Tocqueville Asset Management L.P. Cuts Position in Deere & Co. (DE)
Tocqueville Asset Management L.P. decreased its position in shares of Deere & Co. (NYSE:DE) by 1.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 125,905 shares of the company’s stock after selling 1,900 shares during the period. Tocqueville Asset Management L.P.’s holdings in Deere & Co. were worth $10,203,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sun Life Financial INC purchased a new stake in shares of Deere & Co. during the first quarter valued at approximately $63,594,000. Washington Trust Bank increased its stake in shares of Deere & Co. by 59.0% in the second quarter. Washington Trust Bank now owns 1,240 shares of the company’s stock valued at $100,000 after buying an additional 460 shares in the last quarter. Signaturefd LLC increased its stake in shares of Deere & Co. by 1.3% in the second quarter. Signaturefd LLC now owns 1,610 shares of the company’s stock valued at $130,000 after buying an additional 21 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Deere & Co. during the first quarter valued at approximately $142,000. Finally, Iowa State Bank purchased a new stake in shares of Deere & Co. during the second quarter valued at approximately $151,000. Hedge funds and other institutional investors own 70.55% of the company’s stock.
Deere & Co. (NYSE:DE) remained flat at $86.40 on Monday. The company had a trading volume of 628,917 shares. Deere & Co. has a one year low of $70.16 and a one year high of $89.34. The firm has a market cap of $27.17 billion, a PE ratio of 17.31 and a beta of 0.89. The company has a 50 day moving average price of $84.29 and a 200 day moving average price of $82.14.
Deere & Co. (NYSE:DE) last released its quarterly earnings results on Friday, August 19th. The company reported $1.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.61. Deere & Co. had a net margin of 5.92% and a return on equity of 22.73%. The firm earned $6.72 billion during the quarter. During the same period in the previous year, the company earned $1.53 EPS. Deere & Co.’s revenue for the quarter was down 14.3% compared to the same quarter last year. On average, equities analysts predict that Deere & Co. will post $4.30 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, September 30th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend is Wednesday, September 28th. Deere & Co.’s payout ratio is currently 48.10%.
Several analysts have recently commented on the stock. Barclays PLC increased their target price on shares of Deere & Co. from $63.00 to $68.00 and gave the company an “underweight” rating in a report on Wednesday, October 12th. Wells Fargo & Co. upgraded shares of Deere & Co. from a “market perform” rating to an “outperform” rating in a report on Monday, October 10th. TheStreet downgraded shares of Deere & Co. from a “buy” rating to a “hold” rating in a report on Monday, October 3rd. Zacks Investment Research upgraded shares of Deere & Co. from a “hold” rating to a “strong-buy” rating and set a $95.00 target price for the company in a report on Monday, September 12th. Finally, Deutsche Bank AG assumed coverage on shares of Deere & Co. in a report on Tuesday, September 6th. They issued a “hold” rating and a $90.00 target price for the company. Eight investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Deere & Co. currently has a consensus rating of “Hold” and an average price target of $82.27.
Deere & Co. Company Profile
Deere & Company is engaged in equipment operations and financial services. The Company operates through three business segments: agriculture and turf, construction and forestry, and financial services. The Company’s agriculture and turf segment primarily manufactures and distributes a full line of agriculture and turf equipment and related service parts.
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