Livingston Group Asset Management CO operating as Southport Capital Management cut its position in shares of Deere & Co. (NYSE:DE) by 21.5% during the second quarter, Holdings Channel reports. The fund owned 6,197 shares of the company’s stock after selling 1,700 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in Deere & Co. were worth $502,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Washington Trust Bank boosted 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 worth $100,000 after buying an additional 460 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Deere & Co. during the first quarter worth approximately $142,000. Exane Derivatives boosted its position in shares of Deere & Co. by 4.6% in the first quarter. Exane Derivatives now owns 1,909 shares of the company’s stock worth $147,000 after buying an additional 84 shares during the last quarter. Iowa State Bank purchased a new position in shares of Deere & Co. during the second quarter worth approximately $151,000. Finally, First National Bank & Trust Co. of Newtown purchased a new position in shares of Deere & Co. during the second quarter worth approximately $202,000. Institutional investors own 70.62% of the company’s stock.
Shares of Deere & Co. (NYSE:DE) traded up 1.78% during mid-day trading on Friday, hitting $85.35. The stock had a trading volume of 3,157,773 shares. Deere & Co. has a 1-year low of $70.16 and a 1-year high of $88.63. The stock’s 50-day moving average is $83.08 and its 200 day moving average is $81.80. The firm has a market capitalization of $26.84 billion, a price-to-earnings ratio of 17.10 and a beta of 1.05.
Deere & Co. (NYSE:DE) last posted its quarterly earnings data on Friday, August 19th. The company reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.61. Deere & Co. had a net margin of 5.92% and a return on equity of 22.73%. The company earned $6.72 billion during the quarter. During the same period in the prior year, the firm posted $1.53 earnings per share. The business’s revenue was down 14.3% on a year-over-year basis. Equities research analysts predict that Deere & Co. will post $4.30 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, September 30th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Wednesday, September 28th. Deere & Co.’s dividend payout ratio is currently 48.10%.
A number of research analysts have recently commented on the company. Vetr upgraded Deere & Co. from a “sell” rating to a “hold” rating and set a $77.39 price target for the company in a research note on Tuesday, July 5th. Citigroup Inc. decreased their price objective on Deere & Co. from $100.00 to $87.00 and set a “buy” rating for the company in a report on Monday, August 22nd. Credit Suisse Group AG increased their price objective on Deere & Co. from $87.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, August 22nd. Deutsche Bank AG restated a “buy” rating and issued a $101.00 price objective on shares of Deere & Co. in a report on Thursday, August 25th. Finally, Jefferies Group restated a “hold” rating and issued a $70.00 price objective on shares of Deere & Co. in a report on Friday, August 19th. Eight research analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $82.40.
Deere & Co. Company Profile
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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