Parnassus Investments LLC Decreases Stock Holdings in Deere & Company $DE

Key Points

• Parnassus Investments LLC has reduced its stake in Deere & Company by 7.0%, now holding approximately 3.2 million shares, which represents 3.6% of its portfolio.
• Deere & Company's latest earnings report showed a profit of $4.75 per share, surpassing estimates and reflecting a year-over-year decline in revenue of 9.0%.
• The company declared a quarterly dividend of $1.62 per share, set to be distributed on November 10th, with a yield of 1.3% and a payout ratio of 33.87%.

Parnassus Investments LLC lowered its position in shares of Deere & Company (NYSE:DE - Free Report) by 7.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,207,917 shares of the industrial products company's stock after selling 240,767 shares during the quarter. Deere & Company makes up approximately 3.6% of Parnassus Investments LLC's holdings, making the stock its 4th biggest holding. Parnassus Investments LLC owned approximately 1.18% of Deere & Company worth $1,505,636,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Hughes Financial Services LLC bought a new stake in Deere & Company during the 1st quarter worth approximately $29,000. Cornerstone Planning Group LLC lifted its holdings in Deere & Company by 116.1% during the 1st quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after buying an additional 36 shares in the last quarter. Orion Capital Management LLC acquired a new position in Deere & Company during the 4th quarter worth $34,000. Mascagni Wealth Management Inc. acquired a new position in Deere & Company during the 4th quarter worth $39,000. Finally, Citizens National Bank Trust Department acquired a new position in Deere & Company during the 1st quarter worth $45,000. 68.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Truist Financial reduced their price objective on Deere & Company from $619.00 to $602.00 and set a "buy" rating on the stock in a report on Friday, August 15th. Melius Research upgraded shares of Deere & Company from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 6th. BMO Capital Markets reiterated a "market perform" rating and set a $460.00 target price (up previously from $425.00) on shares of Deere & Company in a research report on Wednesday, May 21st. Citigroup dropped their target price on shares of Deere & Company from $550.00 to $525.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Finally, Barclays upped their target price on shares of Deere & Company from $475.00 to $530.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $520.87.

Deere & Company Stock Down 0.5%

DE traded down $2.46 during trading on Tuesday, hitting $476.18. The company had a trading volume of 1,053,722 shares, compared to its average volume of 1,355,434. The company has a market capitalization of $128.73 billion, a PE ratio of 24.89, a PEG ratio of 3.07 and a beta of 1.00. Deere & Company has a one year low of $378.66 and a one year high of $533.78. The firm's 50-day moving average price is $504.33 and its 200 day moving average price is $491.37. The company has a quick ratio of 1.98, a current ratio of 2.19 and a debt-to-equity ratio of 1.76.

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

Deere & Company Dividend Announcement

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