Pinnacle Associates Ltd. Has $3.37 Million Position in Deere & Company (NYSE:DE)

Key Points

• Pinnacle Associates Ltd. reduced its stake in Deere & Company by 64.6% in the first quarter, ending with 7,187 shares valued at approximately $3.37 million.
• Deere & Company reported $6.64 EPS, exceeding analysts' estimates of $5.72, despite a 17.9% drop in quarterly revenue year-over-year.
• The company declared a quarterly dividend of $1.62 per share, representing an annualized yield of 1.25%, scheduled to be paid on August 8th.

Pinnacle Associates Ltd. cut its position in Deere & Company (NYSE:DE - Free Report) by 64.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,187 shares of the industrial products company's stock after selling 13,141 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Deere & Company were worth $3,373,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hughes Financial Services LLC acquired a new stake in Deere & Company in the 1st quarter worth $29,000. Cornerstone Planning Group LLC grew its position in Deere & Company by 116.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after purchasing an additional 36 shares during the last quarter. Orion Capital Management LLC acquired a new stake in Deere & Company in the 4th quarter worth $34,000. Mascagni Wealth Management Inc. bought a new position in shares of Deere & Company during the 4th quarter worth about $39,000. Finally, Citizens National Bank Trust Department bought a new position in shares of Deere & Company during the 1st quarter worth about $45,000. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. BMO Capital Markets reaffirmed a "market perform" rating and set a $460.00 price objective (up from $425.00) on shares of Deere & Company in a report on Wednesday, May 21st. Wall Street Zen downgraded shares of Deere & Company from a "hold" rating to a "sell" rating in a report on Friday, May 30th. Bank of America lifted their price target on shares of Deere & Company from $495.00 to $556.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Truist Financial boosted their price target on shares of Deere & Company from $546.00 to $619.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Finally, Oppenheimer set a $560.00 price target on shares of Deere & Company and gave the company an "outperform" rating in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $515.50.

Deere & Company Trading Up 0.6%

Shares of DE traded up $2.92 on Friday, reaching $517.58. 858,413 shares of the company's stock were exchanged, compared to its average volume of 1,107,224. The company has a current ratio of 2.11, a quick ratio of 1.89 and a debt-to-equity ratio of 1.76. The stock has a market capitalization of $140.18 billion, a P/E ratio of 25.04, a price-to-earnings-growth ratio of 3.28 and a beta of 1.08. The business has a 50 day moving average price of $513.03 and a two-hundred day moving average price of $484.29. Deere & Company has a 12 month low of $340.20 and a 12 month high of $533.78.

Deere & Company (NYSE:DE - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share for the quarter, topping analysts' consensus estimates of $5.72 by $0.92. The business had revenue of $11.17 billion during the quarter, compared to the consensus estimate of $10.80 billion. Deere & Company had a net margin of 12.40% and a return on equity of 24.39%. Deere & Company's revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $8.53 earnings per share. Research analysts anticipate that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Monday, June 30th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis 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 31.35%.

Deere & 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.