Deere & Co. (DE) Stake Cut by Conning Inc.
Conning Inc. lowered its position in Deere & Co. (NYSE:DE) by 0.7% during the second quarter, Holdings Channel reports. The firm owned 32,719 shares of the company’s stock after selling 220 shares during the period. Conning Inc.’s holdings in Deere & Co. were worth $2,652,000 as of its most recent filing with the SEC.
A number of other hedge funds have also bought and sold shares of DE. Seaward Management Limited Partnership increased its stake in Deere & Co. by 1.2% in the second quarter. Seaward Management Limited Partnership now owns 236,596 shares of the company’s stock worth $19,173,000 after buying an additional 2,870 shares during the period. Strs Ohio increased its stake in Deere & Co. by 0.5% in the second quarter. Strs Ohio now owns 209,403 shares of the company’s stock worth $16,970,000 after buying an additional 1,128 shares during the period. HL Financial Services LLC increased its stake in Deere & Co. by 4.6% in the second quarter. HL Financial Services LLC now owns 25,709 shares of the company’s stock worth $2,083,000 after buying an additional 1,120 shares during the period. Court Place Advisors LLC increased its stake in Deere & Co. by 11.3% in the second quarter. Court Place Advisors LLC now owns 4,351 shares of the company’s stock worth $353,000 after buying an additional 440 shares during the period. Finally, Rehmann Capital Advisory Group increased its stake in Deere & Co. by 0.3% in the second quarter. Rehmann Capital Advisory Group now owns 2,693 shares of the company’s stock worth $218,000 after buying an additional 8 shares during the period. 70.62% of the stock is owned by hedge funds and other institutional investors.
Shares of Deere & Co. (NYSE:DE) traded up 1.34% during midday trading on Thursday, reaching $84.16. The company’s stock had a trading volume of 2,790,628 shares. The stock has a 50 day moving average price of $82.34 and a 200-day moving average price of $81.80. Deere & Co. has a 52-week low of $70.16 and a 52-week high of $88.63. The company has a market capitalization of $26.46 billion, a price-to-earnings ratio of 16.87 and a beta of 1.05.
Deere & Co. (NYSE:DE) last issued its quarterly earnings data on Friday, August 19th. The company reported $1.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.61. Deere & Co. had a return on equity of 22.73% and a net margin of 5.92%. The business had revenue of $6.72 billion for the quarter. During the same period in the previous year, the business posted $1.53 earnings per share. The firm’s revenue was down 14.3% on a year-over-year basis. Equities research analysts expect that Deere & Co. will post $4.30 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, September 30th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Wednesday, September 28th. Deere & Co.’s payout ratio is 48.10%.
A number of research firms have weighed in on DE. Zacks Investment Research upgraded Deere & Co. from a “hold” rating to a “strong-buy” rating and set a $95.00 price target for the company in a report on Monday, September 12th. Deutsche Bank AG began coverage on Deere & Co. in a report on Tuesday, September 6th. They issued a “hold” rating and a $90.00 price target for the company. Barclays PLC restated a “sell” rating and issued a $63.00 price target on shares of Deere & Co. in a report on Tuesday, September 6th. Piper Jaffray Cos. restated an “underweight” rating and issued a $70.00 price target on shares of Deere & Co. in a report on Tuesday, August 30th. Finally, Jefferies Group decreased their price target on Deere & Co. from $90.00 to $85.00 and set a “hold” rating for the company in a report on Thursday, August 25th. Eight research analysts have rated the stock with a sell rating, nine have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Deere & Co. has a consensus rating of “Hold” and a consensus price target of $81.61.
About Deere & Co.
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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