OLD National Bancorp IN Acquires 610 Shares of Deere & Company $DE

Key Points

• OLD National Bancorp IN increased its stake in Deere & Company by 2.6%, owning a total of 24,000 shares valued at approximately $12.2 million.
• Deere & Company reported a quarterly EPS of $4.75, surpassing estimates and reflecting a year-over-year decrease in revenue of 9% to $10.36 billion.
• A quarterly dividend of $1.62 has been declared, with a yield of 1.4% and a payout ratio of 33.87%, set to be paid on November 10th to shareholders of record as of September 30th.

OLD National Bancorp IN raised its holdings in Deere & Company (NYSE:DE - Free Report) by 2.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,000 shares of the industrial products company's stock after acquiring an additional 610 shares during the period. OLD National Bancorp IN's holdings in Deere & Company were worth $12,204,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DE. Brighton Jones LLC grew its position in Deere & Company by 39.1% in the fourth quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company's stock valued at $1,927,000 after acquiring an additional 1,278 shares during the last quarter. Vest Financial LLC grew its holdings in shares of Deere & Company by 73.5% during the first quarter. Vest Financial LLC now owns 3,837 shares of the industrial products company's stock worth $1,801,000 after purchasing an additional 1,626 shares during the last quarter. Magnus Financial Group LLC grew its holdings in shares of Deere & Company by 2.8% during the first quarter. Magnus Financial Group LLC now owns 1,219 shares of the industrial products company's stock worth $572,000 after purchasing an additional 33 shares during the last quarter. Procyon Advisors LLC grew its holdings in shares of Deere & Company by 2.6% during the first quarter. Procyon Advisors LLC now owns 6,492 shares of the industrial products company's stock worth $3,047,000 after purchasing an additional 166 shares during the last quarter. Finally, Pines Wealth Management LLC grew its holdings in shares of Deere & Company by 15.9% during the first quarter. Pines Wealth Management LLC now owns 618 shares of the industrial products company's stock worth $290,000 after purchasing an additional 85 shares during the last quarter. Institutional investors own 68.58% of the company's stock.

Deere & Company Price Performance

Shares of DE opened at $462.59 on Friday. Deere & Company has a 52-week low of $387.03 and a 52-week high of $533.78. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19. The business's 50 day moving average price is $484.64 and its two-hundred day moving average price is $489.15. The firm has a market cap of $125.05 billion, a PE ratio of 24.18, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02.

Deere & Company (NYSE:DE - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $10.33 billion. During the same period in the previous year, the firm earned $6.29 earnings per share. The company's revenue was down 9.0% compared to the same quarter last year. On average, equities analysts anticipate that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.48 annualized dividend and a yield of 1.4%. Deere & Company's payout ratio is 33.87%.

Analysts Set New Price Targets

Several research firms have recently weighed in on DE. Evercore ISI set a $491.00 price target on Deere & Company in a report on Tuesday, August 19th. Oppenheimer reduced their price target on Deere & Company from $566.00 to $512.00 and set an "outperform" rating on the stock in a report on Thursday, September 18th. Robert W. Baird reduced their price target on Deere & Company from $520.00 to $488.00 and set a "neutral" rating on the stock in a report on Friday, August 15th. Daiwa Capital Markets reduced their price target on Deere & Company from $565.00 to $530.00 and set an "outperform" rating on the stock in a report on Thursday, September 25th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Deere & Company in a report on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Deere & Company currently has an average rating of "Moderate Buy" and an average target price of $518.18.

About Deere & Company

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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