Convergence Financial LLC Sells 1,448 Shares of Deere & Company $DE

Convergence Financial LLC decreased its position in shares of Deere & Company (NYSE:DE) by 43.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,882 shares of the industrial products company’s stock after selling 1,448 shares during the period. Convergence Financial LLC’s holdings in Deere & Company were worth $1,264,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Deere & Company in the second quarter worth $11,763,504,000. Wellington Management Group LLP increased its position in shares of Deere & Company by 84.3% during the second quarter. Wellington Management Group LLP now owns 3,088,628 shares of the industrial products company’s stock worth $1,959,209,000 after purchasing an additional 1,412,694 shares in the last quarter. Bank of America Corp DE acquired a new position in shares of Deere & Company during the second quarter worth $1,685,093,000. Bank of New York Mellon Corp purchased a new stake in shares of Deere & Company during the 2nd quarter valued at $1,259,279,000. Finally, Legal & General Group Plc purchased a new stake in shares of Deere & Company during the 2nd quarter valued at $957,456,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on DE shares. Barclays raised their price objective on Deere & Company from $640.00 to $675.00 and gave the stock an “overweight” rating in a research report on Monday, August 24th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $752.00 target price on shares of Deere & Company in a research report on Monday, August 24th. Truist Financial decreased their price target on Deere & Company from $812.00 to $804.00 and set a “buy” rating for the company in a research note on Monday, August 24th. CICC Research began coverage on Deere & Company in a research note on Sunday, September 13th. They issued an “outperform” rating for the company. Finally, Evercore raised Deere & Company from an “in-line” rating to an “outperform” rating and set a $813.00 price target for the company in a report on Wednesday, September 2nd. Seventeen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $688.10.

Deere & Company Stock Up 0.2%

NYSE:DE opened at $640.69 on Thursday. The company has a current ratio of 2.10, a quick ratio of 1.89 and a debt-to-equity ratio of 1.45. Deere & Company has a twelve month low of $454.50 and a twelve month high of $721.22. The company has a market cap of $172.75 billion, a PE ratio of 35.59, a P/E/G ratio of 2.36 and a beta of 0.86. The company’s 50 day moving average is $661.18 and its two-hundred day moving average is $602.38.

Deere & Company (NYSE:DE) last posted its quarterly earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.69 by $0.41. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The business had revenue of $12.61 billion during the quarter, compared to analysts’ expectations of $10.81 billion. During the same quarter last year, the company posted $4.75 earnings per share. The business’s quarterly revenue was up 6.2% on a year-over-year basis. Analysts anticipate that Deere & Company will post 18.11 EPS for the current year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Wednesday, September 30th will be paid a $1.62 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.0%. Deere & Company’s dividend payout ratio (DPR) is 36.00%.

Deere & Company Profile

Deere & Company, founded by blacksmith John Deere in 1837, is a global manufacturer of agricultural, construction, forestry and turf-care equipment. The company is headquartered in Moline, Illinois, and operates under the John Deere brand.

Its products include tractors, combines, planters, sprayers, harvesting equipment, loaders, excavators, motor graders, forestry machines, mowers and compact utility equipment. Deere also provides replacement parts, equipment support, financing and technology-enabled solutions designed to improve machine productivity, automation and precision in farming and other industries.

Deere serves customers through dealerships and operations across North America, Latin America, Europe and other international markets.