State Treasurer State of Michigan Lowers Stock Position in Deere & Company (NYSE:DE)

State Treasurer State of Michigan reduced its stake in shares of Deere & Company (NYSE:DE) by 17.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 75,854 shares of the industrial products company’s stock after selling 15,900 shares during the period. State Treasurer State of Michigan’s holdings in Deere & Company were worth $12,570,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Private Ocean LLC lifted its position in shares of Deere & Company by 560.0% during the 1st quarter. Private Ocean LLC now owns 198 shares of the industrial products company’s stock valued at $32,000 after buying an additional 168 shares in the last quarter. Ellis Investment Partners LLC purchased a new position in shares of Deere & Company during the 1st quarter valued at about $33,000. Arcus Capital Partners LLC purchased a new position in shares of Deere & Company during the 2nd quarter valued at about $33,000. Orrstown Financial Services Inc. lifted its position in shares of Deere & Company by 116.0% during the 2nd quarter. Orrstown Financial Services Inc. now owns 216 shares of the industrial products company’s stock valued at $36,000 after buying an additional 116 shares in the last quarter. Finally, Field & Main Bank purchased a new position in shares of Deere & Company during the 1st quarter valued at about $40,000. 68.02% of the stock is currently owned by hedge funds and other institutional investors.

NYSE DE traded down $2.98 during trading hours on Wednesday, reaching $149.80. The company’s stock had a trading volume of 64,964 shares, compared to its average volume of 1,754,032. The company has a quick ratio of 1.66, a current ratio of 1.94 and a debt-to-equity ratio of 2.37. Deere & Company has a 1 year low of $128.32 and a 1 year high of $171.22. The business’s 50-day moving average is $164.13. The stock has a market cap of $50.31 billion, a P/E ratio of 15.98, a price-to-earnings-growth ratio of 1.95 and a beta of 1.10.

Deere & Company (NYSE:DE) last released its quarterly earnings data on Friday, May 17th. The industrial products company reported $3.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.57 by ($0.05). Deere & Company had a return on equity of 28.76% and a net margin of 8.52%. The firm had revenue of $10.27 billion during the quarter, compared to the consensus estimate of $10.19 billion. During the same period in the previous year, the firm earned $3.14 EPS. The business’s revenue was up 5.4% compared to the same quarter last year. Sell-side analysts anticipate that Deere & Company will post 10.22 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Friday, June 28th were paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend was Thursday, June 27th. Deere & Company’s payout ratio is 32.37%.

In other Deere & Company news, COO John C. May II sold 5,228 shares of Deere & Company stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $170.00, for a total value of $888,760.00. Following the sale, the chief operating officer now owns 49,310 shares of the company’s stock, valued at approximately $8,382,700. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO John C. May II sold 16,468 shares of Deere & Company stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $163.21, for a total value of $2,687,742.28. Following the completion of the sale, the chief operating officer now directly owns 60,550 shares in the company, valued at approximately $9,882,365.50. The disclosure for this sale can be found here. Insiders own 0.71% of the company’s stock.

DE has been the topic of a number of analyst reports. Deutsche Bank lowered their price objective on Deere & Company from $159.00 to $148.00 and set a “hold” rating on the stock in a research report on Monday, May 20th. Stifel Nicolaus lowered their price target on Deere & Company from $180.00 to $171.00 and set a “buy” rating on the stock in a report on Monday, May 20th. Royal Bank of Canada lowered their price target on Deere & Company from $190.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, May 20th. Credit Suisse Group lowered their price target on Deere & Company from $209.00 to $176.00 and set an “outperform” rating on the stock in a report on Monday, May 20th. Finally, Bank of America raised Deere & Company from a “neutral” rating to a “buy” rating and set a $185.00 price target on the stock in a report on Monday, July 15th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $168.61.

Deere & Company Profile

Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.

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Institutional Ownership by Quarter for Deere & Company (NYSE:DE)

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