Birmingham Capital Management Co. Inc. AL Trims Stake in Deere & Company $DE

Key Points

• Birmingham Capital Management Co. Inc. AL reduced its stake in Deere & Company by 5.2%, retaining 33,025 shares, which now represent approximately 5.8% of its investment portfolio valued at $15.5 million.
• Deere & Company recently reported $4.75 earnings per share, surpassing analyst expectations, though its revenue fell 9% year-over-year to $10.36 billion.
• The company declared a quarterly dividend of $1.62 per share, with a payout ratio of 33.87%, to be paid on November 10th for stockholders of record by September 30th.

Birmingham Capital Management Co. Inc. AL cut its position in shares of Deere & Company (NYSE:DE - Free Report) by 5.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,025 shares of the industrial products company's stock after selling 1,815 shares during the quarter. Deere & Company accounts for about 5.8% of Birmingham Capital Management Co. Inc. AL's investment portfolio, making the stock its largest holding. Birmingham Capital Management Co. Inc. AL's holdings in Deere & Company were worth $15,500,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in DE. Activest Wealth Management lifted its stake in Deere & Company by 2,750.0% during the first quarter. Activest Wealth Management now owns 57 shares of the industrial products company's stock worth $27,000 after purchasing an additional 55 shares during the last quarter. Hughes Financial Services LLC bought a new position in Deere & Company during the first quarter worth $29,000. Cornerstone Planning Group LLC lifted its stake in Deere & Company by 116.1% during the first quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after purchasing an additional 36 shares during the last quarter. Orion Capital Management LLC bought a new position in Deere & Company during the fourth quarter worth $34,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Deere & Company in the fourth quarter valued at $39,000. 68.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

DE has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their target price on Deere & Company from $500.00 to $495.00 and set a "neutral" rating on the stock in a research note on Tuesday, September 2nd. Wall Street Zen cut Deere & Company from a "hold" rating to a "sell" rating in a research note on Friday, September 5th. Evercore ISI set a $491.00 target price on Deere & Company in a research note on Tuesday, August 19th. Melius raised Deere & Company from a "hold" rating to a "buy" rating in a report on Friday, June 6th. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of Deere & Company in a report on Thursday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $520.87.

Deere & Company Trading Down 0.9%

NYSE:DE opened at $471.54 on Thursday. The company has a quick ratio of 1.98, a current ratio of 2.19 and a debt-to-equity ratio of 1.76. Deere & Company has a 1-year low of $378.66 and a 1-year high of $533.78. The firm has a market capitalization of $127.47 billion, a price-to-earnings ratio of 24.65, a price-to-earnings-growth ratio of 3.06 and a beta of 1.00. The stock has a fifty day simple moving average of $499.13 and a 200 day simple moving average of $490.41.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share for the quarter, beating analysts' consensus estimates of $4.62 by $0.13. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%.The business had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.33 billion. During the same quarter last year, the company posted $6.29 EPS. Deere & Company's revenue for the quarter was down 9.0% on a year-over-year basis. Sell-side analysts forecast that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Tuesday, September 30th. Deere & Company's payout ratio is currently 33.87%.

Deere & Company Profile

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.

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