Studio Investment Management LLC Cuts Position in Deere & Company (NYSE:DE)

Studio Investment Management LLC decreased its position in shares of Deere & Company (NYSE:DE) by 5.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,500 shares of the industrial products company’s stock after selling 328 shares during the period. Studio Investment Management LLC’s holdings in Deere & Company were worth $2,303,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Allen Capital Group LLC boosted its stake in shares of Deere & Company by 7.5% in the 3rd quarter. Allen Capital Group LLC now owns 10,093 shares of the industrial products company’s stock valued at $4,212,000 after purchasing an additional 704 shares in the last quarter. AlphaCore Capital LLC grew its stake in shares of Deere & Company by 4.8% in the third quarter. AlphaCore Capital LLC now owns 4,634 shares of the industrial products company’s stock worth $1,934,000 after purchasing an additional 211 shares during the last quarter. 49 Wealth Management LLC purchased a new position in shares of Deere & Company during the third quarter valued at approximately $924,000. Smithfield Trust Co increased its position in Deere & Company by 3.2% during the 3rd quarter. Smithfield Trust Co now owns 4,866 shares of the industrial products company’s stock valued at $2,030,000 after purchasing an additional 150 shares during the period. Finally, Pacer Advisors Inc. increased its position in shares of Deere & Company by 2.3% during the third quarter. Pacer Advisors Inc. now owns 18,998 shares of the industrial products company’s stock valued at $7,928,000 after buying an additional 425 shares during the period. Institutional investors own 68.58% of the company’s stock.

Deere & Company Trading Up 7.7 %

Shares of DE stock opened at $436.28 on Friday. The stock’s 50-day moving average price is $405.95 and its 200-day moving average price is $386.18. Deere & Company has a 12-month low of $340.20 and a 12-month high of $442.05. The stock has a market capitalization of $119.37 billion, a price-to-earnings ratio of 14.89, a price-to-earnings-growth ratio of 1.54 and a beta of 0.93. The company has a current ratio of 2.07, a quick ratio of 1.87 and a debt-to-equity ratio of 1.85.

Deere & Company (NYSE:DE) last issued its quarterly earnings data on Thursday, November 21st. The industrial products company reported $4.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.90 by $0.65. The business had revenue of $9.28 billion for the quarter, compared to analysts’ expectations of $9.20 billion. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The company’s revenue for the quarter was down 32.8% on a year-over-year basis. During the same period in the prior year, the firm earned $8.26 EPS. Equities research analysts predict that Deere & Company will post 25 EPS for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Monday, September 30th were given a dividend of $1.47 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $5.88 annualized dividend and a yield of 1.35%. Deere & Company’s dividend payout ratio (DPR) is currently 20.06%.

Analyst Ratings Changes

DE has been the subject of a number of research reports. Hsbc Global Res downgraded Deere & Company from a “strong-buy” rating to a “hold” rating in a report on Monday, August 19th. Bank of America boosted their price objective on shares of Deere & Company from $400.00 to $410.00 and gave the stock a “neutral” rating in a report on Friday, August 16th. Citigroup raised their price target on shares of Deere & Company from $395.00 to $420.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Oppenheimer raised their price target on Deere & Company from $448.00 to $477.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Barclays boosted their target price on shares of Deere & Company from $400.00 to $475.00 and gave the company an “overweight” rating in a research report on Friday. Twelve research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $425.59.

About Deere & Company

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.