Prentiss Smith & Co. Inc. cut its position in shares of Deere & Co. (NYSE:DE) by 11.9% during the second quarter, Holdings Channel reports. The firm owned 6,311 shares of the company’s stock after selling 852 shares during the period. Prentiss Smith & Co. Inc.’s holdings in Deere & Co. were worth $511,000 as of its most recent filing with the SEC.
Other hedge funds have also bought and sold shares of the company. Los Angeles Capital Management & Equity Research Inc. increased its stake in Deere & Co. by 96.7% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 53,565 shares of the company’s stock worth $4,124,000 after buying an additional 26,335 shares during the period. Stratos Wealth Partners LTD. increased its stake in Deere & Co. by 15.9% in the first quarter. Stratos Wealth Partners LTD. now owns 4,849 shares of the company’s stock worth $373,000 after buying an additional 665 shares during the period. Rehmann Capital Advisory Group acquired a new stake in Deere & Co. during the first quarter worth $207,000. FDO Partners LLC acquired a new stake in Deere & Co. during the first quarter worth $1,953,000. Finally, Franklin Resources Inc. increased its stake in Deere & Co. by 5.8% in the first quarter. Franklin Resources Inc. now owns 5,868,440 shares of the company’s stock worth $451,811,000 after buying an additional 319,614 shares during the period. Hedge funds and other institutional investors own 70.62% of the company’s stock.
Shares of Deere & Co. (NYSE:DE) traded down 0.76% on Tuesday, reaching $84.70. The company had a trading volume of 2,126,119 shares. Deere & Co. has a 52-week low of $70.16 and a 52-week high of $88.63. The firm has a market capitalization of $26.63 billion, a PE ratio of 16.97 and a beta of 0.89. The company has a 50-day moving average price of $83.53 and a 200-day moving average price of $81.85.
Deere & Co. (NYSE:DE) last released its earnings results on Friday, August 19th. The company reported $1.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.61. The company earned $6.72 billion during the quarter. Deere & Co. had a return on equity of 22.73% and a net margin of 5.92%. Deere & Co.’s revenue for the quarter was down 14.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.53 EPS. Equities research analysts forecast that Deere & Co. will post $4.30 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, September 30th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.83%. Deere & Co.’s payout ratio is currently 48.10%.
A number of analysts recently weighed in on DE shares. Vetr downgraded Deere & Co. from a “hold” rating to a “sell” rating and set a $83.39 price target on the stock. in a research note on Monday, June 6th. Morgan Stanley reaffirmed a “sell” rating on shares of Deere & Co. in a report on Thursday, June 30th. Piper Jaffray Cos. cut Deere & Co. from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $77.64 to $67.00 in a report on Monday, July 25th. BMO Capital Markets reaffirmed an “outperform” rating and set a $96.00 price objective on shares of Deere & Co. in a report on Thursday, August 18th. Finally, Jefferies Group reaffirmed a “hold” rating and set a $70.00 price objective on shares of Deere & Co. in a report on Friday, August 19th. Eight analysts have rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Deere & Co. has a consensus rating of “Hold” and a consensus price target 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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