Bank of Nova Scotia Raises Holdings in Deere & Company $DE

Key Points

• Bank of Nova Scotia more than doubled its Deere & Company stake in the first quarter, increasing holdings by 128.2% to 115,265 shares worth about $64.9 million.
• Deere reported better-than-expected quarterly results, posting EPS of $6.55 versus $5.70 expected and revenue of $13.37 billion, with sales up 5.4% year over year.
• The company announced a quarterly dividend of $1.62 per share, while Wall Street remains generally positive with a consensus rating of Moderate Buy and an average price target of $642.98.

Bank of Nova Scotia grew its holdings in Deere & Company (NYSE:DE - Free Report) by 128.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 115,265 shares of the industrial products company's stock after buying an additional 64,747 shares during the period. Bank of Nova Scotia's holdings in Deere & Company were worth $64,929,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DE. Key Capital Management INC acquired a new position in Deere & Company during the fourth quarter worth $27,000. Timmons Wealth Management LLC purchased a new stake in shares of Deere & Company during the fourth quarter worth approximately $29,000. McIlrath & Eck LLC acquired a new stake in shares of Deere & Company in the 4th quarter valued at $30,000. Portus Wealth Advisors LLC purchased a new stake in Deere & Company during the 1st quarter worth about $32,000. Finally, Wealth Watch Advisors INC purchased a new position in Deere & Company in the third quarter valued at approximately $32,000. Institutional investors and hedge funds own 68.58% of the company's stock.

Deere & Company Price Performance

DE stock opened at $628.32 on Friday. Deere & Company has a 52-week low of $433.00 and a 52-week high of $674.19. The company has a quick ratio of 1.95, a current ratio of 2.18 and a debt-to-equity ratio of 1.54. The company has a market capitalization of $169.61 billion, a PE ratio of 35.60, a P/E/G ratio of 2.57 and a beta of 0.89. The stock's 50 day moving average is $585.05 and its two-hundred day moving average is $576.08.

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

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Tuesday, June 30th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Deere & Company's dividend payout ratio is currently 36.71%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Oppenheimer reissued an "outperform" rating and issued a $680.00 target price (down from $715.00) on shares of Deere & Company in a research report on Wednesday, May 27th. JPMorgan Chase & Co. increased their target price on shares of Deere & Company from $560.00 to $590.00 and gave the company a "neutral" rating in a report on Thursday, June 4th. Robert W. Baird lowered their price objective on shares of Deere & Company from $580.00 to $525.00 and set a "neutral" rating on the stock in a research note on Friday, May 22nd. DA Davidson reissued a "buy" rating and issued a $685.00 price target on shares of Deere & Company in a report on Friday, July 17th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $752.00 target price on shares of Deere & Company in a research note on Monday, June 1st. Fourteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $642.98.

Deere & Company 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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