PNC Financial Services Group Inc. Sells 2,902 Shares of Deere & Company $DE

Key Points

• PNC Financial Services Group trimmed its Deere stake by 1.2% in the first quarter, selling 2,902 shares and leaving it with 239,051 shares valued at about $134.7 million.
• Deere reported better-than-expected quarterly results, with EPS of $6.55 versus estimates of $5.70 and revenue of $13.37 billion versus $11.55 billion expected.
• Wall Street remains broadly constructive on the stock, with analysts assigning Deere a Moderate Buy rating and a consensus price target of $642.98; the shares recently traded at $607.63.

PNC Financial Services Group Inc. reduced its stake in shares of Deere & Company (NYSE:DE - Free Report) by 1.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 239,051 shares of the industrial products company's stock after selling 2,902 shares during the period. PNC Financial Services Group Inc. owned 0.09% of Deere & Company worth $134,658,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DE. Anchyra Partners LLC raised its stake in Deere & Company by 0.5% during the 1st quarter. Anchyra Partners LLC now owns 3,191 shares of the industrial products company's stock worth $1,797,000 after acquiring an additional 17 shares during the period. William B. Walkup & Associates Inc. boosted its position in shares of Deere & Company by 0.6% in the first quarter. William B. Walkup & Associates Inc. now owns 2,908 shares of the industrial products company's stock worth $1,638,000 after purchasing an additional 17 shares during the period. Advisortrust Partners LLC boosted its position in shares of Deere & Company by 2.0% in the first quarter. Advisortrust Partners LLC now owns 914 shares of the industrial products company's stock worth $515,000 after purchasing an additional 18 shares during the period. Cerro Pacific Wealth Advisors LLC increased its stake in shares of Deere & Company by 0.6% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 3,179 shares of the industrial products company's stock worth $1,480,000 after purchasing an additional 19 shares in the last quarter. Finally, Hazlett Burt & Watson Inc. increased its stake in shares of Deere & Company by 2.4% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 816 shares of the industrial products company's stock worth $379,000 after purchasing an additional 19 shares in the last quarter. 68.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DE has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of Deere & Company from a "sell" rating to a "hold" rating in a research note on Sunday, July 5th. Citigroup increased their price target on Deere & Company from $575.00 to $610.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Barclays increased their price target on Deere & Company from $530.00 to $640.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 31st. Oppenheimer restated an "outperform" rating and issued a $680.00 price objective (down from $715.00) on shares of Deere & Company in a research report on Wednesday, May 27th. Finally, JPMorgan Chase & Co. boosted their price objective on Deere & Company from $560.00 to $590.00 and gave the company a "neutral" rating in a research report on Thursday, June 4th. Fourteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $642.98.

Deere & Company Price Performance

DE stock opened at $607.63 on Thursday. Deere & Company has a one year low of $433.00 and a one year high of $674.19. The company's fifty day moving average price is $583.01 and its 200-day moving average price is $574.70. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.95 and a current ratio of 2.18. The company has a market capitalization of $164.02 billion, a PE ratio of 34.43, a price-to-earnings-growth ratio of 2.48 and a beta of 0.89.

Deere & Company (NYSE:DE - Get Free Report) last issued its earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, topping analysts' consensus estimates of $5.70 by $0.85. The firm had revenue of $13.37 billion during the quarter, compared to analyst estimates of $11.55 billion. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. Deere & Company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $6.64 earnings per share. On average, equities analysts anticipate that Deere & Company will post 18.27 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, June 30th. Deere & Company's dividend payout ratio is 36.71%.

Deere & Company Profile

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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