UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduces Stock Position in Deere & Company $DE

Key Points

• UBS Asset Management reduced its Deere & Company stake by 1.2% in the second quarter, selling 21,609 shares while retaining 1.80 million shares worth approximately $1.14 billion. Institutional investors collectively own 68.58% of the company.
• Deere reported stronger-than-expected quarterly results, with EPS of $5.10 versus the $4.69 consensus and revenue of $12.61 billion, up 6.2% year over year. The stock was recently trading at $630.66, near its 52-week high.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $653.48. Deere also declared a quarterly dividend of $1.62, equivalent to a 1.0% annual yield.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in Deere & Company (NYSE:DE - Free Report) by 1.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,801,164 shares of the industrial products company's stock after selling 21,609 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.67% of Deere & Company worth $1,142,532,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Deere & Company in the 2nd quarter worth approximately $27,000. Kilter Group LLC bought a new position in shares of Deere & Company during the second quarter valued at approximately $29,000. Timmons Wealth Management LLC purchased a new stake in Deere & Company in the fourth quarter worth $29,000. McIlrath & Eck LLC bought a new stake in Deere & Company in the fourth quarter valued at $30,000. Finally, Solstein Capital LLC purchased a new position in Deere & Company during the 2nd quarter valued at $30,000. Hedge funds and other institutional investors own 68.58% of the company's stock.

Analyst Ratings Changes

DE has been the subject of several research analyst reports. Seaport Research Partners set a $570.00 target price on shares of Deere & Company in a research report on Friday, August 14th. Truist Financial decreased their price target on shares of Deere & Company from $812.00 to $804.00 and set a "buy" rating for the company in a research note on Monday, August 24th. Oppenheimer raised their price objective on shares of Deere & Company from $680.00 to $685.00 and gave the stock an "outperform" rating in a report on Thursday, August 20th. Barclays lifted their price objective on Deere & Company from $640.00 to $675.00 and gave the company an "overweight" rating in a research report on Monday, August 24th. Finally, Citigroup increased their target price on Deere & Company from $610.00 to $650.00 and gave the stock a "neutral" rating in a research report on Friday, August 21st. Fourteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $653.48.

Deere & Company Stock Up 1.3%

Deere & Company stock opened at $630.66 on Friday. Deere & Company has a one year low of $433.00 and a one year high of $674.19. The stock has a fifty day moving average of $611.59 and a 200 day moving average of $593.34. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.89 and a current ratio of 2.10. The stock has a market cap of $170.24 billion, a PE ratio of 35.04, a price-to-earnings-growth ratio of 2.60 and a beta of 0.90.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.69 by $0.41. The business had revenue of $12.61 billion for the quarter, compared to analysts' expectations of $10.81 billion. Deere & Company had a return on equity of 18.10% and a net margin of 10.16%.The business's revenue for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the firm posted $4.75 earnings per share. As a group, sell-side analysts predict that Deere & Company will post 18.11 EPS for the current year.

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Wednesday, September 30th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.0%. Deere & Company's dividend payout ratio (DPR) is presently 36.00%.

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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