Deere & Company (NYSE:DE) Position Lessened by Citizens Financial Group Inc. RI

Key Points

• Citizens Financial Group Inc. RI reduced its stake in Deere & Company by 7.1% during the first quarter, now holding 18,496 shares valued at approximately $8.68 million.
• Deere & Company reported $6.64 earnings per share for the last quarter, exceeding expectations, though revenue showed a 17.9% year-over-year decline.
• The company also announced a quarterly dividend of $1.62 per share, with the payout set for August 8th, reflecting an annual yield of 1.3%.

Citizens Financial Group Inc. RI reduced its stake in shares of Deere & Company (NYSE:DE - Free Report) by 7.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,496 shares of the industrial products company's stock after selling 1,422 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Deere & Company were worth $8,681,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in DE. Hughes Financial Services LLC bought a new position in Deere & Company in the 1st quarter worth approximately $29,000. Cornerstone Planning Group LLC boosted its position 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 acquiring an additional 36 shares during the period. Orion Capital Management LLC bought a new position in shares of Deere & Company in the fourth quarter worth $34,000. Mascagni Wealth Management Inc. bought a new position in shares of Deere & Company in the fourth quarter worth $39,000. Finally, Citizens National Bank Trust Department acquired a new position in shares of Deere & Company during the first quarter valued at $45,000. 68.58% of the stock is currently owned by institutional investors.

Deere & Company Stock Performance

Shares of DE stock opened at $509.86 on Thursday. The company has a market capitalization of $138.09 billion, a price-to-earnings ratio of 24.67, a P/E/G ratio of 3.22 and a beta of 1.06. Deere & Company has a 1-year low of $343.38 and a 1-year high of $533.78. The company has a current ratio of 2.11, a quick ratio of 1.89 and a debt-to-equity ratio of 1.76. The stock's fifty day simple moving average is $512.29 and its 200-day simple moving average is $488.40.

Deere & Company (NYSE:DE - Get Free Report) last released its earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share for the quarter, beating the consensus estimate of $5.72 by $0.92. The company had revenue of $11.17 billion for the quarter, compared to analysts' expectations of $10.80 billion. Deere & Company had a return on equity of 24.39% and a net margin of 12.40%. The business's revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $8.53 EPS. On average, sell-side analysts predict that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.3%. Deere & Company's dividend payout ratio (DPR) is 31.35%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Deere & Company from a "hold" rating to a "sell" rating in a report on Friday, May 30th. Melius Research raised shares of Deere & Company from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 6th. Truist Financial raised their price objective on shares of Deere & Company from $546.00 to $619.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Raymond James Financial boosted their target price on Deere & Company from $530.00 to $560.00 and gave the stock an "outperform" rating in a report on Friday, May 16th. Finally, DA Davidson reaffirmed a "buy" rating and set a $542.00 price target on shares of Deere & Company in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Deere & Company presently has an average rating of "Hold" and an average price target of $515.50.

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.

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