Garner Asset Management Corp Purchases New Stake in Deere & Company (DE)
Garner Asset Management Corp purchased a new position in shares of Deere & Company (NYSE:DE) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,640 shares of the industrial products company’s stock, valued at approximately $326,000.
Other hedge funds also recently modified their holdings of the company. QCI Asset Management Inc. NY raised its stake in Deere & by 18.8% during the second quarter. QCI Asset Management Inc. NY now owns 950 shares of the industrial products company’s stock worth $117,000 after acquiring an additional 150 shares during the period. Arrow Financial Corp raised its stake in Deere & by 5.2% during the second quarter. Arrow Financial Corp now owns 1,010 shares of the industrial products company’s stock worth $125,000 after acquiring an additional 50 shares during the period. Guardian Life Insurance Co. of America raised its stake in Deere & by 1.4% during the first quarter. Guardian Life Insurance Co. of America now owns 1,132 shares of the industrial products company’s stock worth $123,000 after acquiring an additional 16 shares during the period. Harfst & Associates Inc. raised its stake in Deere & by 44.2% during the second quarter. Harfst & Associates Inc. now owns 1,175 shares of the industrial products company’s stock worth $145,000 after acquiring an additional 360 shares during the period. Finally, YorkBridge Wealth Partners LLC raised its stake in Deere & by 1.1% during the second quarter. YorkBridge Wealth Partners LLC now owns 1,236 shares of the industrial products company’s stock worth $154,000 after acquiring an additional 13 shares during the period. 66.17% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently weighed in on the stock. Jefferies Group LLC reiterated a “hold” rating and set a $125.00 price objective on shares of Deere & in a research note on Wednesday, August 9th. Goldman Sachs Group, Inc. (The) assumed coverage on shares of Deere & in a research note on Tuesday, August 8th. They set a “buy” rating on the stock. Bank of America Corporation lowered shares of Deere & from a “buy” rating to a “neutral” rating and set a $145.00 price objective on the stock. in a research note on Tuesday, August 15th. BMO Capital Markets reiterated an “outperform” rating and set a $150.00 price objective (up previously from $140.00) on shares of Deere & in a research note on Wednesday, August 16th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $139.00 price objective (up previously from $135.00) on shares of Deere & in a research note on Friday, August 11th. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $127.76.
Shares of Deere & Company (NYSE:DE) opened at 128.13 on Monday. Deere & Company has a 52-week low of $85.12 and a 52-week high of $132.50. The firm has a 50-day moving average of $120.25 and a 200-day moving average of $119.88. The stock has a market cap of $41.17 billion, a P/E ratio of 21.28 and a beta of 0.69.
Deere & (NYSE:DE) last released its quarterly earnings results on Friday, August 18th. The industrial products company reported $1.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.93 by $0.04. The company had revenue of $6.83 billion during the quarter, compared to analysts’ expectations of $6.92 billion. Deere & had a net margin of 6.81% and a return on equity of 25.96%. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.55 earnings per share. On average, equities analysts expect that Deere & Company will post $6.52 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Friday, September 29th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Thursday, September 28th. Deere &’s dividend payout ratio (DPR) is presently 40.20%.
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In related news, insider John C. May II sold 22,095 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $127.04, for a total transaction of $2,806,948.80. Following the completion of the transaction, the insider now owns 51,429 shares in the company, valued at $6,533,540.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Max A. Guinn sold 5,000 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $130.89, for a total transaction of $654,450.00. The disclosure for this sale can be found here. Insiders sold 116,023 shares of company stock valued at $14,185,962 in the last quarter. Corporate insiders own 0.75% of the company’s stock.
Deere & Company Profile
Deere & Company is engaged in equipment operations. The Company is engaged in providing financial services. The Company operates through three business segments: agriculture and turf, construction and forestry, and financial services. The agriculture and turf segment manufactures and distributes a line of agriculture and turf equipment and related service parts.
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