Gables Capital Management Inc. Cuts Holdings in Deere & Company $DE

Key Points

• Gables Capital Management Inc. has reduced its holdings in Deere & Company by 27%, now owning 2,573 shares worth approximately $1.31 million after selling 950 shares in the second quarter.
• Wall Street analysts have lowered target prices for Deere & Company shares, with recent estimates ranging from $440 to $530, reflecting a mix of ratings including "hold" and "outperform".
• The company reported a quarterly EPS of $4.75, exceeding expectations, but revenue declined by 9% compared to the same quarter last year, indicating potential challenges ahead.

Gables Capital Management Inc. cut its position in shares of Deere & Company (NYSE:DE - Free Report) by 27.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,573 shares of the industrial products company's stock after selling 950 shares during the quarter. Gables Capital Management Inc.'s holdings in Deere & Company were worth $1,308,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DE. Mid American Wealth Advisory Group Inc. bought a new position in shares of Deere & Company during the 2nd quarter valued at approximately $25,000. Activest Wealth Management grew its position in shares of Deere & Company by 2,750.0% during the 1st quarter. Activest Wealth Management now owns 57 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 55 shares during the period. Hughes Financial Services LLC bought a new position in shares of Deere & Company during the 1st quarter valued at approximately $29,000. Cornerstone Planning Group LLC grew its position in shares of Deere & Company by 116.1% during the 1st quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock valued at $31,000 after acquiring an additional 36 shares during the period. Finally, Marshall & Sullivan Inc. WA bought a new position in shares of Deere & Company during the 2nd quarter valued at approximately $38,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on DE shares. Daiwa Capital Markets reduced their target price on shares of Deere & Company from $565.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, September 25th. Wall Street Zen raised shares of Deere & Company from a "sell" rating to a "hold" rating in a research report on Saturday, October 4th. Citigroup lowered their price target on shares of Deere & Company from $525.00 to $515.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 7th. Oppenheimer lowered their price target on shares of Deere & Company from $566.00 to $512.00 and set an "outperform" rating on the stock in a research report on Thursday, September 18th. Finally, 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 research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $517.35.

Deere & Company Price Performance

Shares of NYSE:DE opened at $460.01 on Wednesday. The company's fifty day moving average price is $471.43 and its 200-day moving average price is $487.92. The firm has a market capitalization of $124.35 billion, a price-to-earnings ratio of 24.05, a PEG ratio of 2.97 and a beta of 1.02. Deere & Company has a one year low of $387.03 and a one 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 issued its quarterly earnings results 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 firm had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.33 billion. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The business's revenue for the quarter was down 9.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.29 EPS. On average, equities research analysts anticipate that Deere & Company will post 19.32 earnings per share for the current fiscal 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 issued a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.4%. Deere & Company's dividend payout ratio is presently 33.87%.

About Deere & Company

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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