Deere & Company $DE Shares Sold by Cullen Investment Group LTD.

Key Points

• Cullen Investment Group LTD. reduced its stake in Deere & Company by 4.0%, now holding approximately 24,153 shares valued at $12.28 million.
• Deere & Company reported $4.75 EPS for its latest quarter, surpassing estimates, but experienced a 9.0% year-over-year decline in revenue.
• The company declared a quarterly dividend of $1.62 per share, set to be paid on November 10th, with a dividend yield of 1.4%.

Cullen Investment Group LTD. trimmed its position in Deere & Company (NYSE:DE - Free Report) by 4.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,153 shares of the industrial products company's stock after selling 997 shares during the quarter. Deere & Company accounts for approximately 1.7% of Cullen Investment Group LTD.'s holdings, making the stock its 11th biggest holding. Cullen Investment Group LTD.'s holdings in Deere & Company were worth $12,282,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in DE. Chicago Partners Investment Group LLC boosted its stake in Deere & Company by 1.2% in the 1st quarter. Chicago Partners Investment Group LLC now owns 1,803 shares of the industrial products company's stock worth $852,000 after purchasing an additional 21 shares in the last quarter. Tyler Stone Wealth Management grew its holdings in Deere & Company by 1.7% during the 1st quarter. Tyler Stone Wealth Management now owns 1,230 shares of the industrial products company's stock valued at $577,000 after buying an additional 21 shares in the last quarter. Sunbelt Securities Inc. boosted its position in shares of Deere & Company by 2.4% during the 1st quarter. Sunbelt Securities Inc. now owns 925 shares of the industrial products company's stock valued at $434,000 after acquiring an additional 22 shares during the last quarter. Hayek Kallen Investment Management boosted its position in shares of Deere & Company by 1.7% during the 1st quarter. Hayek Kallen Investment Management now owns 1,299 shares of the industrial products company's stock valued at $610,000 after acquiring an additional 22 shares during the last quarter. Finally, CBIZ Investment Advisory Services LLC lifted its position in Deere & Company by 20.8% in the first quarter. CBIZ Investment Advisory Services LLC now owns 128 shares of the industrial products company's stock worth $60,000 after buying an additional 22 shares during the last quarter. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Stock Down 0.2%

Shares of NYSE DE traded down $1.13 during midday trading on Monday, hitting $469.38. 1,786,319 shares of the company's stock were exchanged, compared to its average volume of 1,246,319. The firm's fifty day simple moving average is $496.57 and its 200-day simple moving average is $490.32. The company has a market cap of $126.89 billion, a PE ratio of 24.54, a P/E/G ratio of 3.02 and a beta of 1.00. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.19 and a quick ratio of 1.98. Deere & Company has a twelve month low of $387.03 and a twelve month high of $533.78.

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

Deere & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.4%. The ex-dividend date is Tuesday, September 30th. Deere & Company's dividend payout ratio is presently 33.87%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Truist Financial decreased their price objective on Deere & Company from $619.00 to $602.00 and set a "buy" rating for the company in a report on Friday, August 15th. Evercore ISI set a $491.00 price objective on shares of Deere & Company in a report on Tuesday, August 19th. Citigroup decreased their price target on Deere & Company from $550.00 to $525.00 and set a "neutral" rating for the company in a report on Friday, May 30th. DA Davidson reduced their target price on Deere & Company from $595.00 to $580.00 and set a "buy" rating for the company in a research note on Monday, August 18th. Finally, Melius Research upgraded Deere & Company from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Deere & Company has an average rating of "Moderate Buy" and an average target price of $520.87.

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.