Deere & Company $DE Shares Sold by Swiss National Bank

Key Points

• Swiss National Bank cut its Deere stake by 5.1% in the fourth quarter, selling 37,940 shares and leaving it with 703,760 shares valued at about $327.7 million.
• Deere beat quarterly expectations, reporting EPS of $6.55 versus the $5.70 estimate and revenue of $13.37 billion versus $11.55 billion expected, with revenue up 5.4% year over year.
• Wall Street remains mostly positive on Deere, with 14 Buy ratings and nine Hold ratings; the consensus view is a “Moderate Buy” and the average price target is $639.58.

Swiss National Bank lowered its position in shares of Deere & Company (NYSE:DE - Free Report) by 5.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 703,760 shares of the industrial products company's stock after selling 37,940 shares during the period. Swiss National Bank owned approximately 0.26% of Deere & Company worth $327,650,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Cary Street Partners Financial LLC increased its holdings in Deere & Company by 11.8% in the 4th quarter. Cary Street Partners Financial LLC now owns 10,312 shares of the industrial products company's stock valued at $4,801,000 after purchasing an additional 1,086 shares during the last quarter. Spectrum Financial Alliance Ltd LLC increased its holdings in Deere & Company by 55.8% in the 4th quarter. Spectrum Financial Alliance Ltd LLC now owns 85,351 shares of the industrial products company's stock valued at $39,737,000 after purchasing an additional 30,553 shares during the last quarter. Westpac Banking Corp increased its holdings in Deere & Company by 78.6% in the 4th quarter. Westpac Banking Corp now owns 6,925 shares of the industrial products company's stock valued at $3,224,000 after purchasing an additional 3,047 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in Deere & Company by 14.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 21,174 shares of the industrial products company's stock valued at $9,682,000 after purchasing an additional 2,702 shares during the last quarter. Finally, Eubel Brady & Suttman Asset Management Inc. acquired a new stake in Deere & Company in the 3rd quarter valued at approximately $434,000. Institutional investors and hedge funds own 68.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Oppenheimer reiterated an "outperform" rating and issued a $680.00 target price (down from $715.00) on shares of Deere & Company in a report on Wednesday, May 27th. Wolfe Research lifted their target price on shares of Deere & Company from $550.00 to $660.00 and gave the company an "outperform" rating in a report on Tuesday, March 31st. Truist Financial dropped their target price on shares of Deere & Company from $793.00 to $759.00 and set a "buy" rating for the company in a report on Tuesday, May 26th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $752.00 target price on shares of Deere & Company in a report on Monday, June 1st. Finally, Citigroup dropped their target price on shares of Deere & Company from $625.00 to $595.00 and set a "neutral" rating for the company in a report on Friday, May 22nd. Fourteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $639.58.

Deere & Company Stock Performance

Shares of DE stock opened at $569.09 on Friday. The company has a quick ratio of 1.95, a current ratio of 2.18 and a debt-to-equity ratio of 1.54. Deere & Company has a 52 week low of $433.00 and a 52 week high of $674.19. The stock has a market capitalization of $153.62 billion, a PE ratio of 32.24, a P/E/G ratio of 2.07 and a beta of 0.92. The firm has a 50 day moving average of $573.17 and a two-hundred day moving average of $548.69.

Deere & Company (NYSE:DE - Get Free Report) last issued 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 during the quarter, compared to analysts' expectations of $11.55 billion. During the same quarter last year, the company posted $6.64 EPS. The firm's revenue was up 5.4% compared to the same quarter last year. On average, research analysts predict that Deere & Company will post 18.13 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, June 30th. Deere & Company's payout ratio is 36.71%.

Deere & Company Profile

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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