Invesco Ltd. Purchases 256,806 Shares of Deere & Company (NYSE:DE)

Key Points

• Invesco Ltd. acquired 256,806 shares of Deere & Company, increasing its holdings by 23.4% to a total of approximately 1.35 million shares, valued at $635.15 million.
• Deere & Company reported earnings per share of $6.64 for the latest quarter, exceeding expectations and marking a 17.9% decline in revenue year-over-year.
• The firm announced a quarterly dividend of $1.62, resulting in an annualized dividend yield of 1.3%, with a payout ratio of 31.35%.

Invesco Ltd. boosted its position in shares of Deere & Company (NYSE:DE - Free Report) by 23.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,353,255 shares of the industrial products company's stock after buying an additional 256,806 shares during the quarter. Invesco Ltd. owned approximately 0.50% of Deere & Company worth $635,150,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hughes Financial Services LLC bought a new position in Deere & Company in the 1st quarter worth $29,000. Cornerstone Planning Group LLC raised its holdings in Deere & Company by 116.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after purchasing an additional 36 shares in the last quarter. Orion Capital Management LLC purchased a new stake in shares of Deere & Company in the 4th quarter worth about $34,000. Mascagni Wealth Management Inc. purchased a new stake in shares of Deere & Company in the 4th quarter worth about $39,000. Finally, Citizens National Bank Trust Department purchased a new stake in shares of Deere & Company in the 1st quarter worth about $45,000. 68.58% of the stock is currently owned by institutional investors.

Deere & Company Stock Performance

Shares of NYSE DE opened at $510.57 on Friday. The firm's 50-day moving average price is $512.47 and its 200-day moving average price is $489.28. The company has a quick ratio of 1.89, a current ratio of 2.11 and a debt-to-equity ratio of 1.76. The company has a market cap of $138.28 billion, a PE ratio of 24.70, a PEG ratio of 3.24 and a beta of 1.06. Deere & Company has a 52-week low of $343.38 and a 52-week high of $533.78.

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 for the quarter, topping the consensus estimate of $5.72 by $0.92. Deere & Company had a net margin of 12.40% and a return on equity of 24.39%. The firm had revenue of $11.17 billion for the quarter, compared to analysts' expectations of $10.80 billion. During the same quarter in the prior year, the business earned $8.53 EPS. The business's quarterly revenue was down 17.9% on a year-over-year basis. As a group, analysts anticipate that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Monday, June 30th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Monday, June 30th. Deere & Company's dividend payout ratio is 31.35%.

Analyst Ratings Changes

A number of research firms have recently weighed in on DE. Raymond James Financial upped their target price on shares of Deere & Company from $530.00 to $560.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Melius Research raised shares of Deere & Company from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 6th. Barclays upped their target price on shares of Deere & Company from $475.00 to $530.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Morgan Stanley upped their target price on shares of Deere & Company from $450.00 to $500.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 16th. Finally, Citigroup cut their price objective on shares of Deere & Company from $550.00 to $525.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $523.93.

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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