Principal Financial Group Inc. reduced its position in Deere & Company (NYSE:DE - Free Report) by 4.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 886,979 shares of the industrial products company's stock after selling 42,836 shares during the period. Principal Financial Group Inc. owned 0.33% of Deere & Company worth $416,304,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in DE. Orion Capital Management LLC bought a new stake in Deere & Company during the fourth quarter worth approximately $34,000. Mascagni Wealth Management Inc. bought a new stake in Deere & Company during the fourth quarter worth approximately $39,000. Dogwood Wealth Management LLC bought a new stake in Deere & Company during the fourth quarter worth approximately $42,000. Wood Tarver Financial Group LLC bought a new stake in Deere & Company during the fourth quarter worth approximately $43,000. Finally, Citizens National Bank Trust Department bought a new stake in Deere & Company during the first quarter worth approximately $45,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.
Deere & Company Trading Down 0.5%
NYSE:DE traded down $2.82 during midday trading on Thursday, hitting $517.50. The stock had a trading volume of 470,313 shares, compared to its average volume of 1,356,450. Deere & Company has a one year low of $340.20 and a one year high of $533.78. The company has a market capitalization of $140.15 billion, a price-to-earnings ratio of 25.04, a PEG ratio of 3.30 and a beta of 1.08. The stock has a 50-day moving average of $504.22 and a 200 day moving average of $474.18. The company has a quick ratio of 1.89, a current ratio of 2.11 and a debt-to-equity ratio of 1.76.
Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data 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 return on equity of 24.39% and a net margin of 12.40%. The company had revenue of $11.17 billion for the quarter, compared to analysts' expectations of $10.80 billion. During the same quarter in the prior year, the firm earned $8.53 earnings per share. Deere & Company's revenue was down 17.9% 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 year.
Deere & Company Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Monday, June 30th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.25%. Deere & Company's dividend payout ratio is currently 31.35%.
Analysts Set New Price Targets
Several equities research analysts have weighed in on DE shares. Robert W. Baird boosted their price objective on Deere & Company from $501.00 to $514.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. The Goldman Sachs Group reissued a "buy" rating on shares of Deere & Company in a research note on Thursday, May 15th. Argus set a $510.00 target price on Deere & Company in a research note on Friday, March 7th. Morgan Stanley upped their target price on Deere & Company from $450.00 to $500.00 and gave the company an "overweight" rating in a research note on Wednesday, April 16th. Finally, DA Davidson reaffirmed a "buy" rating and set a $542.00 target price on shares of Deere & Company in a research note on Friday, May 16th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $515.19.
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About Deere & Company
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Free Report)
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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