Deere & Company $DE Stake Reduced by Washington Trust Advisors Inc.

Washington Trust Advisors Inc. lessened its position in shares of Deere & Company (NYSE:DE) by 4.7% in the third quarter, HoldingsChannel.com reports. The firm owned 56,715 shares of the industrial products company’s stock after selling 2,815 shares during the quarter. Deere & Company accounts for approximately 2.7% of Washington Trust Advisors Inc.’s portfolio, making the stock its 11th biggest holding. Washington Trust Advisors Inc.’s holdings in Deere & Company were worth $38,087,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in DE. Baxter Bros Inc. bought a new stake in shares of Deere & Company in the 2nd quarter valued at $1,707,000. Global Retirement Partners LLC acquired a new position in shares of Deere & Company during the 2nd quarter valued at $3,890,000. Nykredit A S bought a new position in Deere & Company during the second quarter worth $44,378,000. TRB Wealth Management LLC bought a new position in Deere & Company during the second quarter worth $623,000. Finally, NewEdge Advisors LLC boosted its stake in Deere & Company by 11.8% during the second quarter. NewEdge Advisors LLC now owns 43,459 shares of the industrial products company’s stock worth $27,567,000 after acquiring an additional 4,586 shares in the last quarter. Institutional investors own 68.58% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on DE. Truist Financial decreased their price target on shares of Deere & Company from $812.00 to $804.00 and set a “buy” rating for the company in a research note on Monday, August 24th. Seaport Research Partners set a $570.00 price objective on shares of Deere & Company in a research report on Friday, August 14th. Robert W. Baird upgraded Deere & Company from a “neutral” rating to an “outperform” rating and raised their target price for the company from $640.00 to $800.00 in a research note on Monday, August 31st. Citigroup raised their target price on Deere & Company from $610.00 to $650.00 and gave the company a “neutral” rating in a research note on Friday, August 21st. Finally, UBS Group decreased their target price on Deere & Company from $732.00 to $728.00 and set a “buy” rating for the company in a research report on Friday, August 21st. Seventeen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $688.10.

Deere & Company Stock Up 0.3%

DE stock traded up $1.99 during midday trading on Friday, reaching $645.61. 693,936 shares of the company’s stock traded hands, compared to its average volume of 1,162,021. The company has a quick ratio of 1.89, a current ratio of 2.10 and a debt-to-equity ratio of 1.45. The firm’s fifty day moving average price is $660.40 and its 200-day moving average price is $614.23. Deere & Company has a 52 week low of $454.50 and a 52 week high of $721.22. The company has a market cap of $174.07 billion, a price-to-earnings ratio of 35.87, a P/E/G ratio of 2.35 and a beta of 0.86.

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

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $1.62 per share. 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 payout ratio is 36.00%.

Deere & Company 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.