Scotia Capital Inc. Sells 3,166 Shares of Deere & Company (NYSE:DE)

Key Points

• Scotia Capital Inc. reduced its holdings in Deere & Company by 6.8%, now owning 43,720 shares worth approximately $20.52 million.
• Deere reported a Q1 EPS of $6.64, exceeding consensus estimates of $5.72, despite a 17.9% year-over-year decline in revenue.
• The company declared a quarterly dividend of $1.62 per share, with a dividend yield of 1.3%, to be paid on August 8th.

Scotia Capital Inc. cut its position in Deere & Company (NYSE:DE - Free Report) by 6.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,720 shares of the industrial products company's stock after selling 3,166 shares during the period. Scotia Capital Inc.'s holdings in Deere & Company were worth $20,520,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hughes Financial Services LLC acquired a new stake in shares of Deere & Company during the 1st quarter worth $29,000. Cornerstone Planning Group LLC raised 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 acquiring an additional 36 shares during the period. Orion Capital Management LLC bought a new position in shares of Deere & Company during the fourth quarter worth about $34,000. Mascagni Wealth Management Inc. acquired a new stake in Deere & Company in the 4th quarter valued at approximately $39,000. Finally, Citizens National Bank Trust Department acquired a new stake in shares of Deere & Company in the 1st quarter worth approximately $45,000. Institutional investors and hedge funds own 68.58% of the company's stock.

Deere & Company Stock Performance

Deere & Company stock traded down $2.74 during midday trading on Thursday, hitting $506.90. The company's stock had a trading volume of 951,338 shares, compared to its average volume of 1,333,621. The company has a market cap of $137.28 billion, a price-to-earnings ratio of 24.52, a PEG 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 debt-to-equity ratio of 1.76, a current ratio of 2.11 and a quick ratio of 1.89. The company has a 50-day moving average price of $512.29 and a two-hundred day moving average price of $488.40.

Deere & Company (NYSE:DE - Get Free Report) last issued 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. Deere & Company had a net margin of 12.40% and a return on equity of 24.39%. The business had revenue of $11.17 billion during the quarter, compared to the consensus estimate of $10.80 billion. During the same quarter in the prior year, the firm earned $8.53 EPS. The firm's revenue was down 17.9% compared to the same quarter last year. As a group, sell-side analysts predict that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Announces Dividend

The business also recently disclosed 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. This represents a $6.48 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, June 30th. Deere & Company's dividend payout ratio (DPR) is 31.35%.

Analysts Set New Price Targets

DE has been the subject of a number of analyst reports. Wall Street Zen lowered shares of Deere & Company from a "hold" rating to a "sell" rating in a research note on Friday, May 30th. Bank of America raised their price target on shares of Deere & Company from $495.00 to $556.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. The Goldman Sachs Group reissued a "buy" rating on shares of Deere & Company in a report on Thursday, May 15th. 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 report on Friday, May 16th. Finally, Barclays lifted their price target on shares of Deere & Company from $475.00 to $530.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target 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.