Essex LLC Cuts Holdings in Deere & Company $DE

Key Points

• Essex LLC has reduced its holdings in Deere & Company by 12.7% in the second quarter, now owning 10,201 shares valued at approximately $5.19 million, which makes up 1.0% of its investment portfolio.
• In addition to Essex LLC, several other hedge funds have significantly modified their positions in Deere, with Nuveen LLC investing over $571 million and TD Asset Management Inc increasing their stake by 132% during the same timeframe.
• Deere & Company reported earnings of $4.75 per share for the latest quarter, exceeding analyst expectations, but its revenue was down 9% year-over-year at $10.36 billion.

Essex LLC trimmed its position in Deere & Company (NYSE:DE - Free Report) by 12.7% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 10,201 shares of the industrial products company's stock after selling 1,483 shares during the period. Deere & Company comprises 1.0% of Essex LLC's investment portfolio, making the stock its 23rd biggest position. Essex LLC's holdings in Deere & Company were worth $5,187,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Nuveen LLC purchased a new position in Deere & Company in the first quarter worth $571,073,000. TD Asset Management Inc raised its stake in shares of Deere & Company by 132.0% during the 2nd quarter. TD Asset Management Inc now owns 721,638 shares of the industrial products company's stock worth $366,946,000 after purchasing an additional 410,636 shares during the period. Voya Investment Management LLC boosted its holdings in shares of Deere & Company by 97.1% in the 1st quarter. Voya Investment Management LLC now owns 733,871 shares of the industrial products company's stock worth $344,442,000 after buying an additional 361,526 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Deere & Company by 4.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,876,013 shares of the industrial products company's stock valued at $3,227,258,000 after buying an additional 286,253 shares during the period. Finally, Invesco Ltd. grew its position in Deere & Company by 23.4% during the first quarter. Invesco Ltd. now owns 1,353,255 shares of the industrial products company's stock valued at $635,150,000 after buying an additional 256,806 shares during the period. Institutional investors own 68.58% of the company's stock.

Deere & Company Trading Up 2.1%

Shares of DE stock opened at $448.12 on Wednesday. The stock has a market capitalization of $121.14 billion, a price-to-earnings ratio of 23.42, a PEG ratio of 2.82 and a beta of 1.02. The company's fifty day simple moving average is $476.51 and its two-hundred day simple moving average is $487.98. Deere & Company has a 1 year low of $387.03 and a 1 year 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.

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

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be given a dividend of $1.62 per share. The ex-dividend date is Tuesday, September 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.4%. Deere & Company's dividend payout ratio is currently 33.87%.

Wall Street Analyst Weigh In

Several brokerages have commented on DE. Truist Financial lifted their price objective on shares of Deere & Company from $602.00 to $609.00 and gave the stock a "buy" rating in a research report on Wednesday, October 8th. Jefferies Financial Group lowered their price target on shares of Deere & Company from $510.00 to $440.00 and set a "hold" rating on the stock in a report on Wednesday, October 8th. Wolfe Research reduced their price objective on Deere & Company from $550.00 to $520.00 and set an "outperform" rating for the company in a report on Friday, October 3rd. JPMorgan Chase & Co. decreased their target price on Deere & Company from $495.00 to $480.00 and set a "neutral" rating for the company in a research report on Tuesday. Finally, Wall Street Zen raised Deere & Company from a "sell" rating to a "hold" rating in a research report on Saturday, October 4th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $511.76.

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.

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