PNC Financial Services Group Inc. Cuts Position in Deere & Company $DE

PNC Financial Services Group Inc. decreased its position in Deere & Company (NYSE:DE) by 1.2% during the first quarter, HoldingsChannel.com reports. The fund owned 239,051 shares of the industrial products company’s stock after selling 2,902 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Deere & Company were worth $134,658,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Portus Wealth Advisors LLC bought a new position in shares of Deere & Company during the 1st quarter valued at approximately $32,000. Key Capital Management INC bought a new stake in Deere & Company in the fourth quarter worth $27,000. Timmons Wealth Management LLC bought a new stake in Deere & Company in the fourth quarter worth $29,000. McIlrath & Eck LLC purchased a new stake in Deere & Company during the fourth quarter valued at $30,000. Finally, Wealth Watch Advisors INC purchased a new stake in Deere & Company during the third quarter valued at $32,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DE has been the subject of a number of recent research reports. Citigroup lifted their price objective on shares of Deere & Company from $575.00 to $610.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Truist Financial upped their target price on shares of Deere & Company from $759.00 to $812.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. DA Davidson reaffirmed a “buy” rating and issued a $685.00 price target on shares of Deere & Company in a report on Friday, July 17th. Weiss Ratings raised shares of Deere & Company from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. Finally, Robert W. Baird dropped their price target on Deere & Company from $580.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, May 22nd. Fourteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $642.98.

Deere & Company Stock Up 3.5%

Shares of NYSE DE opened at $607.63 on Thursday. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.18 and a quick ratio of 1.95. The company has a market cap of $164.02 billion, a P/E ratio of 34.43, a PEG ratio of 2.48 and a beta of 0.89. Deere & Company has a 1 year low of $433.00 and a 1 year high of $674.19. The firm has a 50-day simple moving average of $583.01 and a two-hundred day simple moving average of $574.70.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.70 by $0.85. The business had revenue of $13.37 billion during the quarter, compared to analyst estimates of $11.55 billion. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.64 earnings per share. Research analysts anticipate that Deere & Company will post 18.27 earnings per share for the current year.

Deere & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Tuesday, June 30th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, June 30th. Deere & Company’s dividend payout ratio (DPR) is currently 36.71%.

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.