Canandaigua National Bank & Trust Co. Reduces Stock Position in Deere & Company $DE

Canandaigua National Bank & Trust Co. decreased its holdings in Deere & Company (NYSE:DE) by 0.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,312 shares of the industrial products company’s stock after selling 46 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Deere & Company were worth $3,718,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Activest Wealth Management grew its holdings in Deere & Company by 2,750.0% in the 1st quarter. Activest Wealth Management now owns 57 shares of the industrial products company’s stock valued at $27,000 after buying an additional 55 shares during the period. Hughes Financial Services LLC purchased a new stake in Deere & Company in the 1st quarter valued at about $29,000. Cornerstone Planning Group LLC lifted its stake in shares of Deere & Company by 116.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 36 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of Deere & Company in the 4th quarter valued at about $34,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Deere & Company in the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Price Performance

DE stock opened at $471.35 on Monday. The company has a quick ratio of 1.98, a current ratio of 2.19 and a debt-to-equity ratio of 1.76. Deere & Company has a 52-week low of $386.42 and a 52-week high of $533.78. The stock’s 50 day moving average is $497.38 and its two-hundred day moving average is $490.39. The company has a market capitalization of $127.42 billion, a PE ratio of 24.64, a P/E/G ratio of 3.02 and a beta of 1.00.

Deere & Company (NYSE:DE) last posted its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.62 by $0.13. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%.The company had revenue of $10.36 billion for the quarter, compared to the consensus estimate of $10.33 billion. During the same period in the previous year, the business earned $6.29 EPS. Deere & Company’s revenue for the quarter was down 9.0% compared to the same quarter last year. Analysts predict that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Deere & Company’s dividend payout ratio is currently 33.87%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DE. Citigroup reduced their price objective on Deere & Company from $550.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, May 30th. Melius Research raised Deere & Company from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 6th. JPMorgan Chase & Co. reduced their price target on Deere & Company from $500.00 to $495.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 2nd. Wall Street Zen raised Deere & Company from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Melius raised Deere & Company from a “hold” rating to a “buy” rating in a research report on Friday, June 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Deere & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $520.87.

About Deere & Company

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.