US Bancorp DE Cuts Holdings in Deere & Company $DE

Key Points

• US Bancorp DE reduced its position in Deere & Company by 0.4%, owning 259,212 shares valued at approximately $131.8 million as of the end of the second quarter.
• Deere & Company reported an EPS of $4.75 for the last quarter, beating estimates and decreasing revenue by 9.0% year-over-year.
• The company announced a quarterly dividend of $1.62, which will be paid on November 10th, with a current yield of 1.4%.

US Bancorp DE decreased its position in Deere & Company (NYSE:DE - Free Report) by 0.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 259,212 shares of the industrial products company's stock after selling 920 shares during the period. US Bancorp DE owned about 0.10% of Deere & Company worth $131,807,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hager Investment Management Services LLC increased its holdings in Deere & Company by 11.6% in the second quarter. Hager Investment Management Services LLC now owns 336 shares of the industrial products company's stock valued at $171,000 after buying an additional 35 shares in the last quarter. Morey & Quinn Wealth Partners LLC increased its holdings in Deere & Company by 3.7% in the second quarter. Morey & Quinn Wealth Partners LLC now owns 2,839 shares of the industrial products company's stock valued at $1,444,000 after buying an additional 100 shares in the last quarter. Maryland State Retirement & Pension System increased its holdings in Deere & Company by 1.7% in the second quarter. Maryland State Retirement & Pension System now owns 11,875 shares of the industrial products company's stock valued at $6,038,000 after buying an additional 202 shares in the last quarter. Optas LLC increased its stake in shares of Deere & Company by 105.8% during the second quarter. Optas LLC now owns 1,568 shares of the industrial products company's stock worth $797,000 after purchasing an additional 806 shares in the last quarter. Finally, Massachusetts Wealth Management increased its stake in shares of Deere & Company by 0.7% during the second quarter. Massachusetts Wealth Management now owns 5,067 shares of the industrial products company's stock worth $2,577,000 after purchasing an additional 35 shares in the last quarter. Hedge funds and other institutional investors own 68.58% of the company's stock.

Deere & Company Stock Down 0.1%

Shares of NYSE DE opened at $461.06 on Thursday. Deere & Company has a 12-month low of $387.03 and a 12-month high of $533.78. The stock has a market cap of $124.64 billion, a PE ratio of 24.10, a P/E/G ratio of 2.97 and a beta of 1.02. The company has a current ratio of 2.19, a quick ratio of 1.98 and a debt-to-equity ratio of 1.76. The company has a 50-day moving average of $481.60 and a 200 day moving average of $488.75.

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 (EPS) for the quarter, beating the consensus estimate of $4.62 by $0.13. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The company had revenue of $10.36 billion during the quarter, compared to analysts' expectations of $10.33 billion. During the same quarter in the prior year, the company earned $6.29 EPS. Deere & Company's revenue was down 9.0% compared to the same quarter last year. As a group, sell-side analysts predict that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.4%. The ex-dividend date is Tuesday, September 30th. Deere & Company's payout ratio is presently 33.87%.

Wall Street Analysts Forecast Growth

DE has been the subject of a number of research reports. Robert W. Baird cut their target price on shares of Deere & Company from $520.00 to $488.00 and set a "neutral" rating for the company in a research note on Friday, August 15th. Evercore ISI set a $491.00 target price on shares of Deere & Company in a research note on Tuesday, August 19th. Wolfe Research cut their target price on shares of Deere & Company from $550.00 to $520.00 and set an "outperform" rating for the company in a research note on Friday, October 3rd. Truist Financial boosted their target price on shares of Deere & Company from $602.00 to $609.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, DA Davidson cut their target price on shares of Deere & Company from $595.00 to $580.00 and set a "buy" rating for the company in a research note on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $518.59.

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.

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