Lazard Asset Management LLC Sells 28,205 Shares of Deere & Company $DE

Key Points

• Lazard Asset Management reduced its Deere & Company position by 14.3%, selling 28,205 shares during the first quarter and retaining 168,587 shares valued at approximately $95 million.
• Deere reported quarterly results above expectations, with EPS of $6.55 versus the $5.70 consensus and revenue of $13.37 billion, up 5.4% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and average price target of $642.98; Deere also declared a quarterly dividend of $1.62 per share.

Lazard Asset Management LLC lowered its position in shares of Deere & Company (NYSE:DE - Free Report) by 14.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 168,587 shares of the industrial products company's stock after selling 28,205 shares during the quarter. Lazard Asset Management LLC owned about 0.06% of Deere & Company worth $94,965,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Portus Wealth Advisors LLC purchased a new position in Deere & Company during the 1st quarter valued at about $32,000. Key Capital Management INC purchased a new stake in Deere & Company in the fourth quarter worth about $27,000. Timmons Wealth Management LLC bought a new position in shares of Deere & Company during the fourth quarter valued at approximately $29,000. McIlrath & Eck LLC bought a new position in shares of Deere & Company during the fourth quarter valued at approximately $30,000. Finally, Wealth Watch Advisors INC purchased a new position in shares of Deere & Company during the third quarter valued at approximately $32,000. Institutional investors own 68.58% of the company's stock.

Deere & Company Price Performance

NYSE DE opened at $625.37 on Tuesday. The stock has a market capitalization of $168.81 billion, a price-to-earnings ratio of 35.43, a PEG ratio of 2.65 and a beta of 0.89. Deere & Company has a 1-year low of $433.00 and a 1-year high of $674.19. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.18 and a quick ratio of 1.95. The business's fifty day moving average price is $586.26 and its 200-day moving average price is $577.84.

Deere & Company (NYSE:DE - Get Free Report) last issued its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 EPS for the quarter, topping the consensus estimate of $5.70 by $0.85. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The company had revenue of $13.37 billion during the quarter, compared to analyst estimates of $11.55 billion. During the same quarter in the previous year, the company posted $6.64 earnings per share. Deere & Company's revenue was up 5.4% compared to the same quarter last year. On average, equities analysts predict that Deere & Company will post 18.28 earnings per share for the current year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.0%. Deere & Company's dividend payout ratio is presently 36.71%.

Analysts Set New Price Targets

A number of brokerages have recently commented on DE. Bank of America dropped their price target on Deere & Company from $672.00 to $607.50 and set a "neutral" rating on the stock in a research report on Friday, May 22nd. Truist Financial lifted their price objective on Deere & Company from $759.00 to $812.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. JPMorgan Chase & Co. boosted their target price on Deere & Company from $560.00 to $590.00 and gave the stock a "neutral" rating in a report on Thursday, June 4th. Wall Street Zen raised Deere & Company from a "sell" rating to a "hold" rating in a research note on Sunday, July 5th. Finally, DA Davidson restated a "buy" rating and set a $685.00 price target on shares of Deere & Company in a report on Friday, July 17th. Fourteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, Deere & Company presently has a consensus rating of "Moderate Buy" and an average target price of $642.98.

About Deere & Company

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company's principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

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