Burney Co. Reduces Position in Deere & Company $DE

Key Points

• Burney Co. cut its Deere & Company stake by 10.8% in the first quarter, selling 1,840 shares and leaving it with 15,222 shares valued at about $8.6 million.
• Deere reported stronger-than-expected quarterly results, with EPS of $6.55 topping estimates and revenue of $13.37 billion exceeding forecasts, while revenue rose 5.4% year over year.
• Analysts remain cautiously positive on DE, with a consensus rating of “Moderate Buy” and an average price target of $642.23, even as several firms adjusted their targets recently.

Burney Co. decreased its stake in shares of Deere & Company (NYSE:DE - Free Report) by 10.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,222 shares of the industrial products company's stock after selling 1,840 shares during the quarter. Burney Co.'s holdings in Deere & Company were worth $8,575,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in DE. Brighton Jones LLC grew its stake in Deere & Company by 39.1% during the 4th quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company's stock valued at $1,927,000 after purchasing an additional 1,278 shares during the last quarter. Schnieders Capital Management LLC. boosted its position in Deere & Company by 7.8% in the second quarter. Schnieders Capital Management LLC. now owns 2,076 shares of the industrial products company's stock valued at $1,056,000 after buying an additional 150 shares during the last quarter. Jump Financial LLC acquired a new position in Deere & Company in the 2nd quarter worth approximately $2,153,000. NewEdge Advisors LLC increased its holdings in Deere & Company by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 18,758 shares of the industrial products company's stock worth $9,538,000 after buying an additional 1,067 shares during the period. Finally, Main Street Financial Solutions LLC raised its position in Deere & Company by 6.7% during the 2nd quarter. Main Street Financial Solutions LLC now owns 1,551 shares of the industrial products company's stock worth $789,000 after buying an additional 97 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on DE shares. Wolfe Research upped their price objective on shares of Deere & Company from $550.00 to $660.00 and gave the company an "outperform" rating in a report on Tuesday, March 31st. Oppenheimer restated an "outperform" rating and set a $680.00 target price (down from $715.00) on shares of Deere & Company in a research report on Wednesday, May 27th. Robert W. Baird decreased their target price on shares of Deere & Company from $580.00 to $525.00 and set a "neutral" rating for the company in a research report on Friday, May 22nd. Citigroup lowered their price target on shares of Deere & Company from $625.00 to $595.00 and set a "neutral" rating on the stock in a report on Friday, May 22nd. Finally, JPMorgan Chase & Co. increased their price target on Deere & Company from $560.00 to $590.00 and gave the stock a "neutral" rating in a research report on Thursday, June 4th. Fourteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $642.23.

Deere & Company Trading Up 2.3%

Deere & Company stock opened at $635.72 on Tuesday. The firm has a market cap of $171.61 billion, a PE ratio of 36.02, a P/E/G ratio of 2.30 and a beta of 0.89. Deere & Company has a 12 month low of $433.00 and a 12 month high of $674.19. The stock's 50 day simple moving average is $578.41 and its two-hundred day simple moving average is $563.22. 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 earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, beating 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 firm had revenue of $13.37 billion during the quarter, compared to analyst estimates of $11.55 billion. During the same period in the previous year, the firm earned $6.64 EPS. The business's quarterly revenue was up 5.4% on a year-over-year basis. Analysts anticipate that Deere & Company will post 18.13 earnings per share for the current year.

Deere & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Shareholders 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 1.0%. Deere & Company's payout ratio is presently 36.71%.

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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