Deere & Company $DE Shares Sold by Pinnacle West Asset Management Inc.

Pinnacle West Asset Management Inc. lessened its holdings in shares of Deere & Company (NYSE:DE) by 1.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 3,968 shares of the industrial products company’s stock after selling 55 shares during the period. Deere & Company comprises approximately 1.4% of Pinnacle West Asset Management Inc.’s holdings, making the stock its 22nd biggest position. Pinnacle West Asset Management Inc.’s holdings in Deere & Company were worth $2,018,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Nuveen LLC purchased a new position in shares of Deere & Company during the 1st quarter worth $571,073,000. Voya Investment Management LLC raised its holdings in shares of Deere & Company by 97.1% during the 1st quarter. Voya Investment Management LLC now owns 733,871 shares of the industrial products company’s stock worth $344,442,000 after acquiring an additional 361,526 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Deere & Company by 4.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,876,013 shares of the industrial products company’s stock worth $3,227,258,000 after acquiring an additional 286,253 shares during the period. Invesco Ltd. raised its holdings in shares of Deere & Company by 23.4% during the 1st quarter. Invesco Ltd. now owns 1,353,255 shares of the industrial products company’s stock worth $635,150,000 after acquiring an additional 256,806 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of Deere & Company by 874.8% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 243,914 shares of the industrial products company’s stock worth $124,028,000 after acquiring an additional 218,893 shares during the period. Institutional investors and hedge funds own 68.58% of the company’s stock.

Deere & Company Stock Down 2.1%

Shares of DE opened at $446.76 on Friday. The firm has a market cap of $120.77 billion, a P/E ratio of 23.35, a price-to-earnings-growth ratio of 2.94 and a beta of 1.02. Deere & Company has a 12-month low of $387.03 and a 12-month high of $533.78. The company’s 50-day moving average price is $479.15 and its 200 day moving average price is $488.35. The company has a current ratio of 2.19, a quick ratio of 1.98 and a debt-to-equity ratio of 1.76.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.62 by $0.13. The company had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.33 billion. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The business’s revenue for the quarter was down 9.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.29 earnings per share. On average, sell-side analysts forecast that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $1.62 per share. The ex-dividend date is Tuesday, September 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.5%. Deere & Company’s dividend payout ratio is 33.87%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Truist Financial lifted their price target on Deere & Company from $602.00 to $609.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup reduced their price target on Deere & Company from $525.00 to $515.00 and set a “neutral” rating on the stock in a report on Tuesday. Jefferies Financial Group reduced their price target on Deere & Company from $510.00 to $440.00 and set a “hold” rating on the stock in a report on Wednesday. Evercore ISI set a $491.00 price objective on shares of Deere & Company in a report on Tuesday, August 19th. Finally, DA Davidson reduced their price objective on shares of Deere & Company from $595.00 to $580.00 and set a “buy” rating on the stock in a report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $513.88.

Deere & Company Profile

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.