BTC Capital Management Inc. Sells 2,840 Shares of Deere & Company $DE

Key Points

• BTC Capital Management cut its Deere & Company stake by 13.1% in Q1, selling 2,840 shares and leaving it with 18,789 shares valued at about $10.58 million.
• Deere reported strong quarterly results, with earnings of $6.55 per share beating estimates and revenue of $13.37 billion exceeding expectations. Revenue rose 5.4% year over year.
• The company declared a quarterly dividend of $1.62 per share, payable August 10, while analysts overall remain Moderate Buy with an average price target of $639.58.

BTC Capital Management Inc. decreased its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 13.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,789 shares of the industrial products company's stock after selling 2,840 shares during the quarter. BTC Capital Management Inc.'s holdings in Deere & Company were worth $10,581,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of DE. Norges Bank purchased a new position in shares of Deere & Company in the 4th quarter worth $1,715,633,000. Capital World Investors raised its position in shares of Deere & Company by 53.9% during the 4th quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company's stock valued at $4,465,906,000 after buying an additional 3,358,264 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Deere & Company by 1,725.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company's stock valued at $932,870,000 after buying an additional 1,893,972 shares in the last quarter. M&T Bank Corp lifted its holdings in shares of Deere & Company by 1,199.8% in the 4th quarter. M&T Bank Corp now owns 1,864,701 shares of the industrial products company's stock valued at $868,149,000 after acquiring an additional 1,721,239 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Deere & Company by 32.5% in the 4th quarter. Wellington Management Group LLP now owns 2,436,723 shares of the industrial products company's stock valued at $1,134,465,000 after acquiring an additional 597,087 shares during the last quarter. Institutional investors own 68.58% of the company's stock.

Deere & Company Stock Performance

Shares of NYSE:DE opened at $601.91 on Thursday. The company has a market capitalization of $162.48 billion, a price-to-earnings ratio of 34.10, a PEG ratio of 2.19 and a beta of 0.92. Deere & Company has a 12 month low of $433.00 and a 12 month high of $674.19. The firm's 50-day moving average is $573.07 and its 200 day moving average is $555.79. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54.

Deere & Company (NYSE:DE - Get Free Report) last posted its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, topping analysts' consensus estimates of $5.70 by $0.85. The company had revenue of $13.37 billion for the quarter, compared to analyst estimates 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 period in the prior year, the company posted $6.64 EPS. Research analysts predict that Deere & Company will post 18.13 EPS for the current year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be issued 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 dividend payout ratio is presently 36.71%.

Wall Street Analysts Forecast Growth

DE has been the topic of several analyst reports. Bank of America reduced their price objective on Deere & Company from $672.00 to $607.50 and set a "neutral" rating on the stock in a research note on Friday, May 22nd. Truist Financial lowered their price objective on Deere & Company from $793.00 to $759.00 and set a "buy" rating for the company in a research note on Tuesday, May 26th. DA Davidson dropped their target price on Deere & Company from $775.00 to $685.00 and set a "buy" rating for the company in a report on Friday, May 22nd. Jefferies Financial Group raised Deere & Company from an "underperform" rating to a "hold" rating and set a $550.00 target price on the stock in a research report on Wednesday, April 8th. Finally, Citigroup cut their target price on Deere & Company from $625.00 to $595.00 and set a "neutral" rating on the stock in a research report on Friday, May 22nd. Fourteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $639.58.

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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