South Dakota Investment Council Lowers Stake in Deere & Company (NYSE:DE)

South Dakota Investment Council lowered its stake in shares of Deere & Company (NYSE:DE - Free Report) by 18.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,857 shares of the industrial products company's stock after selling 8,148 shares during the period. South Dakota Investment Council's holdings in Deere & Company were worth $16,360,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of DE. Assenagon Asset Management S.A. raised its stake in Deere & Company by 58.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company's stock worth $6,395,000 after acquiring an additional 5,053 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its stake in Deere & Company by 10.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company's stock worth $3,863,000 after acquiring an additional 798 shares during the last quarter. Stenger Family Office LLC purchased a new position in Deere & Company in the 4th quarter worth $3,144,000. Stratos Investment Management LLC purchased a new position in Deere & Company in the 1st quarter worth $271,000. Finally, Telos Capital Management Inc. raised its stake in Deere & Company by 28.2% in the 1st quarter. Telos Capital Management Inc. now owns 3,391 shares of the industrial products company's stock worth $1,592,000 after acquiring an additional 746 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company's stock.

Deere & Company Stock Performance

NYSE DE traded up $0.81 during trading hours on Friday, hitting $499.95. 1,064,545 shares of the stock were exchanged, compared to its average volume of 1,342,614. The company has a market cap of $135.40 billion, a price-to-earnings ratio of 24.19, a price-to-earnings-growth ratio of 3.16 and a beta of 1.08. Deere & Company has a 12-month low of $340.20 and a 12-month high of $533.78. The stock has a 50-day moving average of $512.85 and a 200 day moving average of $480.65. 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 issued its earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share for the quarter, topping the consensus estimate of $5.72 by $0.92. Deere & Company had a net margin of 12.40% and a return on equity of 24.39%. The company had revenue of $11.17 billion for the quarter, compared to analyst estimates of $10.80 billion. During the same period in the prior year, the business posted $8.53 earnings per share. The firm's revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, equities research analysts forecast that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Monday, June 30th will be given a $1.62 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.30%. Deere & Company's dividend payout ratio is presently 31.35%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on DE shares. Bank of America increased their price target on Deere & Company from $495.00 to $556.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Deere & Company in a research report on Thursday, May 15th. Morgan Stanley increased their price target on Deere & Company from $450.00 to $500.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 16th. Robert W. Baird increased their price target on Deere & Company from $501.00 to $514.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Finally, Evercore ISI increased their price target on Deere & Company from $455.00 to $493.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $515.50.

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.

Want to see what other hedge funds are holding DE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Deere & Company (NYSE:DE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.