Resona Asset Management Co. Ltd. Reduces Holdings in Deere & Company $DE

Key Points

• Resona Asset Management cut its Deere & Company stake by 4.1% in the fourth quarter, selling 3,447 shares and ending with 79,767 shares valued at about $37.2 million.
• Deere’s latest quarterly results topped expectations, with EPS of $2.42 versus $1.90 expected and revenue of $9.61 billion, up 17.5% year over year.
• Wall Street remains generally positive on DE: analysts have an average rating of Moderate Buy with an average price target of $655.45, though the stock also faces caution around upcoming earnings and a new right-to-repair lawsuit.

Resona Asset Management Co. Ltd. decreased its holdings in Deere & Company (NYSE:DE - Free Report) by 4.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 79,767 shares of the industrial products company's stock after selling 3,447 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Deere & Company were worth $37,207,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in DE. Csenge Advisory Group lifted its holdings in Deere & Company by 1.1% during the fourth quarter. Csenge Advisory Group now owns 7,522 shares of the industrial products company's stock valued at $3,502,000 after purchasing an additional 82 shares in the last quarter. ProShare Advisors LLC lifted its holdings in Deere & Company by 8.8% during the fourth quarter. ProShare Advisors LLC now owns 46,429 shares of the industrial products company's stock valued at $21,616,000 after purchasing an additional 3,750 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Deere & Company by 9.3% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 3,990 shares of the industrial products company's stock valued at $1,858,000 after purchasing an additional 338 shares in the last quarter. Entrust Financial LLC purchased a new position in Deere & Company during the fourth quarter valued at approximately $69,000. Finally, Blume Capital Management Inc. lifted its holdings in Deere & Company by 0.8% during the fourth quarter. Blume Capital Management Inc. now owns 7,482 shares of the industrial products company's stock valued at $3,483,000 after purchasing an additional 63 shares in the last quarter. Hedge funds and other institutional investors own 68.58% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on DE. Barclays lifted their price target on shares of Deere & Company from $530.00 to $640.00 and gave the company an "overweight" rating in a report on Tuesday, March 31st. Oppenheimer reaffirmed an "outperform" rating and set a $715.00 price target on shares of Deere & Company in a report on Friday, February 20th. Wells Fargo & Company lifted their price target on shares of Deere & Company from $543.00 to $750.00 and gave the company an "overweight" rating in a report on Friday, February 20th. Sanford C. Bernstein lifted their price target on shares of Deere & Company from $521.00 to $615.00 and gave the company a "market perform" rating in a report on Friday, February 20th. Finally, Citigroup lowered their price target on shares of Deere & Company from $675.00 to $625.00 and set a "neutral" rating on the stock in a report on Monday, March 9th. Fifteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $655.45.

Deere & Company Trading Up 0.5%

Deere & Company stock opened at $564.61 on Tuesday. The stock has a market cap of $152.50 billion, a P/E ratio of 31.83, a PEG ratio of 1.96 and a beta of 0.96. The company has a debt-to-equity ratio of 1.59, a current ratio of 2.21 and a quick ratio of 1.96. Deere & Company has a 1 year low of $433.00 and a 1 year high of $674.19. The firm's 50 day moving average price is $580.45 and its 200-day moving average price is $538.11.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.52. The firm had revenue of $9.61 billion for the quarter, compared to analysts' expectations of $7.50 billion. Deere & Company had a net margin of 10.29% and a return on equity of 18.93%. The company's revenue for the quarter was up 17.5% compared to the same quarter last year. During the same quarter last year, the business posted $3.19 earnings per share. On average, equities analysts predict that Deere & Company will post 18.01 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Tuesday, March 31st were given a dividend of $1.62 per share. The ex-dividend date was Tuesday, March 31st. This represents a $6.48 annualized dividend and a dividend yield of 1.1%. Deere & Company's dividend payout ratio (DPR) is presently 36.53%.

Key Deere & Company News

Here are the key news stories impacting Deere & Company this week:

• Positive Sentiment: Analysts remain moderately optimistic about Deere & Company (DE) even though the stock has underperformed the broader market over the past year, suggesting some investors still see upside if execution improves. What Are Wall Street Analysts' Target Price for Deere & Company Stock?
• Neutral Sentiment: Wall Street’s key-metric previews ahead of Deere’s Q2 report suggest investors are focusing on operating trends such as demand, margins, and equipment sales to gauge whether the quarter came in better or worse than expected. Wall Street's Insights Into Key Metrics Ahead of Deere (DE) Q2 Earnings
• Neutral Sentiment: Deere is expected to report Q2 earnings soon, and investors are watching for whether higher revenue can offset weaker farm spending and rising costs; consensus calls for earnings to fall about 12.5% year over year. Deere Gears Up to Report Q2 Earnings: What to Expect for the Stock?
• Negative Sentiment: A new lawsuit accusing Deere & Company (DE) of blocking right-to-repair access for construction equipment adds another legal and reputational overhang for the company. Deere Hit With New Lawsuit, This One for Construction Equipment Right to Repair
• Negative Sentiment: Comparisons with Caterpillar highlighted Deere’s weaker earnings growth and revenue momentum relative to CAT, which may pressure investor sentiment toward DE heading into earnings. Caterpillar vs. Deere: Which Heavy Equipment Stock is the Better Buy?

About Deere & Company

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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