercore ISI boosted their target price on Deere & Company from $455.00 to $493.00 and gave the company an "in-line" rating in a report on Monday, May 19th. Finally, Robert W. Baird boosted their target price on Deere & Company from $501.00 to $514.00 and gave the company a "neutral" rating in a report on Friday, May 16th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $515.50.

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.

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