Fayez Sarofim & Co Buys 50,828 Shares of Deere & Company (NYSE:DE)

Key Points

• Fayez Sarofim & Co has increased its stake in Deere & Company by 14.9%, acquiring an additional 50,828 shares, bringing its total ownership to approximately 391,756 shares valued at $186.7 million.
• Deere & Company reported a quarterly earnings per share of $6.64, surpassing the consensus estimate by $0.92, although revenue decreased 17.9% year-over-year.
• The company declared a quarterly dividend of $1.62 per share, with an annualized dividend yield of 1.3%, set to be paid on August 8th.

Fayez Sarofim & Co grew its stake in shares of Deere & Company (NYSE:DE - Free Report) by 14.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 391,756 shares of the industrial products company's stock after acquiring an additional 50,828 shares during the period. Fayez Sarofim & Co owned about 0.14% of Deere & Company worth $186,748,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Deere & Company by 0.8% in the first quarter. Vanguard Group Inc. now owns 22,063,590 shares of the industrial products company's stock valued at $10,355,546,000 after buying an additional 185,671 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in 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. Capital World Investors raised its stake in Deere & Company by 2.7% in the 4th quarter. Capital World Investors now owns 6,058,259 shares of the industrial products company's stock valued at $2,566,884,000 after acquiring an additional 157,224 shares during the period. Northern Trust Corp lifted its holdings in Deere & Company by 12.8% during the fourth quarter. Northern Trust Corp now owns 2,915,729 shares of the industrial products company's stock valued at $1,235,394,000 after purchasing an additional 330,915 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Deere & Company by 7.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,587,065 shares of the industrial products company's stock worth $1,096,179,000 after purchasing an additional 184,203 shares during the period. Hedge funds and other institutional investors own 68.58% of the company's stock.

Deere & Company Price Performance

DE opened at $509.86 on Thursday. The company has a current ratio of 2.11, a quick ratio of 1.89 and a debt-to-equity ratio of 1.76. The stock has a market capitalization of $138.09 billion, a P/E ratio of 24.67, a PEG ratio of 3.22 and a beta of 1.06. The stock has a 50-day moving average price of $512.29 and a 200-day moving average price of $488.40. Deere & Company has a 12-month low of $343.38 and a 12-month high of $533.78.

Deere & Company (NYSE:DE - Get Free Report) last issued its earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.72 by $0.92. The business had revenue of $11.17 billion during the quarter, compared to analyst estimates of $10.80 billion. Deere & Company had a return on equity of 24.39% and a net margin of 12.40%. Deere & Company's revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $8.53 earnings per share. Equities analysts predict that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Monday, June 30th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, June 30th. Deere & Company's dividend payout ratio (DPR) is 31.35%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. DA Davidson reissued a "buy" rating and issued a $542.00 price target on shares of Deere & Company in a research report on Friday, May 16th. BMO Capital Markets reissued a "market perform" rating and set a $460.00 price objective (up previously from $425.00) on shares of Deere & Company in a report on Wednesday, May 21st. Citigroup reduced their target price on Deere & Company from $550.00 to $525.00 and set a "neutral" rating for the company in a report on Friday, May 30th. Wall Street Zen cut Deere & Company from a "hold" rating to a "sell" rating in a research report on Friday, May 30th. Finally, Raymond James Financial raised their price objective on shares of Deere & Company from $530.00 to $560.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $515.50.

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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