State of Michigan Retirement System Sells 2,300 Shares of Deere & Company $DE

Key Points

• State of Michigan Retirement System reduced its stake in Deere & Company by 3.4% in Q4, selling 2,300 shares and now holding 65,857 shares worth about $30.66 million.
• Deere beat quarterly expectations, reporting $2.42 EPS vs. $1.90 estimate and $9.61 billion in revenue (up 17.5% YoY); analysts have an average rating of Moderate Buy with a mean target of $655.45.
• Deere declared a quarterly dividend of $1.62 (annualized $6.48) for a yield of roughly 1.2%, with the record/ex-dividend date on March 31 and a payment date of May 8.

State of Michigan Retirement System lessened its position in Deere & Company (NYSE:DE - Free Report) by 3.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 65,857 shares of the industrial products company's stock after selling 2,300 shares during the period. State of Michigan Retirement System's holdings in Deere & Company were worth $30,661,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Strategic Advocates LLC acquired a new position in shares of Deere & Company during the third quarter worth approximately $25,000. Key Capital Management INC acquired a new stake in Deere & Company in the 4th quarter valued at $27,000. Activest Wealth Management increased its stake in Deere & Company by 69.2% during the 3rd quarter. Activest Wealth Management now owns 66 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 27 shares in the last quarter. Wealth Watch Advisors INC bought a new stake in Deere & Company during the 3rd quarter valued at $32,000. Finally, High Point Wealth Management LLC acquired a new position in Deere & Company during the fourth quarter worth $41,000. Institutional investors own 68.58% of the company's stock.

Analyst Ratings Changes

DE has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their price objective on shares of Deere & Company from $525.00 to $550.00 and gave the company a "neutral" rating in a research note on Friday, April 10th. Citigroup decreased their target price on shares of Deere & Company from $675.00 to $625.00 and set a "neutral" rating for the company in a research report on Monday, March 9th. Royal Bank Of Canada upped their target price on shares of Deere & Company from $541.00 to $736.00 and gave the stock an "outperform" rating in a report on Friday, February 20th. Oppenheimer reaffirmed an "outperform" rating and issued a $715.00 price target on shares of Deere & Company in a research report on Friday, February 20th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $765.00 price target on shares of Deere & Company in a research note on Monday, February 23rd. Sixteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $655.45.

Deere & Company Stock Performance

Shares of DE stock opened at $562.54 on Monday. The company has a debt-to-equity ratio of 1.59, a current ratio of 2.21 and a quick ratio of 1.96. The firm has a 50-day moving average of $593.61 and a 200-day moving average of $526.56. Deere & Company has a one year low of $433.00 and a one year high of $674.19. The company has a market cap of $151.95 billion, a P/E ratio of 31.71, a P/E/G ratio of 1.96 and a beta of 0.98.

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

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Tuesday, March 31st will be given a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $6.48 annualized dividend and a yield of 1.2%. Deere & Company's payout ratio is currently 36.53%.

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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