Cornerstone Advisors LLC Has $16.57 Million Position 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 lifted its position in shares of Deere & Company (NYSE:DE - Free Report) by 65.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,300 shares of the industrial products company's stock after purchasing an additional 14,000 shares during the quarter. Cornerstone Advisors LLC's holdings in Deere & Company were worth $16,568,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in DE. Assenagon Asset Management S.A. grew its stake in Deere & Company by 58.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company's stock valued at $6,395,000 after acquiring an additional 5,053 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Deere & Company by 10.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company's stock valued at $3,863,000 after purchasing an additional 798 shares during the period. Stenger Family Office LLC acquired a new position in shares of Deere & Company in the 4th quarter valued at approximately $3,144,000. Stratos Investment Management LLC bought a new stake in Deere & Company during the 1st quarter worth approximately $271,000. Finally, Telos Capital Management Inc. raised its holdings in Deere & Company by 28.2% during the 1st quarter. Telos Capital Management Inc. now owns 3,391 shares of the industrial products company's stock worth $1,592,000 after buying an additional 746 shares during the period. Institutional investors and hedge funds own 68.58% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on DE shares. Robert W. Baird lifted their price target on shares of Deere & Company from $501.00 to $514.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Melius Research raised shares of Deere & Company from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 6th. Morgan Stanley upped their target price on shares of Deere & Company from $450.00 to $500.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 16th. Raymond James Financial lifted their price target on Deere & Company from $530.00 to $560.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. Finally, Barclays boosted their price target on Deere & Company from $475.00 to $530.00 and gave the company an "overweight" rating in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $515.50.

Deere & Company Stock Down 0.5%

Shares of NYSE:DE traded down $2.74 during trading on Thursday, hitting $506.90. 958,544 shares of the company were exchanged, compared to its average volume of 1,135,084. The stock has a market cap of $137.28 billion, a price-to-earnings ratio of 24.52, a P/E/G ratio of 3.23 and a beta of 1.06. The company has a current ratio of 2.11, a quick ratio of 1.89 and a debt-to-equity ratio of 1.76. Deere & Company has a fifty-two week low of $343.38 and a fifty-two week high of $533.78. The firm has a fifty day moving average price of $512.37 and a two-hundred day moving average price of $488.75.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The industrial products company reported $6.64 EPS for the quarter, beating analysts' consensus estimates of $5.72 by $0.92. Deere & Company had a net margin of 12.40% and a return on equity of 24.39%. The firm had revenue of $11.17 billion during the quarter, compared to analysts' expectations of $10.80 billion. During the same quarter last year, the company posted $8.53 earnings per share. The company's revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, research analysts anticipate 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 will be paid on Friday, August 8th. Investors of record on Monday, June 30th will be issued a dividend of $1.62 per share. The ex-dividend date is Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.3%. Deere & Company's dividend payout ratio (DPR) is presently 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.