Washington Trust Bank Sells 2,722 Shares of Deere & Company $DE

Key Points

• Washington Trust Bank reduced its Deere & Company position by 10.7% in the second quarter, selling 2,722 shares and retaining 22,792 shares valued at approximately $14.5 million.
• Deere reported quarterly EPS of $5.10, exceeding estimates of $4.69, while revenue rose 6.2% year over year to $12.61 billion. The company also declared a quarterly dividend of $1.62 per share.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $653.48; shares recently traded at $630.66, near the upper end of their 12-month range.

Washington Trust Bank decreased its position in shares of Deere & Company (NYSE:DE - Free Report) by 10.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,792 shares of the industrial products company's stock after selling 2,722 shares during the quarter. Deere & Company makes up approximately 1.0% of Washington Trust Bank's holdings, making the stock its 24th largest holding. Washington Trust Bank's holdings in Deere & Company were worth $14,458,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Cary Street Partners Financial LLC lifted its holdings in Deere & Company by 11.8% in the fourth quarter. Cary Street Partners Financial LLC now owns 10,312 shares of the industrial products company's stock valued at $4,801,000 after buying an additional 1,086 shares during the period. Baxter Bros Inc. acquired a new stake in Deere & Company during the 2nd quarter worth $1,707,000. Global Retirement Partners LLC bought a new stake in shares of Deere & Company during the 2nd quarter valued at $3,890,000. Westpac Banking Corp raised its position in shares of Deere & Company by 78.6% during the 4th quarter. Westpac Banking Corp now owns 6,925 shares of the industrial products company's stock valued at $3,224,000 after acquiring an additional 3,047 shares during the last quarter. Finally, TRB Wealth Management LLC acquired a new position in shares of Deere & Company in the 2nd quarter valued at $623,000. 68.58% of the stock is currently owned by institutional investors.

Deere & Company Trading Up 1.3%

NYSE:DE opened at $630.66 on Friday. Deere & Company has a twelve month low of $433.00 and a twelve month high of $674.19. The company has a quick ratio of 1.89, a current ratio of 2.10 and a debt-to-equity ratio of 1.45. The business has a 50 day moving average price of $611.59 and a two-hundred day moving average price of $593.34. The company has a market cap of $170.24 billion, a P/E 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 posted its quarterly earnings data on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.69 by $0.41. The company had revenue of $12.61 billion for the quarter, compared to the consensus estimate of $10.81 billion. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The firm's revenue was up 6.2% compared to the same quarter last year. During the same period last year, the company earned $4.75 earnings per share. As a group, analysts expect that Deere & Company will post 18.11 EPS for the current fiscal year.

Deere & Company Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Barclays upped their price objective on Deere & Company from $640.00 to $675.00 and gave the company an "overweight" rating in a report on Monday, August 24th. DA Davidson upped their price target on Deere & Company from $685.00 to $760.00 and gave the company a "buy" rating in a research note on Monday, August 24th. Citigroup increased their price target on shares of Deere & Company from $610.00 to $650.00 and gave the company a "neutral" rating in a research report on Friday, August 21st. Raymond James Financial reduced their price objective on shares of Deere & Company from $765.00 to $700.00 and set an "outperform" rating on the stock in a research note on Friday, May 22nd. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $752.00 price objective on shares of Deere & Company in a report on Monday, August 24th. Fourteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $653.48.

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.

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