Bank of America Corp DE Acquires Shares of 2,656,493 Deere & Company $DE

Key Points

• Bank of America acquired 2.66 million Deere shares worth approximately $1.69 billion, giving it a 0.98% stake at the end of the second quarter. Institutional investors collectively own 68.58% of Deere.
• Deere reported better-than-expected quarterly results, with EPS of $5.10 versus the $4.69 consensus and revenue of $12.61 billion, up 6.2% year over year.
• The company declared a quarterly dividend of $1.62 per share, equivalent to $6.48 annually and a 0.9% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $680.73.

Bank of America Corp DE acquired a new stake in Deere & Company (NYSE:DE - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,656,493 shares of the industrial products company's stock, valued at approximately $1,685,093,000. Bank of America Corp DE owned 0.98% of Deere & Company at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Deere & Company in the second quarter valued at about $11,763,504,000. State Street Corp raised its stake in Deere & Company by 0.9% in the 4th quarter. State Street Corp now owns 10,485,949 shares of the industrial products company's stock worth $4,898,717,000 after purchasing an additional 97,049 shares in the last quarter. Capital World Investors boosted its holdings in Deere & Company by 53.9% in the 4th quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company's stock valued at $4,465,906,000 after purchasing an additional 3,358,264 shares during the period. Geode Capital Management LLC boosted its holdings in Deere & Company by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 5,600,552 shares of the industrial products company's stock valued at $2,609,149,000 after purchasing an additional 17,269 shares during the period. Finally, Norges Bank acquired a new position in shares of Deere & Company during the 4th quarter worth approximately $1,715,633,000. Institutional investors and hedge funds own 68.58% of the company's stock.

Deere & Company Price Performance

Deere & Company stock opened at $682.45 on Tuesday. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.89 and a current ratio of 2.10. Deere & Company has a 52 week low of $433.00 and a 52 week high of $705.88. The stock has a market capitalization of $184.00 billion, a P/E ratio of 37.91, a price-to-earnings-growth ratio of 2.79 and a beta of 0.90. The stock has a fifty day moving average of $625.52 and a 200-day moving average of $598.29.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings data on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.69 by $0.41. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The business had revenue of $12.61 billion during the quarter, compared to analysts' expectations of $10.81 billion. During the same period in the prior year, the company earned $4.75 EPS. The firm's quarterly revenue was up 6.2% compared to the same quarter last year. On average, sell-side analysts expect that Deere & Company will post 18.12 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Wednesday, September 30th will be given a $1.62 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $6.48 annualized dividend and a yield of 0.9%. Deere & Company's dividend payout ratio (DPR) is currently 36.00%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on DE. JPMorgan Chase & Co. raised their target price on shares of Deere & Company from $570.00 to $585.00 and gave the stock a "neutral" rating in a report on Friday, August 21st. Oppenheimer boosted their price target on Deere & Company from $680.00 to $685.00 and gave the company an "outperform" rating in a research note on Thursday, August 20th. Bank of America reduced their price target on Deere & Company from $672.00 to $607.50 and set a "neutral" rating on the stock in a research report on Friday, May 22nd. Royal Bank Of Canada restated an "outperform" rating and set a $752.00 price objective on shares of Deere & Company in a research note on Monday, August 24th. Finally, Wall Street Zen cut Deere & Company from a "hold" rating to a "sell" rating in a report on Saturday, August 22nd. Seventeen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, Deere & Company currently has a consensus rating of "Moderate Buy" and a consensus price target of $680.73.

Deere & Company Profile

Deere & Company, operating under the John Deere brand, is a global manufacturer of agricultural, construction, forestry and turf-care equipment. Its products include tractors, combines, harvesters, planters, sprayers, loaders, excavators, skid steers, forestry machines, commercial mowing equipment and compact utility tractors. The company also develops precision agriculture and construction technologies, including machine guidance, automation, data-management and connected-equipment solutions.

Founded by blacksmith John Deere in 1837, the company has grown from its original steel plow business into a diversified equipment and technology provider.

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