US Bancorp DE Reduces Stake in Deere & Company $DE

Key Points

• Institutional moves: US Bancorp DE reduced its stake in Deere by 4.6% in Q4 to 234,633 shares (~$109.24M), while several other institutions notably increased holdings (e.g., M&T Bank up 1,199.8% to 1,864,701 shares); overall institutional ownership stands at 68.58%.
• Earnings beat: Deere reported $2.42 EPS vs. $1.90 expected and revenue of $9.61 billion vs. $7.50 billion, with quarterly revenue up 17.5% year-over-year.
• Dividend and analyst outlook: Deere declared a quarterly dividend of $1.62 per share (annualized $6.48, yield 1.1%, ex-dividend date March 31, payable May 8) and carries a consensus "Moderate Buy" rating with a $655.45 price target.

US Bancorp DE reduced its position in Deere & Company (NYSE:DE - Free Report) by 4.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,633 shares of the industrial products company's stock after selling 11,346 shares during the period. US Bancorp DE owned about 0.09% of Deere & Company worth $109,238,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of DE. M&T Bank Corp increased its stake in Deere & Company by 1,199.8% in the 4th quarter. M&T Bank Corp now owns 1,864,701 shares of the industrial products company's stock valued at $868,149,000 after purchasing an additional 1,721,239 shares in the last quarter. Van ECK Associates Corp increased its stake in Deere & Company by 278.0% in the 3rd quarter. Van ECK Associates Corp now owns 487,697 shares of the industrial products company's stock valued at $223,005,000 after purchasing an additional 358,687 shares in the last quarter. Invesco Ltd. increased its stake in Deere & Company by 21.7% in the 3rd quarter. Invesco Ltd. now owns 1,815,007 shares of the industrial products company's stock valued at $829,930,000 after purchasing an additional 323,512 shares in the last quarter. Capital World Investors increased its stake in Deere & Company by 5.5% in the 3rd quarter. Capital World Investors now owns 6,233,740 shares of the industrial products company's stock valued at $2,850,687,000 after purchasing an additional 322,582 shares in the last quarter. Finally, Two Sigma Investments LP purchased a new position in Deere & Company in the 3rd quarter valued at approximately $143,519,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Price Performance

Shares of NYSE:DE opened at $591.19 on Friday. The business's fifty day moving average price is $590.37 and its two-hundred day moving average price is $528.84. The stock has a market cap of $159.68 billion, a PE ratio of 33.33, a price-to-earnings-growth ratio of 1.95 and a beta of 0.98. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.96 and a current ratio of 2.21. Deere & Company has a one year low of $433.00 and a one year high of $674.19.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, February 19th. The industrial products company reported $2.42 EPS for the quarter, beating analysts' consensus estimates of $1.90 by $0.52. The firm had revenue of $9.61 billion for the quarter, compared to analysts' expectations of $7.50 billion. Deere & Company had a return on equity of 18.93% and a net margin of 10.29%.Deere & Company's quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.19 EPS. On average, analysts forecast that Deere & Company will post 18.01 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $1.62 per share. The ex-dividend date is Tuesday, March 31st. This represents a $6.48 annualized dividend and a dividend yield of 1.1%. Deere & Company's dividend payout ratio (DPR) is 36.53%.

Analyst Ratings Changes

DE has been the subject of several research analyst reports. DA Davidson raised their price objective on Deere & Company from $580.00 to $775.00 and gave the company a "buy" rating in a research note on Friday, February 20th. Citigroup lowered their target price on Deere & Company from $675.00 to $625.00 and set a "neutral" rating on the stock in a report on Monday, March 9th. Robert W. Baird lowered their target price on Deere & Company from $675.00 to $580.00 and set a "neutral" rating on the stock in a report on Thursday, April 2nd. Morgan Stanley increased their target price on Deere & Company from $560.00 to $730.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Finally, Bank of America increased their target price on Deere & Company from $502.00 to $672.00 and gave the company a "neutral" rating in a report on Friday, February 20th. Sixteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, Deere & Company currently has a consensus rating of "Moderate Buy" and a consensus price target of $655.45.

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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