State of New Jersey Common Pension Fund D Sells 8,215 Shares of Deere & Company $DE

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Deere & Company by 8.6% during the first quarter, resulting in ownership of 87,389 shares worth approximately $41 million.
• Analysts have raised target prices for Deere's stock, with estimates ranging from $514 to $560, while maintaining a consensus rating of "Hold."
• Deere recently reported an earnings per share (EPS) of $4.75, exceeding analyst expectations, albeit with a 9% decline in year-over-year revenue.

State of New Jersey Common Pension Fund D decreased its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 8.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,389 shares of the industrial products company's stock after selling 8,215 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Deere & Company were worth $41,016,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Deere & Company by 0.8% in the first quarter. Vanguard Group Inc. now owns 22,063,590 shares of the industrial products company's stock worth $10,355,546,000 after buying an additional 185,671 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Deere & Company by 19.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,589,760 shares of the industrial products company's stock worth $2,792,082,000 after buying an additional 1,095,736 shares during the last quarter. Capital World Investors lifted its position in shares of Deere & Company by 2.7% in the fourth quarter. Capital World Investors now owns 6,058,259 shares of the industrial products company's stock worth $2,566,884,000 after buying an additional 157,224 shares during the last quarter. Northern Trust Corp lifted its position in shares of Deere & Company by 12.8% in the fourth quarter. Northern Trust Corp now owns 2,915,729 shares of the industrial products company's stock worth $1,235,394,000 after buying an additional 330,915 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Deere & Company by 7.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,587,065 shares of the industrial products company's stock worth $1,096,179,000 after buying an additional 184,203 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on DE. Evercore ISI boosted 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. Oppenheimer boosted their price target on Deere & Company from $560.00 to $566.00 and gave the stock an "outperform" rating in a research report on Friday. Melius Research raised Deere & Company from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 6th. Raymond James Financial boosted their price objective on Deere & Company from $530.00 to $560.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Finally, Truist Financial cut their price objective on Deere & Company from $619.00 to $602.00 and set a "buy" rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Deere & Company currently has a consensus rating of "Hold" and a consensus price target of $524.00.

Deere & Company Stock Performance

Shares of NYSE:DE traded up $2.03 during trading on Monday, hitting $490.83. 1,391,564 shares of the stock were exchanged, compared to its average volume of 1,399,365. Deere & Company has a 1-year low of $371.76 and a 1-year high of $533.78. The company has a market capitalization of $132.93 billion, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 3.10 and a beta of 1.06. The company's fifty day simple moving average is $510.56 and its 200-day simple moving average is $490.14. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 earnings per share for the quarter, topping the consensus estimate of $4.62 by $0.13. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%. The company had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.33 billion. During the same quarter last year, the firm earned $6.29 EPS. Deere & Company's revenue for the quarter was down 9.0% compared to the same quarter last year. Sell-side analysts expect that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Monday, June 30th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Monday, June 30th. Deere & Company's dividend payout ratio is currently 33.87%.

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.