Fifth Third Bancorp Sells 4,912 Shares of Deere & Company (NYSE:DE)

Fifth Third Bancorp lowered its position in Deere & Company (NYSE:DE - Free Report) by 2.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 230,924 shares of the industrial products company's stock after selling 4,912 shares during the period. Fifth Third Bancorp owned about 0.09% of Deere & Company worth $108,384,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Deere & Company by 19.9% in the fourth 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 period. Capital World Investors lifted its position in Deere & Company by 2.7% during the fourth quarter. Capital World Investors now owns 6,058,259 shares of the industrial products company's stock valued at $2,566,884,000 after purchasing an additional 157,224 shares in the last quarter. FMR LLC lifted its position in Deere & Company by 22.9% during the fourth quarter. FMR LLC now owns 5,581,408 shares of the industrial products company's stock valued at $2,364,843,000 after purchasing an additional 1,039,395 shares in the last quarter. Geode Capital Management LLC lifted its position in Deere & Company by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 5,305,571 shares of the industrial products company's stock valued at $2,247,216,000 after purchasing an additional 97,203 shares in the last quarter. Finally, Norges Bank purchased a new position in Deere & Company during the fourth quarter valued at $1,244,094,000. Institutional investors own 68.58% of the company's stock.

Deere & Company Price Performance

Shares of NYSE:DE traded down $3.83 during mid-day trading on Thursday, reaching $517.01. The stock had a trading volume of 796,949 shares, compared to its average volume of 1,397,151. Deere & Company has a 1 year low of $340.20 and a 1 year high of $533.78. The company has a current ratio of 2.22, a quick ratio of 1.98 and a debt-to-equity ratio of 1.94. The business's 50 day moving average price is $483.40 and its 200 day moving average price is $467.81. The company has a market cap of $140.02 billion, a P/E ratio of 22.92, a price-to-earnings-growth ratio of 2.14 and a beta of 1.09.

Deere & Company (NYSE:DE - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The industrial products company reported $6.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.72 by $0.92. Deere & Company had a return on equity of 27.31% and a net margin of 12.94%. The business had revenue of $11.17 billion for the quarter, compared to the consensus estimate of $10.80 billion. During the same period in the prior year, the business posted $8.53 earnings per share. The company's quarterly revenue was down 17.9% compared to the same quarter last year. Research analysts expect that Deere & Company will post 19.32 EPS 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. Shareholders of record on Monday, June 30th will be given a dividend of $1.62 per share. The ex-dividend date is Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.25%. Deere & Company's dividend payout ratio (DPR) is presently 31.35%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DE. Melius upgraded Deere & Company from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. The Goldman Sachs Group reiterated a "buy" rating on shares of Deere & Company in a research report on Thursday, May 15th. Truist Financial boosted their price objective on Deere & Company from $546.00 to $619.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Robert W. Baird boosted their price objective on Deere & Company from $501.00 to $514.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Raymond James boosted their price objective on 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 given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $515.19.

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.