Convergence Financial LLC Lowers Stake in Deere & Company (NYSE:DE)

Convergence Financial LLC lessened its holdings in Deere & Company (NYSE:DE) by 19.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,224 shares of the industrial products company’s stock after selling 528 shares during the quarter. Convergence Financial LLC’s holdings in Deere & Company were worth $928,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in DE. Oppenheimer Asset Management Inc. boosted its position in Deere & Company by 20.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 15,808 shares of the industrial products company’s stock worth $5,906,000 after acquiring an additional 2,692 shares during the last quarter. Aviance Capital Partners LLC purchased a new position in Deere & Company during the first quarter worth approximately $2,783,000. Royal Fund Management LLC grew its stake in shares of Deere & Company by 99.8% during the 3rd quarter. Royal Fund Management LLC now owns 6,454 shares of the industrial products company’s stock valued at $2,694,000 after buying an additional 3,223 shares during the period. New Century Financial Group LLC purchased a new stake in shares of Deere & Company during the 3rd quarter valued at $1,052,000. Finally, Manning & Napier Advisors LLC acquired a new stake in shares of Deere & Company during the 2nd quarter worth $24,984,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Raymond James initiated coverage on Deere & Company in a report on Friday, June 28th. They issued an “outperform” rating and a $420.00 price target for the company. Hsbc Global Res cut Deere & Company from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 19th. Citigroup lifted their price objective on Deere & Company from $395.00 to $420.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Deere & Company from $402.00 to $389.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Finally, Morgan Stanley dropped their target price on shares of Deere & Company from $450.00 to $425.00 and set an “overweight” rating for the company in a research report on Monday, August 26th. Twelve equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $420.69.

Deere & Company Stock Down 0.8 %

DE stock opened at $407.93 on Friday. The company has a debt-to-equity ratio of 1.85, a current ratio of 2.07 and a quick ratio of 1.87. Deere & Company has a 12 month low of $340.20 and a 12 month high of $420.47. The firm has a market cap of $112.41 billion, a PE ratio of 12.28, a P/E/G ratio of 1.35 and a beta of 0.92. The firm has a 50 day simple moving average of $397.30 and a 200 day simple moving average of $385.56.

Deere & Company (NYSE:DE) last released its earnings results on Thursday, August 15th. The industrial products company reported $6.29 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.66. The company had revenue of $11.39 billion for the quarter, compared to analysts’ expectations of $10.94 billion. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The business’s revenue for the quarter was down 20.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $10.20 EPS. Equities research analysts forecast that Deere & Company will post 25.03 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Monday, September 30th will be given a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a yield of 1.44%. The ex-dividend date is Monday, September 30th. Deere & Company’s payout ratio is presently 17.70%.

Deere & 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.