Hudson Canyon Investment Counselors LLC reduced its position in Deere & Co. (NYSE:DE) by 7.9% during the second quarter, Holdings Channel reports. The fund owned 16,018 shares of the company’s stock after selling 1,367 shares during the period. Hudson Canyon Investment Counselors LLC’s holdings in Deere & Co. were worth $1,298,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. State Street Corp raised its stake in Deere & Co. by 0.3% in the first quarter. State Street Corp now owns 12,081,309 shares of the company’s stock valued at $930,132,000 after buying an additional 38,519 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Deere & Co. by 5.8% in the first quarter. Franklin Resources Inc. now owns 5,868,440 shares of the company’s stock valued at $451,811,000 after buying an additional 319,614 shares during the period. Primecap Management Co. CA raised its stake in shares of Deere & Co. by 19.3% in the first quarter. Primecap Management Co. CA now owns 5,286,519 shares of the company’s stock valued at $407,009,000 after buying an additional 856,000 shares during the period. Legal & General Group Plc raised its stake in shares of Deere & Co. by 0.3% in the first quarter. Legal & General Group Plc now owns 1,436,384 shares of the company’s stock valued at $110,619,000 after buying an additional 3,974 shares during the period. Finally, Thomaspartners Inc. raised its stake in shares of Deere & Co. by 4.3% in the first quarter. Thomaspartners Inc. now owns 1,343,887 shares of the company’s stock valued at $103,466,000 after buying an additional 55,848 shares during the period. 70.62% of the stock is owned by hedge funds and other institutional investors.
Deere & Co. (NYSE:DE) remained flat at $85.35 during trading on Monday. 2,679,564 shares of the company were exchanged. Deere & Co. has a 12-month low of $70.16 and a 12-month high of $88.63. The company has a market cap of $26.84 billion, a PE ratio of 17.10 and a beta of 0.89. The stock’s 50-day moving average price is $83.29 and its 200 day moving average price is $81.82.
Deere & Co. (NYSE:DE) last announced its quarterly earnings data on Friday, August 19th. The company reported $1.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.61. The business earned $6.72 billion during the quarter. Deere & Co. had a net margin of 5.92% and a return on equity of 22.73%. The firm’s revenue for the quarter was down 14.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.53 EPS. Equities analysts predict that Deere & Co. will post $4.30 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, September 30th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Wednesday, September 28th. Deere & Co.’s dividend payout ratio (DPR) is presently 48.10%.
DE has been the subject of several research analyst reports. Argus lifted their price target on Deere & Co. from $90.00 to $98.00 and gave the stock a “buy” rating in a research note on Tuesday, August 23rd. Jefferies Group decreased their price objective on Deere & Co. from $90.00 to $85.00 and set a “hold” rating on the stock in a report on Thursday, August 25th. Piper Jaffray Cos. reiterated an “underweight” rating and issued a $70.00 price objective on shares of Deere & Co. in a report on Tuesday, August 30th. Morgan Stanley reiterated a “sell” rating on shares of Deere & Co. in a report on Thursday, June 30th. Finally, Barclays PLC reiterated an “underweight” rating and issued a $63.00 price objective on shares of Deere & Co. in a report on Monday, August 22nd. Eight investment analysts have rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Deere & Co. presently has a consensus rating of “Hold” and a consensus target price of $82.40.
About Deere & Co.
Deere & Company is engaged in equipment operations and financial services. The Company operates through three business segments: agriculture and turf, construction and forestry, and financial services. The Company’s agriculture and turf segment primarily manufactures and distributes a full line of agriculture and turf equipment and related service parts.
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