ARK Investment Management LLC Reduces Holdings in Deere & Company $DE

Key Points

• ARK Investment Management LLC reduced its stake in Deere & Company by 0.5% in the second quarter, owning approximately 0.08% of the company valued at $113.99 million after selling 1,048 shares.
• Deere & Company reported a quarterly EPS of $4.75, exceeding analyst estimates of $4.62, despite a 9.0% decline in revenue compared to the same quarter last year.
• The company announced a quarterly dividend of $1.62, with a dividend yield of 1.4% and a payout ratio of 33.87% for investors of record by September 30th.

ARK Investment Management LLC trimmed its stake in Deere & Company (NYSE:DE - Free Report) by 0.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 224,172 shares of the industrial products company's stock after selling 1,048 shares during the period. ARK Investment Management LLC owned approximately 0.08% of Deere & Company worth $113,989,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Southland Equity Partners LLC grew its position in shares of Deere & Company by 3.9% in the 2nd quarter. Southland Equity Partners LLC now owns 534 shares of the industrial products company's stock valued at $271,000 after buying an additional 20 shares during the last quarter. Vivid Wealth Management LLC boosted its stake in Deere & Company by 1.9% during the 2nd quarter. Vivid Wealth Management LLC now owns 1,088 shares of the industrial products company's stock worth $553,000 after purchasing an additional 20 shares during the period. Werba Rubin Papier Wealth Management boosted its stake in Deere & Company by 3.0% during the 2nd quarter. Werba Rubin Papier Wealth Management now owns 676 shares of the industrial products company's stock worth $344,000 after purchasing an additional 20 shares during the period. Chicago Partners Investment Group LLC boosted its stake in Deere & Company by 1.2% during the 1st quarter. Chicago Partners Investment Group LLC now owns 1,803 shares of the industrial products company's stock worth $852,000 after purchasing an additional 21 shares during the period. Finally, Tyler Stone Wealth Management boosted its stake in Deere & Company by 1.7% during the 1st quarter. Tyler Stone Wealth Management now owns 1,230 shares of the industrial products company's stock worth $577,000 after purchasing an additional 21 shares during the period. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Stock Down 0.5%

Shares of NYSE DE opened at $460.01 on Wednesday. The company has a quick ratio of 1.98, a current ratio of 2.19 and a debt-to-equity ratio of 1.76. Deere & Company has a 52 week low of $387.03 and a 52 week high of $533.78. The firm has a 50-day moving average price of $471.43 and a 200 day moving average price of $487.92. The stock has a market capitalization of $124.35 billion, a price-to-earnings ratio of 24.05, a price-to-earnings-growth ratio of 2.97 and a beta of 1.02.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data 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 11.72% and a return on equity of 21.97%. The firm had revenue of $10.36 billion during the quarter, compared to analysts' expectations of $10.33 billion. During the same quarter last year, the business earned $6.29 earnings per share. The business's revenue for the quarter was down 9.0% compared to the same quarter last year. Equities research analysts anticipate that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be paid a $1.62 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.4%. Deere & Company's dividend payout ratio (DPR) is 33.87%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Daiwa Capital Markets decreased their price target on shares of Deere & Company from $565.00 to $530.00 and set an "outperform" rating for the company in a research note on Thursday, September 25th. Evercore ISI set a $491.00 price target on shares of Deere & Company in a research note on Tuesday, August 19th. Wolfe Research decreased their price target on shares of Deere & Company from $550.00 to $520.00 and set an "outperform" rating for the company in a research note on Friday, October 3rd. Oppenheimer reduced their target price on shares of Deere & Company from $566.00 to $512.00 and set an "outperform" rating for the company in a research note on Thursday, September 18th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Deere & Company in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $518.72.

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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