Park National Corp OH Trims Stock Position in Deere & Company $DE

Key Points

• Park National Corp OH reduced its stake in Deere & Company by 2.3% during the second quarter, holding 86,547 shares valued at approximately $44 million, which constitutes 1.5% of its portfolio.
• Deere & Company recently reported earnings of $4.75 per share, exceeding estimates, with a net margin of 11.72% and a revenue of $10.36 billion, although revenue decreased by 9.0% year-over-year.
• The company has announced a quarterly dividend of $1.62, representing an annual yield of 1.4%, with the ex-dividend date set for September 30th.

Park National Corp OH decreased its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 2.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 86,547 shares of the industrial products company's stock after selling 2,078 shares during the quarter. Deere & Company accounts for about 1.5% of Park National Corp OH's investment portfolio, making the stock its 13th biggest position. Park National Corp OH's holdings in Deere & Company were worth $44,008,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of DE. Assenagon Asset Management S.A. raised its position in Deere & Company by 58.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company's stock valued at $6,395,000 after purchasing an additional 5,053 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in Deere & Company by 10.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company's stock valued at $3,863,000 after purchasing an additional 798 shares in the last quarter. Providence Capital Advisors LLC raised its position in Deere & Company by 2.1% during the 1st quarter. Providence Capital Advisors LLC now owns 14,639 shares of the industrial products company's stock valued at $6,871,000 after purchasing an additional 303 shares in the last quarter. Bragg Financial Advisors Inc raised its position in Deere & Company by 12.7% during the 1st quarter. Bragg Financial Advisors Inc now owns 7,213 shares of the industrial products company's stock valued at $3,386,000 after purchasing an additional 813 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. bought a new stake in Deere & Company during the 1st quarter valued at $13,588,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Stock Performance

DE traded down $1.13 on Monday, reaching $469.38. 1,786,319 shares of the stock were exchanged, compared to its average volume of 1,246,319. The company's 50-day moving average price is $496.57 and its 200 day moving average price is $490.32. Deere & Company has a fifty-two week low of $387.03 and a fifty-two week high of $533.78. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.19 and a quick ratio of 1.98. The firm has a market capitalization of $126.89 billion, a PE ratio of 24.54, a PEG ratio of 3.02 and a beta of 1.00.

Deere & Company (NYSE:DE - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The industrial products company reported $4.75 EPS for the quarter, topping analysts' consensus estimates of $4.62 by $0.13. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%.The company had revenue of $10.36 billion during the quarter, compared to analysts' expectations of $10.33 billion. During the same quarter in the previous year, the firm posted $6.29 EPS. The firm's revenue was down 9.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wall Street Zen raised Deere & Company from a "sell" rating to a "hold" rating in a research report on Saturday. Melius Research raised Deere & Company from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 6th. Melius raised Deere & Company from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. Citigroup dropped their target price on Deere & Company from $550.00 to $525.00 and set a "neutral" rating on the stock in a research report on Friday, May 30th. Finally, Evercore ISI set a $491.00 target price on Deere & Company in a research report on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $520.87.

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.