Nikko Asset Management Americas Inc. Purchases 90,784 Shares of Deere & Company (NYSE:DE)

Key Points

• Nikko Asset Management Americas Inc. increased its stake in Deere & Company by 120.5%, purchasing 90,784 additional shares, bringing its total ownership to 166,099 shares valued at approximately $77.96 million.
• Deere & Company recently reported earnings per share of $6.64, exceeding analysts' expectations and demonstrating a net margin of 12.40% despite a 17.9% decline in revenue compared to the previous year.
• The company announced a quarterly dividend of $1.62 per share, with a dividend yield of 1.25%, scheduled for payment to shareholders on August 8th.

Nikko Asset Management Americas Inc. boosted its position in Deere & Company (NYSE:DE - Free Report) by 120.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 166,099 shares of the industrial products company's stock after purchasing an additional 90,784 shares during the period. Deere & Company comprises 1.0% of Nikko Asset Management Americas Inc.'s investment portfolio, making the stock its 29th biggest position. Nikko Asset Management Americas Inc. owned approximately 0.06% of Deere & Company worth $77,959,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its stake in Deere & Company by 58.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company's stock valued at $6,395,000 after acquiring an additional 5,053 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in Deere & Company by 10.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company's stock valued at $3,863,000 after acquiring an additional 798 shares during the last quarter. Stenger Family Office LLC purchased a new position in Deere & Company in the fourth quarter valued at about $3,144,000. Stratos Investment Management LLC purchased a new position in Deere & Company in the first quarter valued at about $271,000. Finally, Telos Capital Management Inc. boosted its stake in Deere & Company by 28.2% in the first quarter. Telos Capital Management Inc. now owns 3,391 shares of the industrial products company's stock valued at $1,592,000 after acquiring an additional 746 shares during the last quarter. 68.58% of the stock is owned by institutional investors.

Deere & Company Stock Performance

NYSE DE opened at $517.58 on Friday. Deere & Company has a 1 year low of $340.20 and a 1 year high of $533.78. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.11 and a quick ratio of 1.89. The stock has a market capitalization of $140.18 billion, a PE ratio of 25.04, a P/E/G ratio of 3.26 and a beta of 1.08. The company's 50 day simple moving average is $513.03 and its two-hundred day simple moving average is $483.78.

Deere & Company (NYSE:DE - Get Free Report) last posted its earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share (EPS) 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 business had revenue of $11.17 billion for the quarter, compared to analysts' expectations of $10.80 billion. During the same period in the prior year, the company posted $8.53 EPS. The business's revenue for the quarter was down 17.9% compared to the same quarter last year. Analysts predict that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Monday, June 30th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend is Monday, June 30th. Deere & Company's dividend payout ratio (DPR) is currently 31.35%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on DE. Robert W. Baird boosted their target price on shares of Deere & Company from $501.00 to $514.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. boosted their target price on shares of Deere & Company from $490.00 to $540.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Raymond James Financial boosted their target price 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. UBS Group dropped their price target on shares of Deere & Company from $462.00 to $440.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Finally, Citigroup dropped their price target on shares of Deere & Company from $550.00 to $525.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Deere & Company has a consensus rating of "Hold" and an average target price of $515.50.

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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