Canada Pension Plan Investment Board Has $5.57 Million Stake in Deere & Company $DE

Key Points

• The Canada Pension Plan Investment Board has reduced its stake in Deere & Company by 37.4%, selling 7,076 shares and leaving it with 11,866 shares valued at approximately $5.57 million.
• Notable institutional investors, including Vanguard Group and Price T Rowe Associates, have increased their holdings in Deere & Company, with Vanguard acquiring an additional 185,671 shares in the first quarter.
• Deere & Company reported earnings of $4.75 per share for the last quarter, surpassing analysts' expectations, despite experiencing a year-over-year revenue decline of 9%.

Canada Pension Plan Investment Board reduced its stake in shares of Deere & Company (NYSE:DE - Free Report) by 37.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,866 shares of the industrial products company's stock after selling 7,076 shares during the period. Canada Pension Plan Investment Board's holdings in Deere & Company were worth $5,569,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Assenagon Asset Management S.A. boosted its stake in shares of Deere & Company by 58.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company's stock worth $6,395,000 after acquiring an additional 5,053 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of Deere & Company by 10.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company's stock worth $3,863,000 after acquiring an additional 798 shares during the last quarter. Providence Capital Advisors LLC grew its position in Deere & Company by 2.1% in the first quarter. Providence Capital Advisors LLC now owns 14,639 shares of the industrial products company's stock worth $6,871,000 after acquiring an additional 303 shares during the period. Bragg Financial Advisors Inc raised its stake in Deere & Company by 12.7% in the first quarter. Bragg Financial Advisors Inc now owns 7,213 shares of the industrial products company's stock valued at $3,386,000 after buying an additional 813 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. acquired a new stake in Deere & Company in the first quarter valued at about $13,588,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Evercore ISI set a $491.00 target price on shares of Deere & Company in a report on Tuesday, August 19th. Citigroup dropped their price target on shares of Deere & Company from $550.00 to $525.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. DA Davidson lowered their target price on shares of Deere & Company from $595.00 to $580.00 and set a "buy" rating on the stock in a research note on Monday, August 18th. Wall Street Zen downgraded Deere & Company from a "hold" rating to a "sell" rating in a report on Friday. Finally, Bank of America boosted their target price on Deere & Company from $495.00 to $556.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $520.87.

Deere & Company Price Performance

Shares of NYSE DE traded up $4.92 during trading hours on Monday, hitting $478.18. 712,517 shares of the stock were exchanged, compared to its average volume of 1,356,138. The company has a market cap of $129.27 billion, a PE ratio of 25.01, a price-to-earnings-growth ratio of 3.04 and a beta of 1.00. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19. Deere & Company has a 1-year low of $378.66 and a 1-year high of $533.78. The company's fifty day simple moving average is $501.32 and its two-hundred day simple moving average is $490.71.

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

Deere & Company Announces Dividend

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