Deere & Company $DE Holdings Lowered by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC cut its Deere stake by 2.7% in the first quarter, selling 6,849 shares and leaving it with 246,165 shares worth about $138.7 million.
• Deere reported strong quarterly results, with earnings of $6.55 per share and revenue of $13.37 billion, both ahead of analyst expectations.
• The company also announced a quarterly dividend of $1.62 per share, payable on August 10, while Wall Street remains mostly positive with a Moderate Buy consensus and average target price of $642.98.

Gabelli Funds LLC trimmed its holdings in Deere & Company (NYSE:DE - Free Report) by 2.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 246,165 shares of the industrial products company's stock after selling 6,849 shares during the quarter. Deere & Company accounts for about 0.9% of Gabelli Funds LLC's holdings, making the stock its 10th biggest holding. Gabelli Funds LLC owned approximately 0.09% of Deere & Company worth $138,665,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Key Capital Management INC purchased a new position in Deere & Company in the 4th quarter worth $27,000. Timmons Wealth Management LLC purchased a new stake in Deere & Company during the fourth quarter valued at about $29,000. McIlrath & Eck LLC purchased a new stake in Deere & Company during the fourth quarter valued at about $30,000. Portus Wealth Advisors LLC purchased a new stake in Deere & Company during the first quarter valued at about $32,000. Finally, Wealth Watch Advisors INC bought a new position in shares of Deere & Company during the third quarter valued at about $32,000. Hedge funds and other institutional investors own 68.58% of the company's stock.

Deere & Company Stock Performance

Shares of NYSE:DE opened at $628.32 on Friday. The company has a market cap of $169.61 billion, a price-to-earnings ratio of 35.60, a price-to-earnings-growth ratio of 2.57 and a beta of 0.89. The company has a 50-day moving average price of $585.05 and a 200-day moving average price of $576.08. 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 has a 12 month low of $433.00 and a 12 month high of $674.19.

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, topping analysts' consensus estimates of $5.70 by $0.85. The company had revenue of $13.37 billion during 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%. Deere & Company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $6.64 earnings per share. As a group, equities analysts anticipate that Deere & Company will post 18.28 EPS for the current year.

Deere & Company Announces Dividend

The firm 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 is Tuesday, June 30th. This represents a $6.48 annualized dividend and a yield of 1.0%. Deere & Company's dividend payout ratio (DPR) is 36.71%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on DE shares. Wall Street Zen upgraded Deere & Company from a "sell" rating to a "hold" rating in a report on Sunday, July 5th. Oppenheimer restated an "outperform" rating and set a $680.00 price target (down from $715.00) on shares of Deere & Company in a research report on Wednesday, May 27th. DA Davidson restated a "buy" rating and set a $685.00 price target on shares of Deere & Company in a research report on Friday, July 17th. Barclays lifted their price target on Deere & Company from $530.00 to $640.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 31st. Finally, Bank of America dropped their price objective on Deere & Company from $672.00 to $607.50 and set a "neutral" rating for the company in a research note on Friday, May 22nd. Fourteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Deere & Company currently has an average rating of "Moderate Buy" and a consensus target price 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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