Primecap Management Co. CA Cuts Stock Position in Deere & Company (NYSE:DE)

Primecap Management Co. CA cut its holdings in Deere & Company (NYSE:DE) by 0.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,700 shares of the industrial products company’s stock after selling 750 shares during the quarter. Primecap Management Co. CA’s holdings in Deere & Company were worth $36,311,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pineridge Advisors LLC increased its position in shares of Deere & Company by 60.5% in the fourth quarter. Pineridge Advisors LLC now owns 69 shares of the industrial products company’s stock valued at $29,000 after buying an additional 26 shares in the last quarter. Modus Advisors LLC purchased a new stake in shares of Deere & Company during the fourth quarter worth approximately $32,000. YANKCOM Partnership purchased a new stake in shares of Deere & Company during the fourth quarter worth approximately $34,000. Synergy Asset Management LLC purchased a new stake in shares of Deere & Company during the fourth quarter worth approximately $35,000. Finally, Sierra Ocean LLC purchased a new stake in shares of Deere & Company during the fourth quarter worth approximately $44,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Rajesh Kalathur sold 24,580 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $500.61, for a total value of $12,304,993.80. Following the transaction, the insider now owns 74,878 shares in the company, valued at approximately $37,484,675.58. This represents a 24.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on Deere & Company from $470.00 to $500.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. StockNews.com cut Deere & Company from a “hold” rating to a “sell” rating in a research report on Saturday, March 1st. Oppenheimer boosted their price target on Deere & Company from $477.00 to $507.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. Morgan Stanley boosted their price target on Deere & Company from $401.00 to $450.00 and gave the stock an “overweight” rating in a research report on Monday, November 25th. Finally, Evercore ISI upped their target price on Deere & Company from $437.00 to $455.00 and gave the company an “in-line” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $460.00.

Deere & Company Price Performance

DE opened at $481.21 on Wednesday. The stock’s 50-day moving average price is $469.24 and its 200 day moving average price is $435.01. Deere & Company has a 12-month low of $340.20 and a 12-month high of $515.05. The company has a current ratio of 2.22, a quick ratio of 1.98 and a debt-to-equity ratio of 1.94. The firm has a market cap of $130.61 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 2.14 and a beta of 1.01.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, February 13th. The industrial products company reported $3.19 earnings per share for the quarter, topping the consensus estimate of $3.14 by $0.05. Deere & Company had a return on equity of 27.31% and a net margin of 12.94%. As a group, sell-side analysts expect that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 8th. Stockholders of record on Monday, March 31st will be issued a $1.62 dividend. The ex-dividend date is Monday, March 31st. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.35%. Deere & Company’s payout ratio is currently 28.72%.

About Deere & Company

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.