Cullinan Associates Inc. Sells 2,030 Shares of Deere & Company $DE

Key Points

• Cullinan Associates Inc. reduced its Deere & Company stake by 8.9% in Q1, selling 2,030 shares and leaving it with 20,804 shares worth about $11.7 million.
• Deere recently reported better-than-expected quarterly results, posting EPS of $6.55 versus $5.70 expected and revenue of $13.37 billion versus $11.55 billion expected, while revenue rose 5.4% year over year.
• Wall Street remains constructive on the stock, with a Moderate Buy consensus and an average price target of $642.23; Deere also announced a quarterly dividend of $1.62 per share.

Cullinan Associates Inc. lowered its position in Deere & Company (NYSE:DE - Free Report) by 8.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 20,804 shares of the industrial products company's stock after selling 2,030 shares during the period. Deere & Company comprises approximately 0.9% of Cullinan Associates Inc.'s holdings, making the stock its 27th largest position. Cullinan Associates Inc.'s holdings in Deere & Company were worth $11,719,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DE. Strategic Advocates LLC purchased a new position in Deere & Company during the 3rd quarter valued at approximately $25,000. Key Capital Management INC purchased a new position in shares of Deere & Company in the 4th quarter worth $27,000. Timmons Wealth Management LLC bought a new stake in shares of Deere & Company in the 4th quarter worth about $29,000. McIlrath & Eck LLC bought a new stake in shares of Deere & Company in the 4th quarter worth about $30,000. Finally, Portus Wealth Advisors LLC purchased a new stake in shares of Deere & Company during the 1st quarter valued at about $32,000. 68.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on DE. Jefferies Financial Group upgraded Deere & Company from an "underperform" rating to a "hold" rating and set a $550.00 price target for the company in a research report on Wednesday, April 8th. Bank of America dropped their target price on Deere & Company from $672.00 to $607.50 and set a "neutral" rating for the company in a report on Friday, May 22nd. Robert W. Baird decreased their price target on Deere & Company from $580.00 to $525.00 and set a "neutral" rating on the stock in a report on Friday, May 22nd. Wolfe Research raised their price target on Deere & Company from $550.00 to $660.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 31st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Deere & Company from $560.00 to $590.00 and gave the stock a "neutral" rating in a research note on Thursday, June 4th. Fourteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $642.23.

Deere & Company News Roundup

Here are the key news stories impacting Deere & Company this week:

• Positive Sentiment: D.A. Davidson’s new coverage on AGCO highlighted that weak farm conditions can still support equipment makers like Deere, reinforcing the view that replacement demand and pricing power may hold up better than expected for agricultural OEMs. Farming Is Terrible Right Now. That’s Good for Deere and AGCO Stocks.
• Positive Sentiment: Jim Cramer was upbeat on Deere, calling the stock “incredible” and suggesting it still has room to go higher, which may help sentiment around the shares. Jim Cramer on Deere & Company: “The Stock Is Incredible, and It’s Not Done Going Higher”
• Neutral Sentiment: An analyst report on Deere was published, but no clear thesis or rating details were provided in the feed, so it is likely a limited near-term catalyst. Analyst Report: Deere & Co
• Negative Sentiment: Deere settled a right-to-repair dispute with the FTC, requiring it to provide farmers and independent repair providers the same repair resources as authorized dealers for 10 years. Investors may see this as a hit to Deere’s control over service revenue and after-sales economics. Deere settles right to repair dispute with FTC

Deere & Company Trading Down 0.9%

Deere & Company stock traded down $5.54 during mid-day trading on Friday, hitting $587.36. The company's stock had a trading volume of 782,098 shares, compared to its average volume of 1,174,307. The company has a 50 day moving average of $581.74 and a 200-day moving average of $566.99. The stock has a market cap of $158.55 billion, a PE ratio of 33.28, a P/E/G ratio of 2.17 and a beta of 0.89. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.95 and a current ratio of 2.18. Deere & Company has a one year low of $433.00 and a one year high of $674.19.

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. The business had revenue of $13.37 billion during the quarter, compared to the consensus estimate of $11.55 billion. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The business's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the company earned $6.64 earnings per share. On average, research analysts anticipate that Deere & Company will post 18.13 EPS for the current year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, June 30th. Deere & Company's payout ratio is currently 36.71%.

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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