Tocqueville Asset Management L.P. Reduces Position in Deere & Company $DE

Key Points

• Tocqueville Asset Management L.P. reduced its stake in Deere & Company by 2.0%, now holding 126,552 shares valued at approximately $59.4 million.
• A number of institutional investors have increased their stakes in Deere, with Assenagon Asset Management boosting its stake by 58.9%.
• Deere & Company recently reported earnings of $4.75 per share, exceeding expectations, despite a revenue decrease of 9% year-over-year.

Tocqueville Asset Management L.P. cut its holdings in Deere & Company (NYSE:DE - Free Report) by 2.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 126,552 shares of the industrial products company's stock after selling 2,571 shares during the period. Deere & Company accounts for 1.0% of Tocqueville Asset Management L.P.'s portfolio, making the stock its 19th largest holding. Tocqueville Asset Management L.P.'s holdings in Deere & Company were worth $59,397,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in shares of Deere & Company by 61,215.9% in the 1st quarter. GAMMA Investing LLC now owns 1,753,022 shares of the industrial products company's stock worth $822,781,000 after buying an additional 1,750,163 shares in the last quarter. Castlekeep Investment Advisors LLC bought a new stake in shares of Deere & Company in the 4th quarter worth about $541,437,000. Nuveen LLC bought a new stake in shares of Deere & Company in the 1st quarter worth about $571,073,000. Price T Rowe Associates Inc. MD lifted 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 worth $2,792,082,000 after acquiring an additional 1,095,736 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC bought a new stake in shares of Deere & Company in the 4th quarter worth about $255,686,000. 68.58% of the stock is currently owned by institutional investors.

Deere & Company Stock Down 1.1%

Shares of NYSE:DE traded down $5.4850 during trading hours on Thursday, hitting $487.2350. The company's stock had a trading volume of 333,952 shares, compared to its average volume of 1,361,974. Deere & Company has a 52 week low of $373.55 and a 52 week high of $533.78. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.19 and a quick ratio of 1.98. The company has a market capitalization of $131.96 billion, a price-to-earnings ratio of 25.39, a P/E/G ratio of 3.13 and a beta of 1.06. The firm's fifty day moving average price is $509.47 and its 200 day moving average price is $490.15.

Deere & Company (NYSE:DE - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The industrial products company reported $4.75 EPS for the quarter, beating the consensus estimate of $4.62 by $0.13. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The business had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.33 billion. During the same quarter in the previous year, the business posted $6.29 EPS. The company's quarterly revenue was down 9.0% compared to the same quarter last year. As a group, research analysts expect that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Monday, June 30th were given a $1.62 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.3%. Deere & Company's payout ratio is presently 33.87%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on DE shares. Barclays raised their target price on shares of Deere & Company from $475.00 to $530.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Truist Financial decreased their price objective on shares of Deere & Company from $619.00 to $602.00 and set a "buy" rating for the company in a report on Friday, August 15th. DA Davidson decreased their price objective on shares of Deere & Company from $595.00 to $580.00 and set a "buy" rating for the company in a report on Monday. Bank of America lifted their price objective on shares of Deere & Company from $495.00 to $556.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Finally, Robert W. Baird decreased their price objective on shares of Deere & Company from $520.00 to $488.00 and set a "neutral" rating for the company in a report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $523.87.

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.