Bank of New York Mellon Corp Cuts Stake in Deere & Co. (DE)
Bank of New York Mellon Corp lowered its position in Deere & Co. (NYSE:DE) by 3.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,910,341 shares of the company’s stock after selling 112,542 shares during the period. Bank of New York Mellon Corp owned 0.93% of Deere & Co. worth $248,397,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Commerzbank Aktiengesellschaft FI increased its position in Deere & Co. by 505.3% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 451,229 shares of the company’s stock worth $36,568,000 after buying an additional 376,688 shares during the period. Pastel & Associes SA bought a new position in Deere & Co. during the second quarter worth approximately $12,030,000. Nuance Investments LLC increased its position in Deere & Co. by 6.6% in the second quarter. Nuance Investments LLC now owns 501,626 shares of the company’s stock worth $40,652,000 after buying an additional 31,111 shares during the period. Quantbot Technologies LP increased its position in Deere & Co. by 599.0% in the second quarter. Quantbot Technologies LP now owns 34,029 shares of the company’s stock worth $2,757,000 after buying an additional 29,161 shares during the period. Finally, Cidel Asset Management Inc. increased its position in Deere & Co. by 6.2% in the second quarter. Cidel Asset Management Inc. now owns 125,909 shares of the company’s stock worth $10,204,000 after buying an additional 7,379 shares during the period. 71.68% of the stock is owned by institutional investors.
Shares of Deere & Co. (NYSE:DE) opened at 100.20 on Thursday. The company has a 50-day moving average price of $89.76 and a 200-day moving average price of $84.31. The stock has a market capitalization of $31.54 billion, a price-to-earnings ratio of 20.83 and a beta of 0.71. Deere & Co. has a 52-week low of $70.16 and a 52-week high of $104.83.
Deere & Co. (NYSE:DE) last posted its quarterly earnings results on Wednesday, November 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.50. Deere & Co. had a return on equity of 21.54% and a net margin of 5.72%. The business had revenue of $6.52 billion for the quarter. During the same quarter in the previous year, the business earned $1.08 earnings per share. Deere & Co.’s revenue was down 4.8% compared to the same quarter last year. On average, equities analysts anticipate that Deere & Co. will post $4.32 earnings per share for the current year.
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A number of research analysts recently commented on DE shares. Wells Fargo & Co. raised Deere & Co. from a “market perform” rating to an “outperform” rating in a research note on Monday, October 10th. Clarkson Capital upgraded Deere & Co. from a “neutral” rating to a “buy” rating in a research report on Tuesday, October 18th. Barclays PLC lifted their target price on Deere & Co. from $63.00 to $68.00 and gave the company an “underweight” rating in a research report on Wednesday, October 12th. Argus lifted their target price on Deere & Co. from $90.00 to $98.00 and gave the company a “buy” rating in a research report on Tuesday, August 23rd. Finally, Jefferies Group decreased their target price on Deere & Co. from $90.00 to $85.00 and set a “hold” rating on the stock in a research report on Thursday, August 25th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $90.24.
In other news, insider John C. May II sold 18,614 shares of Deere & Co. stock in a transaction that occurred on Wednesday, November 23rd. The stock was sold at an average price of $96.46, for a total value of $1,795,506.44. Following the sale, the insider now directly owns 28,926 shares in the company, valued at approximately $2,790,201.96. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Max A. Guinn sold 36,402 shares of Deere & Co. stock in a transaction that occurred on Friday, November 25th. The stock was sold at an average price of $102.94, for a total value of $3,747,221.88. Following the completion of the sale, the insider now owns 55,427 shares in the company, valued at $5,705,655.38. The disclosure for this sale can be found here. 0.75% of the stock is owned by insiders.
About Deere & Co.
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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