Hotchkis & Wiley Capital Management LLC Reduces Holdings in Deere & Company $DE

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Deere & Company by 2.3%, owning 204,750 shares valued at approximately $96.1 million after selling 4,750 shares in the first quarter.
• Deere & Company reported earnings per share of $4.75 for the last quarter, exceeding estimates of $4.62, despite a 9% decline in revenue year-over-year.
• Multiple brokerages have adjusted their price targets for Deere & Company, with the consensus rating being a "Moderate Buy" and an average price target of approximately $523.87.

Hotchkis & Wiley Capital Management LLC cut its stake in shares of Deere & Company (NYSE:DE - Free Report) by 2.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 204,750 shares of the industrial products company's stock after selling 4,750 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 0.08% of Deere & Company worth $96,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Hughes Financial Services LLC purchased a new stake in Deere & Company during the 1st quarter valued at about $29,000. Cornerstone Planning Group LLC boosted its holdings in 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. Orion Capital Management LLC purchased a new stake in Deere & Company during the 4th quarter valued at about $34,000. Mascagni Wealth Management Inc. purchased a new stake in Deere & Company during the 4th quarter valued at about $39,000. Finally, Dogwood Wealth Management LLC purchased a new stake in Deere & Company during the 4th quarter valued at about $42,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on DE. Robert W. Baird dropped their target price on Deere & Company from $520.00 to $488.00 and set a "neutral" rating for the company in a report on Friday, August 15th. BMO Capital Markets restated a "market perform" rating and set a $460.00 target price (up from $425.00) on shares of Deere & Company in a report on Wednesday, May 21st. Citigroup dropped 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. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Deere & Company in a research report on Thursday, May 15th. Finally, Truist Financial lowered their price target on Deere & Company from $619.00 to $602.00 and set a "buy" rating for the company in a research report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $523.87.

Deere & Company Stock Up 1.7%

Shares of NYSE:DE opened at $495.0920 on Friday. Deere & Company has a 52-week low of $374.46 and a 52-week high of $533.78. The firm has a market capitalization of $134.09 billion, a P/E ratio of 25.88, a P/E/G ratio of 3.11 and a beta of 1.06. The stock has a 50 day moving average price of $508.58 and a 200-day moving average price of $490.43. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.33 billion. During the same quarter in the prior year, the company earned $6.29 EPS. The business's revenue was down 9.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Monday, June 30th were given a $1.62 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.3%. 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.

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