Bank of New York Mellon Corp Trims Stock Holdings in Deere & Company (NYSE:DE)

Bank of New York Mellon Corp lowered its stake in Deere & Company (NYSE:DE - Free Report) by 3.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,998,466 shares of the industrial products company's stock after selling 65,432 shares during the period. Bank of New York Mellon Corp owned 0.74% of Deere & Company worth $937,980,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in DE. Sunbelt Securities Inc. grew its stake in shares of Deere & Company by 2.4% during the 1st quarter. Sunbelt Securities Inc. now owns 925 shares of the industrial products company's stock worth $434,000 after purchasing an additional 22 shares during the period. First Bancorp Inc ME grew its stake in Deere & Company by 4.7% in the 1st quarter. First Bancorp Inc ME now owns 509 shares of the industrial products company's stock valued at $239,000 after acquiring an additional 23 shares during the period. World Equity Group Inc. grew its stake in Deere & Company by 4.5% in the 1st quarter. World Equity Group Inc. now owns 552 shares of the industrial products company's stock valued at $244,000 after acquiring an additional 24 shares during the period. Coppell Advisory Solutions LLC grew its stake in Deere & Company by 2.5% in the 4th quarter. Coppell Advisory Solutions LLC now owns 1,011 shares of the industrial products company's stock valued at $432,000 after acquiring an additional 25 shares during the period. Finally, Glen Eagle Advisors LLC grew its stake in Deere & Company by 0.9% in the 4th quarter. Glen Eagle Advisors LLC now owns 2,936 shares of the industrial products company's stock valued at $1,244,000 after acquiring an additional 25 shares during the period. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Trading Down 0.5%

Shares of NYSE DE traded down $2.82 during trading on Friday, hitting $517.50. 470,313 shares of the company were exchanged, compared to its average volume of 1,356,782. Deere & Company has a 12-month low of $340.20 and a 12-month high of $533.78. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.89 and a current ratio of 2.11. The company has a fifty day moving average price of $506.47 and a 200-day moving average price of $475.92. The firm has a market capitalization of $140.15 billion, a PE ratio of 25.04, a P/E/G ratio of 3.31 and a beta of 1.08.

Deere & Company (NYSE:DE - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The industrial products company reported $6.64 EPS for the quarter, topping the consensus estimate of $5.72 by $0.92. Deere & Company had a return on equity of 24.39% and a net margin of 12.40%. The business had revenue of $11.17 billion for the quarter, compared to analyst estimates of $10.80 billion. During the same quarter in the previous year, the firm earned $8.53 EPS. The company's quarterly revenue was down 17.9% compared to the same quarter last year. As a group, equities research analysts expect that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Monday, June 30th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.25%. Deere & Company's dividend payout ratio is presently 31.35%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Barclays lifted their price target on shares of Deere & Company from $475.00 to $530.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Melius Research raised shares of Deere & Company from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 6th. Citigroup dropped their price target on shares of Deere & Company from $550.00 to $525.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. DA Davidson reissued a "buy" rating and issued a $542.00 price target on shares of Deere & Company in a research note on Friday, May 16th. Finally, Oppenheimer lifted their price target on shares of Deere & Company from $513.00 to $555.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Deere & Company presently has an average rating of "Hold" and an average target price of $515.19.

About Deere & Company

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.