Deere & Company $DE Shares Sold by DnB Asset Management AS

Key Points

• DnB Asset Management AS has reduced its stake in Deere & Company by 3.6%, now holding 105,644 shares valued at approximately $49.58 million.
• Analysts have adjusted their ratings and price targets for Deere & Company, with Oppenheimer raising their target to $566 and Robert W. Baird lowering theirs to $488, reflecting mixed sentiments in the market.
• Deere & Company is set to distribute a quarterly dividend of $1.62 on November 10th, representing an annual yield of 1.4%.

DnB Asset Management AS reduced its stake in Deere & Company (NYSE:DE - Free Report) by 3.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 105,644 shares of the industrial products company's stock after selling 3,916 shares during the quarter. DnB Asset Management AS's holdings in Deere & Company were worth $49,584,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Bosun Asset Management LLC raised its position in shares of Deere & Company by 1.9% in the 1st quarter. Bosun Asset Management LLC now owns 1,529 shares of the industrial products company's stock valued at $718,000 after purchasing an additional 29 shares during the last quarter. Aprio Wealth Management LLC raised its position in shares of Deere & Company by 10.6% in the 1st quarter. Aprio Wealth Management LLC now owns 739 shares of the industrial products company's stock valued at $347,000 after purchasing an additional 71 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in Deere & Company by 107.5% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 112,342 shares of the industrial products company's stock worth $52,728,000 after buying an additional 58,199 shares during the last quarter. Paragon Private Wealth Management LLC raised its position in Deere & Company by 5.1% during the 1st quarter. Paragon Private Wealth Management LLC now owns 1,985 shares of the industrial products company's stock worth $932,000 after buying an additional 96 shares during the last quarter. Finally, EP Wealth Advisors LLC raised its position in Deere & Company by 0.4% during the 1st quarter. EP Wealth Advisors LLC now owns 5,503 shares of the industrial products company's stock worth $2,583,000 after buying an additional 23 shares during the last quarter. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Price Performance

Deere & Company stock traded up $7.85 during trading on Monday, reaching $481.11. The company had a trading volume of 1,271,484 shares, compared to its average volume of 1,359,779. The firm's 50-day simple moving average is $501.32 and its 200 day simple moving average is $490.71. Deere & Company has a 1-year low of $378.66 and a 1-year high of $533.78. The firm has a market capitalization of $130.06 billion, a PE ratio of 25.15, a price-to-earnings-growth ratio of 3.04 and a beta of 1.00. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.62 by $0.13. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The firm had revenue of $10.36 billion for the quarter, compared to analysts' expectations of $10.33 billion. During the same quarter last year, the company earned $6.29 EPS. The firm's revenue for the quarter was down 9.0% compared to the same quarter last year. As a group, equities 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 announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Deere & Company's payout ratio is 33.87%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Citigroup reduced their price target on shares of Deere & Company from $550.00 to $525.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Truist Financial reduced their price target on shares of Deere & Company from $619.00 to $602.00 and set a "buy" rating for the company in a research report on Friday, August 15th. Oppenheimer raised their price target on shares of Deere & Company from $560.00 to $566.00 and gave the stock an "outperform" rating in a research report on Friday, August 15th. BMO Capital Markets reissued a "market perform" rating and set a $460.00 price target (up from $425.00) on shares of Deere & Company in a research report on Wednesday, May 21st. Finally, Robert W. Baird reduced their price target on shares of Deere & Company from $520.00 to $488.00 and set a "neutral" rating for the company in a research report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $520.87.

Deere & 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.