First Manhattan CO. LLC. Decreases Stock Position in Deere & Company $DE

Key Points

• First Manhattan CO. LLC. has reduced its stake in Deere & Company by 6.2% to approximately $5.36 million, now holding 11,372 shares after selling 749 during the first quarter.
• Deere & Company reported quarterly earnings of $4.75 EPS, exceeding analysts' expectations and showing a 9% year-over-year revenue decline.
• The company announced a quarterly dividend of $1.62 per share, reflecting a 1.4% dividend yield and a payout ratio of 33.87%.

First Manhattan CO. LLC. cut its stake in shares of Deere & Company (NYSE:DE - Free Report) by 6.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,372 shares of the industrial products company's stock after selling 749 shares during the period. First Manhattan CO. LLC.'s holdings in Deere & Company were worth $5,356,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Activest Wealth Management raised its position in shares of Deere & Company by 2,750.0% in the 1st quarter. Activest Wealth Management now owns 57 shares of the industrial products company's stock valued at $27,000 after buying an additional 55 shares in the last quarter. Hughes Financial Services LLC acquired a new position in shares of Deere & Company in the 1st quarter valued at approximately $29,000. Cornerstone Planning Group LLC raised its position in shares of Deere & Company by 116.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock valued at $31,000 after buying an additional 36 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of Deere & Company in the 4th quarter valued at approximately $34,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Deere & Company in the 4th quarter valued at approximately $39,000. Institutional investors and hedge funds own 68.58% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Oppenheimer boosted their target price on shares of Deere & Company from $560.00 to $566.00 and gave the company an "outperform" rating in a research report on Friday, August 15th. Evercore ISI set a $491.00 target price on shares of Deere & Company in a research report on Tuesday, August 19th. Wall Street Zen downgraded shares of Deere & Company from a "hold" rating to a "sell" rating in a research note on Friday. Raymond James Financial raised their price target on shares of Deere & Company from $530.00 to $560.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. Finally, Truist Financial reduced their price target on shares of Deere & Company from $619.00 to $602.00 and set a "buy" rating on the stock in a research note on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $520.87.

Deere & Company Trading Down 0.5%

Shares of Deere & Company stock traded down $2.16 on Friday, hitting $472.74. The stock had a trading volume of 1,262,378 shares, compared to its average volume of 1,480,224. The stock has a 50 day moving average of $501.32 and a 200 day moving average of $490.75. Deere & Company has a twelve month low of $378.66 and a twelve month high of $533.78. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19. The firm has a market capitalization of $127.80 billion, a P/E ratio of 24.71, a PEG ratio of 3.04 and a beta of 1.00.

Deere & Company (NYSE:DE - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 EPS for the quarter, topping analysts' consensus estimates of $4.62 by $0.13. The company had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.33 billion. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%.The firm's quarterly revenue was down 9.0% on a year-over-year basis. During the same period in the previous year, the firm earned $6.29 earnings per share. Sell-side analysts expect that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be issued 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%.

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.