Cornerstone Advisors LLC Has $16.57 Million Stock Holdings in Deere & Company (NYSE:DE)

Key Points

• Cornerstone Advisors LLC increased its stake in Deere & Company by 65.7%, acquiring 14,000 additional shares, making its total holdings worth approximately $16.57 million.
• Deere & Company reported $6.64 EPS for the last quarter, exceeding consensus estimates of $5.72, although revenue was down 17.9% compared to the previous year.
• The company recently declared a quarterly dividend of $1.62, with a dividend yield of 1.3% and a payout ratio of 31.35% as of the end of the last quarter.

Cornerstone Advisors LLC increased its stake in shares of Deere & Company (NYSE:DE - Free Report) by 65.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,300 shares of the industrial products company's stock after buying an additional 14,000 shares during the period. Cornerstone Advisors LLC's holdings in Deere & Company were worth $16,568,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Deere & Company by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 22,063,590 shares of the industrial products company's stock worth $10,355,546,000 after purchasing an additional 185,671 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Deere & Company by 19.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,589,760 shares of the industrial products company's stock valued at $2,792,082,000 after buying an additional 1,095,736 shares during the period. Capital World Investors grew its holdings in shares of Deere & Company by 2.7% in the 4th quarter. Capital World Investors now owns 6,058,259 shares of the industrial products company's stock valued at $2,566,884,000 after buying an additional 157,224 shares during the period. Northern Trust Corp grew its holdings in shares of Deere & Company by 12.8% in the 4th quarter. Northern Trust Corp now owns 2,915,729 shares of the industrial products company's stock valued at $1,235,394,000 after buying an additional 330,915 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Deere & Company by 7.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,587,065 shares of the industrial products company's stock valued at $1,096,179,000 after buying an additional 184,203 shares during the period. Institutional investors and hedge funds own 68.58% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on DE. Wall Street Zen lowered shares of Deere & Company from a "hold" rating to a "sell" rating in a report on Friday, May 30th. Robert W. Baird increased their target price on Deere & Company from $501.00 to $514.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Bank of America raised their target price on shares of Deere & Company from $495.00 to $556.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. The Goldman Sachs Group restated a "buy" rating on shares of Deere & Company in a report on Thursday, May 15th. Finally, Melius upgraded shares of Deere & Company from a "hold" rating to a "buy" rating in a report on Friday, June 6th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $523.93.

Deere & Company Stock Up 0.8%

Shares of NYSE DE traded up $3.93 during trading hours on Friday, hitting $510.57. The company had a trading volume of 883,727 shares, compared to its average volume of 1,119,567. The stock has a market capitalization of $138.28 billion, a P/E ratio of 24.70, a price-to-earnings-growth ratio of 3.24 and a beta of 1.06. The company has a quick ratio of 1.89, a current ratio of 2.11 and a debt-to-equity ratio of 1.76. Deere & Company has a 1-year low of $343.38 and a 1-year high of $533.78. The firm's 50 day moving average is $512.47 and its 200-day moving average is $489.28.

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

Deere & Company Dividend Announcement

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

Deere & Company 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.