Swiss National Bank Sells 38,900 Shares of Deere & Company $DE

Key Points

• Swiss National Bank trimmed its position in Deere by 5.0%, selling 38,900 shares to hold 741,700 shares (a 0.27% stake) valued at about $339.15 million after the quarter.
• Deere beat expectations with Q results of $2.42 EPS vs. $1.90 estimate and $9.61 billion revenue (up 17.5% YoY) and announced a $1.62 quarterly dividend ($6.48 annual, ~1.1% yield).
• Several analysts raised price targets (e.g., Truist $793, DA Davidson $775, Morgan Stanley $730), leaving a consensus rating of "Moderate Buy" and an average price target of $647.20.

Swiss National Bank lowered its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 5.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 741,700 shares of the industrial products company's stock after selling 38,900 shares during the quarter. Swiss National Bank owned 0.27% of Deere & Company worth $339,150,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Norges Bank purchased a new position in Deere & Company in the second quarter worth about $1,578,243,000. Marshall Wace LLP raised its position in Deere & Company by 573.9% during the second quarter. Marshall Wace LLP now owns 842,882 shares of the industrial products company's stock valued at $428,597,000 after purchasing an additional 717,808 shares during the period. Laurel Wealth Advisors LLC raised its position in Deere & Company by 50,691.9% during the second quarter. Laurel Wealth Advisors LLC now owns 332,179 shares of the industrial products company's stock valued at $168,910,000 after purchasing an additional 331,525 shares during the period. Vanguard Group Inc. lifted its stake in shares of Deere & Company by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 22,372,671 shares of the industrial products company's stock valued at $11,376,279,000 after purchasing an additional 309,081 shares during the last quarter. Finally, Loomis Sayles & Co. L P boosted its holdings in shares of Deere & Company by 26.8% in the 2nd quarter. Loomis Sayles & Co. L P now owns 1,386,321 shares of the industrial products company's stock worth $704,930,000 after purchasing an additional 292,932 shares during the period. 68.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

DE has been the topic of several analyst reports. Truist Financial boosted their target price on Deere & Company from $612.00 to $793.00 and gave the company a "buy" rating in a research report on Friday, February 20th. DA Davidson increased their target price on shares of Deere & Company from $580.00 to $775.00 and gave the company a "buy" rating in a research note on Friday, February 20th. Bank of America raised their target price on shares of Deere & Company from $502.00 to $672.00 and gave the stock a "neutral" rating in a report on Friday, February 20th. Citigroup increased their price objective on shares of Deere & Company from $515.00 to $675.00 and gave the stock a "neutral" rating in a research report on Monday, February 23rd. Finally, Morgan Stanley raised their price objective on shares of Deere & Company from $560.00 to $730.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. Sixteen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $647.20.

Deere & Company Trading Down 0.2%

NYSE DE opened at $589.22 on Monday. The company's 50-day moving average price is $551.94 and its 200-day moving average price is $499.62. The company has a current ratio of 2.21, a quick ratio of 1.96 and a debt-to-equity ratio of 1.59. The stock has a market cap of $159.15 billion, a PE ratio of 33.21, a PEG ratio of 2.07 and a beta of 0.96. Deere & Company has a 12 month low of $404.42 and a 12 month high of $674.19.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.90 by $0.52. The company had revenue of $9.61 billion during the quarter, compared to analyst estimates of $7.50 billion. Deere & Company had a net margin of 10.29% and a return on equity of 18.93%. The firm's revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter last year, the business posted $3.19 EPS. Equities research analysts forecast that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Tuesday, March 31st will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $6.48 dividend on an annualized basis and a yield of 1.1%. Deere & Company's payout ratio is 36.53%.

Insider Buying and Selling at Deere & Company

In other news, insider Cory J. Reed sold 12,000 shares of the firm's stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $510.00, for a total transaction of $6,120,000.00. Following the transaction, the insider owned 20,792 shares in the company, valued at approximately $10,603,920. This trade represents a 36.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO John C. May II sold 41,472 shares of Deere & Company stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $501.49, for a total value of $20,797,793.28. Following the completion of the sale, the chief executive officer owned 117,970 shares of the company's stock, valued at $59,160,775.30. The trade was a 26.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.29% of the stock is currently owned by corporate insiders.

Deere & Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.