Parsec Financial Management Inc. lowered its stake in Deere & Co. (NYSE:DE) by 14.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,077 shares of the company’s stock after selling 10,453 shares during the period. Parsec Financial Management Inc.’s holdings in Deere & Co. were worth $5,193,000 as of its most recent filing with the SEC.
Several other institutional investors also recently bought and sold shares of DE. Washington Trust Bank raised its position in shares of Deere & Co. by 59.0% in the second quarter. Washington Trust Bank now owns 1,240 shares of the company’s stock valued at $100,000 after buying an additional 460 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Deere & Co. during the first quarter valued at about $142,000. Iowa State Bank acquired a new position in shares of Deere & Co. during the second quarter valued at about $151,000. Advisory Services Network LLC raised its position in shares of Deere & Co. by 18.2% in the second quarter. Advisory Services Network LLC now owns 2,365 shares of the company’s stock valued at $192,000 after buying an additional 364 shares in the last quarter. Finally, First National Bank & Trust Co. of Newtown acquired a new position in shares of Deere & Co. during the second quarter valued at about $202,000. Institutional investors own 70.62% of the company’s stock.
Shares of Deere & Co. (NYSE:DE) traded up 1.48% on Friday, reaching $86.55. The company’s stock had a trading volume of 2,324,449 shares. The stock has a market cap of $27.21 billion, a P/E ratio of 17.34 and a beta of 0.89. Deere & Co. has a 52-week low of $70.16 and a 52-week high of $88.63. The firm’s 50 day moving average is $84.13 and its 200-day moving average is $81.91.
Deere & Co. (NYSE:DE) last announced its quarterly earnings data on Friday, August 19th. The company reported $1.55 EPS for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.61. Deere & Co. had a return on equity of 22.73% and a net margin of 5.92%. The firm earned $6.72 billion during the quarter. During the same period last year, the business posted $1.53 EPS. The company’s revenue was down 14.3% on a year-over-year basis. On average, equities research analysts forecast that Deere & Co. will post $4.30 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, September 30th will be paid a $0.60 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.40 dividend on an annualized basis and a yield of 2.81%. Deere & Co.’s dividend payout ratio (DPR) is presently 48.10%.
DE has been the subject of several research analyst reports. Vetr upgraded Deere & Co. from a “hold” rating to a “buy” rating and set a $80.57 price objective for the company in a research report on Monday, August 15th. Citigroup Inc. cut their target price on Deere & Co. from $100.00 to $87.00 and set a “buy” rating on the stock in a research note on Monday, August 22nd. Argus boosted their target price on Deere & Co. from $90.00 to $98.00 and gave the company a “buy” rating in a research note on Tuesday, August 23rd. Deutsche Bank AG restated a “buy” rating and issued a $101.00 target price on shares of Deere & Co. in a research note on Thursday, August 25th. Finally, Jefferies Group restated a “hold” rating and issued a $70.00 target price on shares of Deere & Co. in a research note on Friday, August 19th. Eight research analysts have rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Deere & Co. has an average 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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