Assenagon Asset Management S.A. Sells 6,721 Shares of Deere & Company $DE

Key Points

• Assenagon Asset Management reduced its Deere & Company stake by 45.5%, selling 6,721 shares and retaining 8,057 shares valued at approximately $5.1 million. Institutional investors collectively own 68.58% of the company.
• Deere reported quarterly earnings of $6.55 per share and revenue of $13.37 billion, exceeding analyst expectations; revenue increased 5.4% year over year.
• The stock traded near $619.97, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $642.98. Deere also pays a quarterly dividend of $1.62, yielding about 1.0% annually.

Assenagon Asset Management S.A. lessened its position in shares of Deere & Company (NYSE:DE - Free Report) by 45.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,057 shares of the industrial products company's stock after selling 6,721 shares during the period. Assenagon Asset Management S.A.'s holdings in Deere & Company were worth $5,111,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cary Street Partners Financial LLC increased its position in shares of Deere & Company by 11.8% during the 4th quarter. Cary Street Partners Financial LLC now owns 10,312 shares of the industrial products company's stock valued at $4,801,000 after purchasing an additional 1,086 shares during the period. Spectrum Financial Alliance Ltd LLC raised its stake in shares of Deere & Company by 55.8% in the 4th quarter. Spectrum Financial Alliance Ltd LLC now owns 85,351 shares of the industrial products company's stock worth $39,737,000 after buying an additional 30,553 shares in the last quarter. Westpac Banking Corp lifted its holdings in shares of Deere & Company by 78.6% in the fourth quarter. Westpac Banking Corp now owns 6,925 shares of the industrial products company's stock valued at $3,224,000 after buying an additional 3,047 shares during the period. Natixis Advisors LLC lifted its holdings in shares of Deere & Company by 13.4% in the fourth quarter. Natixis Advisors LLC now owns 388,595 shares of the industrial products company's stock valued at $180,919,000 after buying an additional 45,782 shares during the period. Finally, Vise Technologies Inc. boosted its stake in Deere & Company by 46.1% during the fourth quarter. Vise Technologies Inc. now owns 6,265 shares of the industrial products company's stock valued at $2,917,000 after buying an additional 1,977 shares in the last quarter. Institutional investors own 68.58% of the company's stock.

Deere & Company Trading Up 0.3%

Shares of NYSE DE opened at $619.97 on Thursday. The company has a quick ratio of 1.95, a current ratio of 2.18 and a debt-to-equity ratio of 1.54. Deere & Company has a 12 month low of $433.00 and a 12 month high of $674.19. The company has a market cap of $167.35 billion, a price-to-earnings ratio of 35.13, a P/E/G ratio of 2.61 and a beta of 0.90. The business has a fifty day simple moving average of $602.32 and a 200-day simple moving average of $586.94.

Deere & Company (NYSE:DE - Get Free Report) last issued its quarterly earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, topping analysts' consensus estimates of $5.70 by $0.85. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The firm had revenue of $13.37 billion for the quarter, compared to analysts' expectations of $11.55 billion. During the same quarter last year, the business posted $6.64 EPS. Deere & Company's revenue was up 5.4% on a year-over-year basis. Sell-side analysts predict that Deere & Company will post 18.26 EPS for the current year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, June 30th. Deere & Company's dividend payout ratio (DPR) is 36.71%.

Analyst Ratings Changes

DE has been the topic of a number of research analyst reports. Robert W. Baird lowered their target price on Deere & Company from $580.00 to $525.00 and set a "neutral" rating on the stock in a report on Friday, May 22nd. Oppenheimer reissued an "outperform" rating and issued a $680.00 price target (down from $715.00) on shares of Deere & Company in a report on Wednesday, May 27th. Royal Bank Of Canada restated an "outperform" rating and set a $752.00 price objective on shares of Deere & Company in a research report on Monday, June 1st. Wall Street Zen raised shares of Deere & Company from a "sell" rating to a "hold" rating in a research note on Sunday, July 5th. Finally, Raymond James Financial dropped their target price on shares of Deere & Company from $765.00 to $700.00 and set an "outperform" rating on the stock in a report on Friday, May 22nd. Fourteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $642.98.

About Deere & Company

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company's principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

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