Summit Financial LLC Decreases Stake in Deere & Company (NYSE:DE)

Summit Financial LLC lowered its position in Deere & Company (NYSE:DE) by 8.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,211 shares of the industrial products company’s stock after selling 313 shares during the quarter. Summit Financial LLC’s holdings in Deere & Company were worth $1,324,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Briaud Financial Planning Inc purchased a new stake in shares of Deere & Company during the 3rd quarter worth approximately $25,000. True Wealth Design LLC lifted its position in shares of Deere & Company by 1,180.0% during the 4th quarter. True Wealth Design LLC now owns 64 shares of the industrial products company’s stock worth $26,000 after buying an additional 59 shares during the last quarter. ZRC Wealth Management LLC purchased a new stake in shares of Deere & Company during the 4th quarter worth approximately $28,000. Rakuten Securities Inc. purchased a new stake in shares of Deere & Company during the 4th quarter worth approximately $28,000. Finally, Naples Money Management LLC purchased a new stake in shares of Deere & Company during the 4th quarter worth approximately $29,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Stock Performance

DE traded down $6.77 during trading on Thursday, hitting $379.24. The stock had a trading volume of 1,709,595 shares, compared to its average volume of 1,474,977. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.80 and a current ratio of 2.01. The firm has a market capitalization of $105.57 billion, a P/E ratio of 11.42, a PEG ratio of 1.53 and a beta of 1.04. The company’s 50-day moving average price is $399.93 and its 200 day moving average price is $386.42. Deere & Company has a twelve month low of $345.55 and a twelve month high of $450.00.

Deere & Company (NYSE:DE) last posted its quarterly earnings results on Thursday, May 16th. The industrial products company reported $8.53 earnings per share for the quarter, topping analysts’ consensus estimates of $7.86 by $0.67. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The business had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $13.29 billion. During the same period in the prior year, the company posted $9.65 EPS. The business’s revenue for the quarter was down 15.4% on a year-over-year basis. On average, equities research analysts forecast that Deere & Company will post 26.03 EPS for the current fiscal year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 8th. Stockholders of record on Friday, March 29th were paid a dividend of $1.47 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.55%. Deere & Company’s dividend payout ratio (DPR) is presently 17.70%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on DE shares. Citigroup reduced their price objective on shares of Deere & Company from $450.00 to $435.00 and set a “buy” rating for the company in a research report on Friday, February 16th. JPMorgan Chase & Co. reduced their price target on shares of Deere & Company from $425.00 to $385.00 and set a “neutral” rating for the company in a research report on Friday, May 17th. Wells Fargo & Company reduced their price target on shares of Deere & Company from $445.00 to $425.00 and set an “overweight” rating for the company in a research report on Friday, February 16th. Morgan Stanley upped their price target on shares of Deere & Company from $430.00 to $450.00 in a research report on Wednesday, May 15th. Finally, DA Davidson reduced their price target on shares of Deere & Company from $483.00 to $465.00 and set a “buy” rating for the company in a research report on Monday. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $432.92.

Deere & Company Company Profile

Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.