Washington Trust Advisors Inc. Sells 4,100 Shares of Deere & Company $DE

Key Points

• Washington Trust Advisors reduced its Deere & Company stake by 6.4%, selling 4,100 shares and retaining 59,530 shares valued at approximately $37.8 million. Institutional investors collectively own 68.58% of Deere’s stock.
• 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.
• Analyst sentiment remains positive, with 16 Buy ratings and eight Holds; the consensus rating is “Moderate Buy” with a $680.73 price target. Deere also declared a quarterly dividend of $1.62 per share.

Washington Trust Advisors Inc. lowered its stake in shares of Deere & Company (NYSE:DE - Free Report) by 6.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,530 shares of the industrial products company's stock after selling 4,100 shares during the quarter. Deere & Company makes up about 2.8% of Washington Trust Advisors Inc.'s investment portfolio, making the stock its 9th largest holding. Washington Trust Advisors Inc.'s holdings in Deere & Company were worth $37,762,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Mowery & Schoenfeld Wealth Management LLC bought a new position in Deere & Company during the 2nd quarter valued at $27,000. Kilter Group LLC bought a new stake in shares of Deere & Company in the 2nd quarter worth about $29,000. Solstein Capital LLC bought a new stake in shares of Deere & Company in the 2nd quarter worth about $30,000. Orion Capital Management LLC acquired a new stake in shares of Deere & Company in the 2nd quarter valued at about $32,000. Finally, Markowski Investments acquired a new stake in shares of Deere & Company in the 2nd quarter valued at about $34,000. Institutional investors own 68.58% of the company's stock.

Deere & Company Price Performance

DE opened at $692.68 on Monday. The firm has a market cap of $186.76 billion, a price-to-earnings ratio of 38.48, a price-to-earnings-growth ratio of 2.86 and a beta of 0.90. Deere & Company has a fifty-two week low of $433.00 and a fifty-two week high of $705.88. The company's 50-day moving average price is $619.13 and its 200 day moving average price is $596.25. The company has a quick ratio of 1.89, a current ratio of 2.10 and a debt-to-equity ratio of 1.45.

Deere & Company (NYSE:DE - Get Free Report) last issued its earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.69 by $0.41. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The firm had revenue of $12.61 billion for the quarter, compared to analysts' expectations of $10.81 billion. During the same quarter last year, the company posted $4.75 earnings per share. Deere & Company's revenue was up 6.2% on a year-over-year basis. As a group, sell-side analysts expect that Deere & Company will post 18.12 earnings per share for the current year.

Deere & Company Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 0.9%. Deere & Company's dividend payout ratio (DPR) is 36.00%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Truist Financial decreased their price target on 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 upped their price objective on Deere & Company from $680.00 to $685.00 and gave the company an "outperform" rating in a research note on Thursday, August 20th. Robert W. Baird raised Deere & Company from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $640.00 to $800.00 in a report on Monday, August 31st. Raymond James Financial lifted their target price on Deere & Company from $700.00 to $730.00 and gave the stock an "outperform" rating in a research report on Monday, August 31st. Finally, Nomura upgraded Deere & Company to a "buy" rating in a report on Monday, August 31st. Sixteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $680.73.

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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