Assetmark Inc. Sells 18,001 Shares of Deere & Company (NYSE:DE)

Key Points

• Assetmark Inc. has reduced its stake in Deere & Company by 37.6%, selling 18,001 shares and leaving it with 29,831 shares valued at approximately $14 million.
• Deere & Company has received multiple target price increases from analysts, with Bank of America raising its target from $495.00 to $556.00.
• The company recently announced a quarterly dividend of $1.62 per share, set to be paid on August 8th, representing an annualized yield of 1.25%.

Assetmark Inc. reduced its holdings in Deere & Company (NYSE:DE - Free Report) by 37.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 29,831 shares of the industrial products company's stock after selling 18,001 shares during the quarter. Assetmark Inc.'s holdings in Deere & Company were worth $14,001,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Hughes Financial Services LLC bought a new stake in shares of Deere & Company in the 1st quarter valued at about $29,000. Cornerstone Planning Group LLC lifted its stake in shares of Deere & Company by 116.1% in the first 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 during the period. Orion Capital Management LLC bought a new stake in Deere & Company in the fourth quarter valued at approximately $34,000. Mascagni Wealth Management Inc. acquired a new stake in Deere & Company during the 4th quarter valued at approximately $39,000. Finally, Dogwood Wealth Management LLC bought a new position in Deere & Company during the 4th quarter worth approximately $42,000. Institutional investors own 68.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on DE shares. Robert W. Baird boosted their target price on shares of Deere & Company from $501.00 to $514.00 and gave the company a "neutral" rating in a report on Friday, May 16th. BMO Capital Markets reissued a "market perform" rating and issued a $460.00 price objective (up from $425.00) on shares of Deere & Company in a research note on Wednesday, May 21st. Evercore ISI upped their target price on Deere & Company from $455.00 to $493.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. Bank of America lifted their target price on Deere & Company from $495.00 to $556.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Finally, Oppenheimer boosted their price target on Deere & Company from $555.00 to $560.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $515.50.

Deere & Company Price Performance

Shares of NYSE:DE opened at $517.58 on Friday. The company has a market capitalization of $140.18 billion, a P/E ratio of 25.04, a price-to-earnings-growth ratio of 3.28 and a beta of 1.08. The company's 50-day moving average is $513.03 and its 200 day moving average is $484.29. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.89 and a current ratio of 2.11. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $533.78.

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

Deere & Company Announces Dividend

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. The ex-dividend date is Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.25%. Deere & Company's dividend payout ratio is presently 31.35%.

Deere & 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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