Huntington National Bank Cuts Stock Holdings in Deere & Company $DE

Huntington National Bank reduced its position in Deere & Company (NYSE:DE) by 3.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 49,865 shares of the industrial products company’s stock after selling 1,956 shares during the period. Huntington National Bank’s holdings in Deere & Company were worth $22,801,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Howard Hughes Medical Institute purchased a new position in shares of Deere & Company in the second quarter worth $27,000. Activest Wealth Management increased its holdings in Deere & Company by 69.2% in the 3rd quarter. Activest Wealth Management now owns 66 shares of the industrial products company’s stock worth $30,000 after buying an additional 27 shares in the last quarter. Center for Financial Planning Inc. raised its position in Deere & Company by 406.7% in the 2nd quarter. Center for Financial Planning Inc. now owns 76 shares of the industrial products company’s stock worth $39,000 after buying an additional 61 shares during the last quarter. Soundwatch Capital LLC bought a new position in Deere & Company during the 2nd quarter valued at about $41,000. Finally, United Community Bank lifted its stake in Deere & Company by 67.3% during the 3rd quarter. United Community Bank now owns 92 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 37 shares during the period. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on DE shares. Oppenheimer reissued an “outperform” rating and set a $715.00 price objective on shares of Deere & Company in a report on Friday, February 20th. JPMorgan Chase & Co. cut their target price on shares of Deere & Company from $480.00 to $460.00 and set a “neutral” rating for the company in a research report on Friday, December 19th. BMO Capital Markets increased their price target on Deere & Company from $460.00 to $500.00 and gave the company a “market perform” rating in a report on Friday, February 20th. DA Davidson lifted their price objective on Deere & Company from $580.00 to $775.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Finally, Wall Street Zen raised Deere & Company from a “sell” rating to a “hold” rating in a report on Saturday, February 7th. Fifteen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $637.70.

Deere & Company Stock Performance

NYSE:DE opened at $629.32 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.96 and a current ratio of 2.21. The stock has a 50-day simple moving average of $537.84 and a two-hundred day simple moving average of $495.59. The firm has a market capitalization of $170.59 billion, a PE ratio of 35.47, a P/E/G ratio of 2.19 and a beta of 1.02. Deere & Company has a 52-week low of $404.42 and a 52-week high of $674.19.

Deere & Company (NYSE:DE) last posted its quarterly earnings data on Thursday, February 19th. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.52. The firm had revenue of $9.61 billion for the quarter, compared to analysts’ expectations of $7.50 billion. Deere & Company had a return on equity of 18.93% and a net margin of 10.29%.The business’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the firm earned $3.19 EPS. Analysts forecast that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Stockholders of record on Tuesday, March 31st will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, March 31st. Deere & Company’s dividend payout ratio (DPR) is presently 36.53%.

Insider Buying and Selling at Deere & Company

In related news, CEO John C. May II sold 41,472 shares of Deere & Company stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $501.49, for a total transaction of $20,797,793.28. Following the sale, the chief executive officer owned 117,970 shares of the company’s stock, valued at approximately $59,160,775.30. This trade represents a 26.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Cory J. Reed sold 12,000 shares of the stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $510.00, for a total transaction of $6,120,000.00. Following the sale, the insider directly owned 20,792 shares of the company’s stock, valued at approximately $10,603,920. This trade represents a 36.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.29% of the company’s stock.

About Deere & Company

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.