Bank of America Corp DE Grows Holdings in Deere & Company $DE

Key Points

• Bank of America increased its Deere & Company stake by 0.3% in the first quarter to 2.78 million shares valued at approximately $1.57 billion. Institutional investors collectively own 68.58% of Deere’s outstanding stock.
• Deere reported quarterly earnings of $6.55 per share, beating expectations of $5.70, while revenue reached $13.37 billion and rose 5.4% year over year.
• Deere declared a quarterly dividend of $1.62 per share, equivalent to a $6.48 annualized payout and a 1.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $642.98.

Bank of America Corp DE grew its stake in shares of Deere & Company (NYSE:DE - Free Report) by 0.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,782,402 shares of the industrial products company's stock after purchasing an additional 7,918 shares during the quarter. Bank of America Corp DE owned approximately 1.03% of Deere & Company worth $1,567,327,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in Deere & Company during the 4th quarter valued at about $1,715,633,000. Capital World Investors boosted its position in shares of 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 worth $4,465,906,000 after purchasing an additional 3,358,264 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Deere & Company by 1,725.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company's stock worth $932,870,000 after acquiring an additional 1,893,972 shares in the last quarter. M&T Bank Corp grew its position in Deere & Company by 1,199.8% during the 4th quarter. M&T Bank Corp now owns 1,864,701 shares of the industrial products company's stock worth $868,149,000 after purchasing an additional 1,721,239 shares during the last quarter. Finally, Diamant Asset Management Inc. lifted its stake in shares of Deere & Company by 56,230.0% during the first quarter. Diamant Asset Management Inc. now owns 610,617 shares of the industrial products company's stock worth $343,961,000 after buying an additional 609,533 shares during the period. 68.58% of the stock is currently owned by institutional investors.

Deere & Company Stock Performance

Shares of NYSE DE opened at $599.98 on Friday. The company's fifty day moving average price is $590.30 and its 200 day moving average price is $580.57. Deere & Company has a 1 year low of $433.00 and a 1 year high of $674.19. The company has a market capitalization of $161.96 billion, a PE ratio of 33.99, a price-to-earnings-growth ratio of 2.58 and a beta of 0.89. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.95 and a current ratio of 2.18.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, beating analysts' consensus estimates of $5.70 by $0.85. The company had revenue of $13.37 billion during the quarter, compared to analysts' expectations of $11.55 billion. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The firm's revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $6.64 earnings per share. On average, research analysts predict that Deere & Company will post 18.28 earnings per share for the current year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Tuesday, June 30th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Tuesday, June 30th. Deere & Company's payout ratio is currently 36.71%.

Wall Street Analysts Forecast Growth

DE has been the topic of several research reports. Citigroup upped their target price on Deere & Company from $575.00 to $610.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. Weiss Ratings raised Deere & Company from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, May 21st. DA Davidson reiterated a "buy" rating and set a $685.00 price target on shares of Deere & Company in a research note on Friday, July 17th. Royal Bank Of Canada reissued an "outperform" rating and issued a $752.00 price objective on shares of Deere & Company in a report on Monday, June 1st. Finally, Raymond James Financial reduced their price objective on Deere & Company from $765.00 to $700.00 and set an "outperform" rating for the company in a research note on Friday, May 22nd. Fourteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, Deere & Company has an average rating of "Moderate Buy" and an average price target of $642.98.

Deere & Company Profile

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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