Deere & Company $DE Shares Sold by Palisade Asset Management LLC

Key Points

• Palisade Asset Management cut its Deere stake by 7.5% in the third quarter, selling 2,761 shares; it held 33,872 shares worth about $22.7 million at quarter-end.
• Analysts remain broadly positive: Deere has a “Moderate Buy” consensus and an average price target of $688.10, with 17 Buy and 8 Hold ratings.
• Deere’s latest reported quarter beat estimates, with EPS of $5.10 versus $4.69 expected and revenue of $12.61 billion; the company also plans to close two Iowa facilities as it consolidates production.

Palisade Asset Management LLC trimmed its position in Deere & Company (NYSE:DE - Free Report) by 7.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,872 shares of the industrial products company's stock after selling 2,761 shares during the quarter. Deere & Company comprises approximately 2.2% of Palisade Asset Management LLC's holdings, making the stock its 11th largest position. Palisade Asset Management LLC's holdings in Deere & Company were worth $22,747,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of DE. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Deere & Company in the 2nd quarter valued at $27,000. Kilter Group LLC acquired a new position in Deere & Company during the 2nd quarter worth $29,000. Solstein Capital LLC acquired a new position in Deere & Company during the 2nd quarter worth $30,000. Orion Capital Management LLC acquired a new position in Deere & Company during the 2nd quarter worth $32,000. Finally, Downshift Financial LLC lifted its position in Deere & Company by 218.8% during the 3rd quarter. Downshift Financial LLC now owns 51 shares of the industrial products company's stock worth $34,000 after acquiring an additional 35 shares during the last quarter. 68.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DE has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on shares of Deere & Company from $585.00 to $625.00 and gave the company a "neutral" rating in a report on Thursday, October 8th. Citigroup lifted their price objective on Deere & Company from $610.00 to $650.00 and gave the stock a "neutral" rating in a research note on Friday, August 21st. UBS Group cut their price objective on Deere & Company from $732.00 to $728.00 and set a "buy" rating for the company in a research report on Friday, August 21st. Oppenheimer increased their target price on Deere & Company from $680.00 to $685.00 and gave the company an "outperform" rating in a research note on Thursday, August 20th. Finally, CICC Research began coverage on Deere & Company in a research note on Sunday, September 13th. They set an "outperform" rating for the company. Seventeen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Deere & Company presently has a consensus rating of "Moderate Buy" and a consensus target price of $688.10.

Key Stories Impacting Deere & Company

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

• Positive Sentiment: Deere’s See & Spray technology was cited as an example of AI improving farm productivity; the system can reduce pesticide use by as much as 75%. That efficiency potential may support customer economics and demand for Deere’s precision-agriculture offerings. Are eBay and Deere stocks under-the-radar AI beneficiaries?
• Positive Sentiment: A Zacks article included Deere among AgriTech and food-innovation stocks, pointing to strategic investment, operational improvements, and growth opportunities as reasons it may suit investors seeking portfolio stability. 2 AgriTech and Food Innovation Stocks to Buy for a Stable Portfolio
• Neutral Sentiment: Recent coverage compares Deere with Kubota (KUBTY) for value investors but the provided summaries do not say which company comes out ahead. The comparison alone offers no clear new signal on Deere’s valuation. KUBTY vs. DE: Which Stock Should Value Investors Buy Now?
• Negative Sentiment: Deere plans to close two Iowa facilities and consolidate production, including moving small-planter production and shifting work to its Ankeny plant. The restructuring could improve efficiency over time, but closures and associated disruption may concern investors in the near term. John Deere Consolidates U.S. Plants, Will Close 2 Iowa Factories

Deere & Company Price Performance

NYSE:DE opened at $671.99 on Friday. The company has a debt-to-equity ratio of 1.45, a current ratio of 2.10 and a quick ratio of 1.89. Deere & Company has a one year low of $455.90 and a one year high of $721.22. The company has a fifty day moving average price of $667.02 and a 200 day moving average price of $608.14. The stock has a market cap of $181.18 billion, a P/E ratio of 37.33, a PEG ratio of 1.90 and a beta of 0.89.

Deere & Company (NYSE:DE - Get Free Report) last posted its quarterly earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.69 by $0.41. The company had revenue of $12.61 billion for the quarter, compared to analyst estimates of $10.81 billion. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The business's quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the business posted $4.75 EPS. Analysts anticipate that Deere & Company will post 18.11 earnings per share for the current year.

Deere & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 9th. Stockholders of record on Wednesday, September 30th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.0%. Deere & Company's dividend payout ratio is currently 36.00%.

About Deere & Company

Want to see what other hedge funds are holding DE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Deere & Company (NYSE:DE - Free Report).

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.