Weybosset Research & Management LLC Lowers Stake in Deere & Company $DE

Key Points

• Weybosset Research & Management LLC reduced its stake in Deere & Company by 1.4%, holding 48,506 shares valued at approximately $24.7 million, making it the firm's second-largest position.
• In its latest earnings report, Deere & Company surpassed analysts' expectations with an EPS of $4.75 and revenue of $10.36 billion, although revenue decreased by 9% compared to the previous year.
• Deere & Company announced a quarterly dividend of $1.62, with a payout ratio of 33.87% and an annualized yield of 1.4%, payable on November 10th to shareholders on record by September 30th.

Weybosset Research & Management LLC lowered its holdings in Deere & Company (NYSE:DE - Free Report) by 1.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,506 shares of the industrial products company's stock after selling 668 shares during the quarter. Deere & Company accounts for about 8.5% of Weybosset Research & Management LLC's investment portfolio, making the stock its 2nd biggest position. Weybosset Research & Management LLC's holdings in Deere & Company were worth $24,665,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Assenagon Asset Management S.A. grew its stake in Deere & Company by 58.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company's stock worth $6,395,000 after buying an additional 5,053 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in Deere & Company by 10.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company's stock worth $3,863,000 after buying an additional 798 shares during the last quarter. Providence Capital Advisors LLC grew its stake in Deere & Company by 2.1% during the first quarter. Providence Capital Advisors LLC now owns 14,639 shares of the industrial products company's stock worth $6,871,000 after buying an additional 303 shares during the last quarter. Bragg Financial Advisors Inc grew its stake in Deere & Company by 12.7% during the first quarter. Bragg Financial Advisors Inc now owns 7,213 shares of the industrial products company's stock worth $3,386,000 after buying an additional 813 shares during the last quarter. Finally, ASR Vermogensbeheer N.V. bought a new stake in Deere & Company during the first quarter worth about $13,588,000. Institutional investors own 68.58% of the company's stock.

Deere & Company Stock Performance

NYSE DE opened at $469.99 on Friday. The firm has a 50-day moving average of $493.23 and a 200-day moving average of $490.17. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19. The stock has a market cap of $127.05 billion, a PE ratio of 24.57, a P/E/G ratio of 3.06 and a beta of 1.00. Deere & Company has a 52-week low of $387.03 and a 52-week high of $533.78.

Deere & Company (NYSE:DE - Get Free Report) last posted its earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.62 by $0.13. The company had revenue of $10.36 billion during the quarter, compared to analysts' expectations of $10.33 billion. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. Deere & Company's quarterly revenue was down 9.0% compared to the same quarter last year. During the same quarter last year, the company posted $6.29 EPS. On average, sell-side analysts anticipate that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Announces Dividend

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

Analyst Ratings Changes

Several brokerages have weighed in on DE. Citigroup decreased their price objective on shares of Deere & Company from $550.00 to $525.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Truist Financial decreased their price target on shares of Deere & Company from $619.00 to $602.00 and set a "buy" rating on the stock in a research note on Friday, August 15th. Wall Street Zen raised shares of Deere & Company from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Melius raised shares of Deere & Company from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. Finally, Robert W. Baird decreased their price target on shares of Deere & Company from $520.00 to $488.00 and set a "neutral" rating on the stock in a research note on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $517.27.

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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