Deere & Company $DE Shares Purchased by Smithbridge Asset Management Inc. DE

Key Points

• Smithbridge Asset Management increased its Deere & Company stake by 49.8% in the first quarter, buying 2,070 additional shares and bringing its total holding to 6,225 shares valued at about $3.5 million.
• Deere reported strong quarterly results, with earnings of $6.55 per share versus estimates of $5.70 and revenue of $13.37 billion, both ahead of analyst expectations.
• The company announced a quarterly dividend of $1.62 per share, and analysts currently rate the stock a Moderate Buy with an average price target of $639.58.

Smithbridge Asset Management Inc. DE boosted its position in Deere & Company (NYSE:DE - Free Report) by 49.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,225 shares of the industrial products company's stock after buying an additional 2,070 shares during the period. Smithbridge Asset Management Inc. DE's holdings in Deere & Company were worth $3,506,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Anchyra Partners LLC raised its position in Deere & Company by 0.5% during the 1st quarter. Anchyra Partners LLC now owns 3,191 shares of the industrial products company's stock worth $1,797,000 after buying an additional 17 shares during the last quarter. William B. Walkup & Associates Inc. boosted its holdings in shares of Deere & Company by 0.6% in the 1st quarter. William B. Walkup & Associates Inc. now owns 2,908 shares of the industrial products company's stock valued at $1,638,000 after acquiring an additional 17 shares during the last quarter. Cerro Pacific Wealth Advisors LLC increased its stake in shares of Deere & Company by 0.6% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 3,179 shares of the industrial products company's stock worth $1,480,000 after acquiring an additional 19 shares during the period. Hazlett Burt & Watson Inc. increased its stake in shares of Deere & Company by 2.4% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 816 shares of the industrial products company's stock worth $379,000 after acquiring an additional 19 shares during the period. Finally, Root Financial Partners LLC raised its holdings in shares of Deere & Company by 2.2% during the fourth quarter. Root Financial Partners LLC now owns 880 shares of the industrial products company's stock worth $410,000 after purchasing an additional 19 shares during the last quarter. Institutional investors and hedge funds own 68.58% of the company's stock.

Deere & Company Stock Performance

Shares of NYSE DE opened at $628.84 on Thursday. The company's fifty day moving average price is $576.92 and its 200 day moving average price is $561.32. Deere & Company has a 1 year low of $433.00 and a 1 year high of $674.19. The company has a market capitalization of $169.75 billion, a PE ratio of 35.63, a price-to-earnings-growth ratio of 2.35 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 (NYSE:DE - Get Free Report) last released its quarterly earnings results on Thursday, May 21st. The industrial products company reported $6.55 EPS for the quarter, beating the consensus estimate of $5.70 by $0.85. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The company had revenue of $13.37 billion for the quarter, compared to analyst estimates of $11.55 billion. During the same quarter last year, the business earned $6.64 earnings per share. The firm's revenue was up 5.4% on a year-over-year basis. On average, research analysts predict that Deere & Company will post 18.13 earnings per share for the current year.

Deere & Company Announces Dividend

The company also recently announced 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 1.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Deere & Company's dividend payout ratio is presently 36.71%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Citigroup decreased their target price on shares of Deere & Company from $625.00 to $595.00 and set a "neutral" rating for the company in a research report on Friday, May 22nd. Oppenheimer reiterated an "outperform" rating and set a $680.00 price objective (down from $715.00) on shares of Deere & Company in a research note on Wednesday, May 27th. DA Davidson reduced their price objective on Deere & Company from $775.00 to $685.00 and set a "buy" rating for the company in a research note on Friday, May 22nd. Wall Street Zen cut Deere & Company from a "hold" rating to a "sell" rating in a report on Saturday, June 27th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $752.00 target price on shares of Deere & Company in a research note on Monday, June 1st. Fourteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $639.58.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.