Kayne Anderson Rudnick Investment Management LLC Increases Holdings in Deere & Company $DE

Key Points

• Kayne Anderson Rudnick Investment Management LLC significantly increased its stake in Deere & Company by 487.7%, owning 670 shares valued at $315,000 after purchasing 556 additional shares in Q1.
• Deere & Company reported earnings per share of $4.75 for the recent quarter, surpassing estimates, with a total revenue of $10.36 billion, although down 9.0% year-over-year.
• Institutional investors now hold 68.58% of Deere's stock, with analysts giving it an average rating of "Moderate Buy" and a target price of $523.87.

Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Deere & Company (NYSE:DE - Free Report) by 487.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 670 shares of the industrial products company's stock after acquiring an additional 556 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Deere & Company were worth $315,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of DE. Chicago Partners Investment Group LLC grew its position in shares of Deere & Company by 1.2% during the first quarter. Chicago Partners Investment Group LLC now owns 1,803 shares of the industrial products company's stock worth $852,000 after buying an additional 21 shares in the last quarter. Tyler Stone Wealth Management grew its holdings in Deere & Company by 1.7% during the 1st quarter. Tyler Stone Wealth Management now owns 1,230 shares of the industrial products company's stock worth $577,000 after acquiring an additional 21 shares in the last quarter. Sunbelt Securities Inc. grew its stake in shares of Deere & Company by 2.4% during the first quarter. Sunbelt Securities Inc. now owns 925 shares of the industrial products company's stock worth $434,000 after purchasing an additional 22 shares in the last quarter. First Bancorp Inc ME grew its stake in shares of Deere & Company by 4.7% during the first quarter. First Bancorp Inc ME now owns 509 shares of the industrial products company's stock worth $239,000 after purchasing an additional 23 shares in the last quarter. Finally, Leisure Capital Management boosted its holdings in Deere & Company by 0.8% in the first quarter. Leisure Capital Management now owns 2,886 shares of the industrial products company's stock valued at $1,355,000 after purchasing an additional 23 shares in the last quarter. Institutional investors and hedge funds own 68.58% of the company's stock.

Deere & Company Stock Performance

Shares of NYSE DE traded down $12.76 during mid-day trading on Friday, hitting $478.68. 1,534,087 shares of the company were exchanged, compared to its average volume of 1,456,507. The company has a quick ratio of 1.98, a current ratio of 2.19 and a debt-to-equity ratio of 1.76. The stock has a 50 day simple moving average of $505.03 and a 200-day simple moving average of $491.11. Deere & Company has a 1-year low of $376.95 and a 1-year high of $533.78. The firm has a market cap of $129.64 billion, a price-to-earnings ratio of 25.02, a price-to-earnings-growth ratio of 3.15 and a beta of 1.06.

Deere & Company (NYSE:DE - Get Free Report) last released its earnings results on Thursday, August 14th. The industrial products company reported $4.75 EPS for the quarter, topping the consensus estimate of $4.62 by $0.13. The company had revenue of $10.36 billion during the quarter, compared to analysts' expectations 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 was down 9.0% on a year-over-year basis. During the same quarter last year, the business earned $6.29 EPS. On average, sell-side analysts forecast that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The firm 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. This represents a $6.48 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Deere & Company's dividend payout ratio (DPR) is currently 33.87%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DE. Robert W. Baird lowered their price target on Deere & Company from $520.00 to $488.00 and set a "neutral" rating for the company in a report on Friday, August 15th. Evercore ISI set a $491.00 target price on shares of Deere & Company in a report on Tuesday, August 19th. Raymond James Financial upped their price objective 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. Oppenheimer upped their price objective on shares of Deere & Company from $560.00 to $566.00 and gave the company an "outperform" rating in a research note on Friday, August 15th. Finally, Melius upgraded shares of Deere & Company from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. One 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's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $523.87.

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.