First National Bank of Mount Dora Trust Investment Services Cuts Position in Deere & Company (NYSE:DE)

First National Bank of Mount Dora Trust Investment Services cut its stake in Deere & Company (NYSE:DE) by 8.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,359 shares of the industrial products company’s stock after selling 2,058 shares during the quarter. First National Bank of Mount Dora Trust Investment Services’ holdings in Deere & Company were worth $3,603,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. FMR LLC grew its stake in Deere & Company by 13.6% during the 1st quarter. FMR LLC now owns 8,713,051 shares of the industrial products company’s stock worth $1,392,694,000 after buying an additional 1,043,039 shares during the last quarter. Northern Trust Corp grew its stake in Deere & Company by 1.0% during the 2nd quarter. Northern Trust Corp now owns 3,925,592 shares of the industrial products company’s stock worth $650,510,000 after buying an additional 38,701 shares during the last quarter. Nuveen Asset Management LLC grew its stake in Deere & Company by 20,513.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,147,721 shares of the industrial products company’s stock worth $521,609,000 after buying an additional 3,132,451 shares during the last quarter. Janus Henderson Group PLC grew its stake in Deere & Company by 1.2% during the 2nd quarter. Janus Henderson Group PLC now owns 2,781,167 shares of the industrial products company’s stock worth $460,873,000 after buying an additional 31,940 shares during the last quarter. Finally, Parnassus Investments CA purchased a new position in Deere & Company during the 2nd quarter worth $392,652,000. Institutional investors and hedge funds own 67.53% of the company’s stock.

Deere & Company stock traded up $0.83 during trading hours on Wednesday, hitting $165.80. 11,366 shares of the stock traded hands, compared to its average volume of 2,029,893. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.99 and a quick ratio of 1.73. The firm’s 50 day moving average price is $160.12 and its 200-day moving average price is $158.08. The stock has a market capitalization of $52.80 billion, a price-to-earnings ratio of 17.61, a P/E/G ratio of 2.52 and a beta of 1.16. Deere & Company has a 1 year low of $128.32 and a 1 year high of $171.22.

Deere & Company (NYSE:DE) last posted its quarterly earnings results on Friday, August 16th. The industrial products company reported $2.71 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.80 by ($0.09). The firm had revenue of $8.97 billion for the quarter, compared to analysts’ expectations of $9.38 billion. Deere & Company had a net margin of 8.55% and a return on equity of 27.75%. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.59 EPS. Research analysts forecast that Deere & Company will post 9.98 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.76 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $3.04 annualized dividend and a yield of 1.83%. Deere & Company’s payout ratio is presently 32.37%.

Several brokerages recently weighed in on DE. Bank of America dropped their target price on Deere & Company from $185.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. Stephens began coverage on Deere & Company in a research note on Wednesday, August 14th. They set an “equal weight” rating and a $160.00 target price on the stock. Jefferies Financial Group upgraded Deere & Company from a “hold” rating to a “buy” rating and boosted their target price for the stock from $150.00 to $190.00 in a research note on Monday, June 24th. Barclays restated a “buy” rating and set a $167.00 target price on shares of Deere & Company in a research note on Monday, July 15th. Finally, Wells Fargo & Co downgraded Deere & Company from an “outperform” rating to a “market perform” rating and set a $170.00 target price on the stock. in a research note on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $168.26.

In other Deere & Company news, COO John C. May II sold 5,228 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $170.00, for a total transaction of $888,760.00. Following the sale, the chief operating officer now owns 49,310 shares in the company, valued at approximately $8,382,700. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.71% of the stock is currently owned by insiders.

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.

Recommended Story: Institutional Investors

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

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