Montecito Bank & Trust Lowers Stock Holdings in Deere & Company (NYSE:DE)

Montecito Bank & Trust lowered its position in shares of Deere & Company (NYSE:DEFree Report) by 1.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,768 shares of the industrial products company’s stock after selling 35 shares during the period. Montecito Bank & Trust’s holdings in Deere & Company were worth $1,137,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Envestnet Portfolio Solutions Inc. purchased a new position in Deere & Company in the 3rd quarter worth approximately $3,231,000. Envestnet Asset Management Inc. lifted its stake in Deere & Company by 19.2% during the third quarter. Envestnet Asset Management Inc. now owns 214,387 shares of the industrial products company’s stock worth $80,905,000 after purchasing an additional 34,520 shares during the last quarter. Aigen Investment Management LP boosted its holdings in shares of Deere & Company by 16.1% in the 3rd quarter. Aigen Investment Management LP now owns 2,344 shares of the industrial products company’s stock worth $885,000 after purchasing an additional 325 shares in the last quarter. CI Investments Inc. raised its holdings in shares of Deere & Company by 0.7% during the 3rd quarter. CI Investments Inc. now owns 11,457 shares of the industrial products company’s stock valued at $4,324,000 after buying an additional 75 shares in the last quarter. Finally, Rathbones Group PLC lifted its position in Deere & Company by 28.5% in the 3rd quarter. Rathbones Group PLC now owns 448,696 shares of the industrial products company’s stock worth $169,329,000 after buying an additional 99,568 shares during the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Stock Down 0.1 %

Shares of Deere & Company stock traded down $0.31 during midday trading on Thursday, hitting $382.45. The company had a trading volume of 854,760 shares, compared to its average volume of 1,454,231. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.80 and a current ratio of 2.01. The company has a 50 day moving average of $388.61 and a 200 day moving average of $386.58. Deere & Company has a 52-week low of $353.15 and a 52-week high of $450.00. The stock has a market capitalization of $105.39 billion, a P/E ratio of 11.52, a P/E/G ratio of 1.54 and a beta of 0.98.

Deere & Company (NYSE:DEGet Free Report) last announced its quarterly earnings results on Thursday, May 16th. The industrial products company reported $8.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.86 by $0.67. The company had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $13.29 billion. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. Deere & Company’s revenue was down 15.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $9.65 EPS. On average, equities analysts predict that Deere & Company will post 25.61 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Investors of record on Friday, June 28th will be issued a $1.47 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.88 dividend on an annualized basis and a yield of 1.54%. Deere & Company’s payout ratio is currently 17.70%.

Wall Street Analyst Weigh In

DE has been the subject of a number of recent research reports. Truist Financial started coverage on shares of Deere & Company in a report on Thursday, March 14th. They issued a “buy” rating and a $494.00 price objective for the company. TD Cowen raised their price target on Deere & Company from $383.00 to $390.00 and gave the stock a “hold” rating in a research report on Friday, May 17th. Morgan Stanley raised their target price on shares of Deere & Company from $430.00 to $450.00 in a report on Wednesday, May 15th. JPMorgan Chase & Co. lowered their price target on shares of Deere & Company from $425.00 to $385.00 and set a “neutral” rating for the company in a report on Friday, May 17th. Finally, Stifel Nicolaus boosted their price objective on shares of Deere & Company from $425.00 to $450.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Ten equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $433.36.

Read Our Latest Research Report on DE

About Deere & Company

(Free Report)

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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Institutional Ownership by Quarter for Deere & Company (NYSE:DE)

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