State of New Jersey Common Pension Fund D Cuts Stock Holdings in Deere & Company $DE

Key Points

• State of New Jersey Common Pension Fund D trimmed its stake in Deere & Company by 1.9% in Q4, selling 1,748 shares and ending the period with 88,934 shares valued at $41.405 million.
• Several analysts raised price targets sharply (UBS to $775, Wells Fargo to $750, RBC to $736), and the consensus rating is Moderate Buy with an average price target of $655.45.
• Deere reported a strong quarter—EPS $2.42 vs. $1.90 expected and revenue $9.61B vs. $7.50B—and announced a $1.62 quarterly dividend ($6.48 annual, ~1.1% yield).

State of New Jersey Common Pension Fund D trimmed its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 1.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,934 shares of the industrial products company's stock after selling 1,748 shares during the period. State of New Jersey Common Pension Fund D's holdings in Deere & Company were worth $41,405,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

DE has been the topic of a number of research analyst reports. UBS Group boosted their target price on Deere & Company from $535.00 to $775.00 and gave the stock a "buy" rating in a research report on Friday, February 20th. Wells Fargo & Company lifted their price target on Deere & Company from $543.00 to $750.00 and gave the stock an "overweight" rating in a research note on Friday, February 20th. Raymond James Financial reissued an "outperform" rating and issued a $765.00 price objective on shares of Deere & Company in a research note on Monday, February 23rd. JPMorgan Chase & Co. raised their target price on shares of Deere & Company from $525.00 to $550.00 and gave the company a "neutral" rating in a report on Friday, April 10th. Finally, Royal Bank Of Canada lifted their target price on shares of Deere & Company from $541.00 to $736.00 and gave the stock an "outperform" rating in a research report on Friday, February 20th. Sixteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $655.45.

Deere & Company Stock Up 2.6%

Shares of NYSE:DE opened at $574.67 on Thursday. The company has a quick ratio of 1.96, a current ratio of 2.21 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $155.22 billion, a P/E ratio of 32.27, a P/E/G ratio of 1.98 and a beta of 0.98. Deere & Company has a 52-week low of $433.00 and a 52-week high of $674.19. The stock's fifty day simple moving average is $591.57 and its 200-day simple moving average is $528.40.

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

Deere & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Stockholders of record on Tuesday, March 31st will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, March 31st. 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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