Fifth Third Bancorp Decreases Stock Holdings in Deere & Company (NYSE:DE)

Fifth Third Bancorp lowered its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 4.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 268,351 shares of the industrial products company's stock after selling 13,444 shares during the quarter. Fifth Third Bancorp owned 0.10% of Deere & Company worth $110,222,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in DE. Morgan Stanley grew its position in Deere & Company by 1.3% in the third quarter. Morgan Stanley now owns 5,089,159 shares of the industrial products company's stock worth $1,920,548,000 after acquiring an additional 65,006 shares in the last quarter. FMR LLC raised its position in Deere & Company by 6.6% during the third quarter. FMR LLC now owns 4,374,282 shares of the industrial products company's stock valued at $1,650,767,000 after purchasing an additional 269,571 shares during the period. Parnassus Investments LLC lifted its stake in shares of Deere & Company by 22.4% in the 4th quarter. Parnassus Investments LLC now owns 3,856,171 shares of the industrial products company's stock valued at $1,541,967,000 after purchasing an additional 705,771 shares during the last quarter. Norges Bank purchased a new position in shares of Deere & Company in the 4th quarter worth approximately $1,248,036,000. Finally, Northern Trust Corp boosted its holdings in shares of Deere & Company by 2.5% in the 3rd quarter. Northern Trust Corp now owns 3,061,715 shares of the industrial products company's stock worth $1,155,430,000 after purchasing an additional 73,601 shares during the period. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Stock Up 2.2 %

DE stock traded up $8.46 during trading on Thursday, hitting $395.96. 1,780,154 shares of the company's stock traded hands, compared to its average volume of 1,470,281. The firm has a market capitalization of $110.22 billion, a P/E ratio of 11.53, a PEG ratio of 1.47 and a beta of 1.04. Deere & Company has a 1 year low of $345.55 and a 1 year high of $450.00. The company has a quick ratio of 1.81, a current ratio of 2.05 and a debt-to-equity ratio of 1.81. The business has a fifty day simple moving average of $390.73 and a two-hundred day simple moving average of $383.84.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings results on Thursday, February 15th. The industrial products company reported $6.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.19 by $1.04. The business had revenue of $10.49 billion for the quarter, compared to the consensus estimate of $10.30 billion. Deere & Company had a return on equity of 44.60% and a net margin of 16.38%. The business's revenue was down 8.0% compared to the same quarter last year. During the same period last year, the business posted $6.55 EPS. Sell-side analysts anticipate that Deere & Company will post 27.37 EPS for the current year.

Deere & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 8th. Shareholders of record on Friday, March 29th will be given a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a dividend yield of 1.48%. The ex-dividend date is Wednesday, March 27th. Deere & Company's payout ratio is 17.12%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Deere & Company from $415.00 to $425.00 and gave the company a "neutral" rating in a report on Friday, April 12th. Stifel Nicolaus cut their price objective on Deere & Company from $435.00 to $425.00 and set a "buy" rating on the stock in a research report on Friday, February 16th. Citigroup reduced their target price on Deere & Company from $450.00 to $435.00 and set a "buy" rating on the stock in a research note on Friday, February 16th. Truist Financial assumed coverage on shares of Deere & Company in a research note on Thursday, March 14th. They set a "buy" rating and a $494.00 target price for the company. Finally, Morgan Stanley started coverage on shares of Deere & Company in a research note on Monday, January 8th. They issued an "overweight" rating and a $430.00 price target on the stock. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $433.28.

Deere & Company Company Profile

Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.

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