D.A. Davidson & CO. Decreases Stock Position in Deere & Company $DE

Key Points

• D.A. Davidson & CO. reduced its Deere stake by 2.7% in the first quarter, selling 2,206 shares and leaving it with 80,570 shares valued at about $45.4 million.
• Deere posted stronger-than-expected earnings, reporting $6.55 EPS on $13.37 billion in revenue, both above analyst estimates; quarterly revenue also rose 5.4% year over year.
• The company announced a quarterly dividend of $1.62 per share, payable August 10, which works out to a 1.1% annualized yield. Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $642.98.

D.A. Davidson & CO. trimmed its position in shares of Deere & Company (NYSE:DE - Free Report) by 2.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 80,570 shares of the industrial products company's stock after selling 2,206 shares during the period. D.A. Davidson & CO.'s holdings in Deere & Company were worth $45,386,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of DE. NerdWallet Wealth Partners LLC acquired a new stake in shares of Deere & Company during the 1st quarter worth about $224,000. Twin Capital Management Inc. purchased a new position in Deere & Company during the 1st quarter worth $1,129,000. Midwest Professional Planners LTD. raised its stake in Deere & Company by 2.3% during the 1st quarter. Midwest Professional Planners LTD. now owns 1,701 shares of the industrial products company's stock valued at $958,000 after acquiring an additional 38 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Deere & Company in the 1st quarter valued at $84,000. Finally, NFSG Corp raised its holdings in Deere & Company by 2,002.2% during the first quarter. NFSG Corp now owns 946 shares of the industrial products company's stock worth $533,000 after purchasing an additional 901 shares in the last quarter. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Stock Up 0.9%

Shares of Deere & Company stock opened at $589.48 on Thursday. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.18 and a quick ratio of 1.95. Deere & Company has a 1-year low of $433.00 and a 1-year high of $674.19. The business has a 50-day moving average of $581.74 and a 200-day moving average of $570.21. The company has a market capitalization of $159.12 billion, a PE ratio of 33.40, a P/E/G ratio of 2.16 and a beta of 0.89.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, beating 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 return on equity of 18.25% and a net margin of 10.09%.Deere & Company's quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $6.64 EPS. As a group, equities analysts forecast that Deere & Company will post 18.13 EPS for the current fiscal 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 paid a dividend of $1.62 per share. The ex-dividend date is Tuesday, June 30th. This represents a $6.48 annualized dividend and a yield of 1.1%. Deere & Company's dividend payout ratio is presently 36.71%.

Key Headlines Impacting Deere & Company

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

• Positive Sentiment: Deere reached a settlement with the FTC over its right-to-repair case, potentially expanding repair access and improving relationships with customers. FTC reaches settlement with Deere in ‘right to repair’ suit
• Positive Sentiment: Expanded independent repair options could support Deere’s parts, service, and life-extension revenue streams, especially as aging farm fleets need more maintenance. Agricultural Machinery Components Market Report Published, Profiles Deere, CNH Industrial, AGCO, Kubota, and 11 Other Companies
• Neutral Sentiment: Several articles highlighted Deere as a stock drawing investor attention and being compared with peers such as Alamo Group on valuation, but these are mostly commentary pieces rather than new fundamental catalysts. ALG vs. DE: Which Stock Is the Better Value Option?
• Neutral Sentiment: Additional coverage focused on Deere’s popularity with investors, but did not add materially new business or earnings information. Deere & Company (DE) is Attracting Investor Attention: Here is What You Should Know
• Negative Sentiment: The right-to-repair issue also keeps attention on potential margin pressure over time if repair work shifts away from Deere-owned channels, even after the settlement. Farmers win right to repair their own John Deere equipment; could it become law?

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on DE shares. Oppenheimer reaffirmed an "outperform" rating and set a $680.00 price target (down from $715.00) on shares of Deere & Company in a research note on Wednesday, May 27th. Barclays upped their price objective on Deere & Company from $530.00 to $640.00 and gave the company an "overweight" rating in a research report on Tuesday, March 31st. Bank of America decreased their target price on shares of Deere & Company from $672.00 to $607.50 and set a "neutral" rating on the stock in a research report on Friday, May 22nd. JPMorgan Chase & Co. lifted their price target on Deere & Company from $560.00 to $590.00 and gave the company a "neutral" rating in a report on Thursday, June 4th. Finally, Wall Street Zen upgraded Deere & Company from a "sell" rating to a "hold" rating in a report on Sunday, July 5th. Fourteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, Deere & Company has an average rating of "Moderate Buy" and a consensus price target of $642.98.

About Deere & Company

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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