Pacer Advisors Inc. Sells 7,939 Shares of Deere & Company (NYSE:DE)

Key Points

• Pacer Advisors Inc. has reduced its stake in Deere & Company by 31.1%, owning 17,577 shares worth approximately $8.25 million.
• Deere & Company reported quarterly earnings of $6.64 per share, exceeding analyst expectations and revealing a revenue of $11.17 billion, despite being down 17.9% year-over-year.
• The company declared a quarterly dividend of $1.62 per share, representing an annualized dividend yield of 1.25%.

Pacer Advisors Inc. decreased its holdings in Deere & Company (NYSE:DE - Free Report) by 31.1% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 17,577 shares of the industrial products company's stock after selling 7,939 shares during the period. Pacer Advisors Inc.'s holdings in Deere & Company were worth $8,250,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of DE. Hughes Financial Services LLC bought a new position in Deere & Company during the first quarter worth $29,000. Cornerstone Planning Group LLC lifted its stake in Deere & Company by 116.1% during the first quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after purchasing an additional 36 shares during the last quarter. Orion Capital Management LLC bought a new position in Deere & Company during the fourth quarter worth $34,000. Mascagni Wealth Management Inc. bought a new position in Deere & Company during the fourth quarter worth $39,000. Finally, Dogwood Wealth Management LLC bought a new position in Deere & Company during the fourth quarter worth $42,000. Hedge funds and other institutional investors own 68.58% of the company's stock.

Deere & Company Stock Up 3.2%

Shares of Deere & Company stock traded up $16.23 during trading on Thursday, hitting $524.10. 544,741 shares of the stock traded hands, compared to its average volume of 1,335,413. The stock has a market cap of $141.94 billion, a P/E ratio of 25.35, a PEG ratio of 3.25 and a beta of 1.08. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.89 and a current ratio of 2.11. Deere & Company has a twelve month low of $340.20 and a twelve month high of $533.78. The company has a fifty day moving average price of $512.26 and a two-hundred day moving average price of $485.87.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.72 by $0.92. The firm had revenue of $11.17 billion during 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 company's revenue was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $8.53 earnings per share. Equities research analysts predict that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Monday, June 30th will be paid a $1.62 dividend. 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 1.24%. Deere & Company's payout ratio is 31.35%.

Analyst Ratings Changes

Several brokerages recently issued reports on DE. DA Davidson restated a "buy" rating and set a $542.00 price objective on shares of Deere & Company in a research note on Friday, May 16th. Raymond James Financial raised their price objective on Deere & Company from $530.00 to $560.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. Robert W. Baird upped their price target on shares of Deere & Company from $501.00 to $514.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. increased their price objective on shares of Deere & Company from $490.00 to $540.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Finally, Bank of America increased their price objective 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. One investment 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. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $515.50.

About Deere & Company

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.