Bank of New York Mellon Corp Sells 80,624 Shares of Deere & Company $DE

Key Points

• Bank of New York Mellon reduced its Deere stake by 5.0% in the first quarter, selling 80,624 shares but still holding 1,517,174 shares worth about $854.6 million.
• Deere’s latest quarterly results beat expectations, with EPS of $6.55 versus the $5.70 estimate and revenue of $13.37 billion above consensus. The company also raised investor attention after reporting year-over-year revenue growth of 5.4%.
• Wall Street remains broadly positive on Deere, with 14 Buy ratings and an average rating of Moderate Buy; the average target price is $642.98 while the stock recently traded around $589.48.

Bank of New York Mellon Corp trimmed its position in Deere & Company (NYSE:DE - Free Report) by 5.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,517,174 shares of the industrial products company's stock after selling 80,624 shares during the period. Bank of New York Mellon Corp owned about 0.56% of Deere & Company worth $854,624,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in DE. Strategic Advocates LLC purchased a new stake in Deere & Company during the third quarter valued at approximately $25,000. Key Capital Management INC purchased a new position in shares of Deere & Company during the 4th quarter worth $27,000. Timmons Wealth Management LLC purchased a new position in shares of Deere & Company during the 4th quarter worth $29,000. McIlrath & Eck LLC bought a new stake in shares of Deere & Company during the 4th quarter valued at $30,000. Finally, Wealth Watch Advisors INC purchased a new stake in shares of Deere & Company in the 3rd quarter worth $32,000. 68.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Raymond James Financial lowered their target price on Deere & Company from $765.00 to $700.00 and set an "outperform" rating on the stock in a research report on Friday, May 22nd. Weiss Ratings upgraded Deere & Company from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, May 21st. Truist Financial raised their price objective on Deere & Company from $759.00 to $812.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Barclays lifted their price objective on Deere & Company from $530.00 to $640.00 and gave the company an "overweight" rating in a research report on Tuesday, March 31st. Finally, Jefferies Financial Group raised shares of Deere & Company from an "underperform" rating to a "hold" rating and set a $550.00 target price for the company in a report on Wednesday, April 8th. Fourteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, Deere & Company currently has an average rating of "Moderate Buy" and an average target price of $642.98.

Deere & Company Trading Up 0.9%

Shares of DE stock opened at $589.48 on Thursday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.95 and a current ratio of 2.18. The stock has a fifty day simple moving average of $581.74 and a two-hundred day simple moving average of $570.21. The firm has a market capitalization of $159.12 billion, a PE ratio of 33.40, a PEG ratio of 2.16 and a beta of 0.89. Deere & Company has a 52-week low of $433.00 and a 52-week high of $674.19.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 EPS for the quarter, beating the consensus estimate of $5.70 by $0.85. The business had revenue of $13.37 billion for the quarter, compared to the consensus estimate of $11.55 billion. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The business's revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the business earned $6.64 earnings per share. On average, analysts predict that Deere & Company will post 18.13 EPS for the current fiscal year.

Deere & Company Dividend Announcement

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 issued a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.1%. Deere & Company's payout ratio is currently 36.71%.

Key Stories Impacting Deere & Company

Here are the key news stories impacting Deere & Company this week:

• Positive Sentiment: Deere reached a settlement with the FTC over its right-to-repair case, potentially expanding repair access and improving relationships with customers. FTC reaches settlement with Deere in ‘right to repair’ suit
• Positive Sentiment: Expanded independent repair options could support Deere’s parts, service, and life-extension revenue streams, especially as aging farm fleets need more maintenance. Agricultural Machinery Components Market Report Published, Profiles Deere, CNH Industrial, AGCO, Kubota, and 11 Other Companies
• Neutral Sentiment: Several articles highlighted Deere as a stock drawing investor attention and being compared with peers such as Alamo Group on valuation, but these are mostly commentary pieces rather than new fundamental catalysts. ALG vs. DE: Which Stock Is the Better Value Option?
• Neutral Sentiment: Additional coverage focused on Deere’s popularity with investors, but did not add materially new business or earnings information. Deere & Company (DE) is Attracting Investor Attention: Here is What You Should Know
• Negative Sentiment: The right-to-repair issue also keeps attention on potential margin pressure over time if repair work shifts away from Deere-owned channels, even after the settlement. Farmers win right to repair their own John Deere equipment; could it become law?

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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