Nixon Peabody Trust Co. Reduces Stock Holdings in Deere & Company $DE

Nixon Peabody Trust Co. lessened its holdings in shares of Deere & Company (NYSE:DE) by 2.5% in the 2nd quarter, HoldingsChannel reports. The firm owned 25,208 shares of the industrial products company’s stock after selling 636 shares during the quarter. Nixon Peabody Trust Co.’s holdings in Deere & Company were worth $12,818,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Brighton Jones LLC lifted its holdings in shares of Deere & Company by 39.1% in the 4th quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company’s stock valued at $1,927,000 after buying an additional 1,278 shares during the period. Edgestream Partners L.P. raised its position in Deere & Company by 377.7% during the first quarter. Edgestream Partners L.P. now owns 6,559 shares of the industrial products company’s stock valued at $3,078,000 after acquiring an additional 5,186 shares in the last quarter. Larson Financial Group LLC lifted its holdings in Deere & Company by 6.2% in the first quarter. Larson Financial Group LLC now owns 2,638 shares of the industrial products company’s stock valued at $1,238,000 after acquiring an additional 155 shares during the period. Bryn Mawr Capital Management LLC boosted its position in Deere & Company by 29.1% in the 1st quarter. Bryn Mawr Capital Management LLC now owns 1,159 shares of the industrial products company’s stock worth $544,000 after purchasing an additional 261 shares in the last quarter. Finally, Cullen Frost Bankers Inc. grew its stake in shares of Deere & Company by 44.3% during the 1st quarter. Cullen Frost Bankers Inc. now owns 1,147 shares of the industrial products company’s stock worth $538,000 after purchasing an additional 352 shares during the period. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Stock Performance

DE opened at $473.54 on Friday. The firm has a market capitalization of $128.01 billion, a PE ratio of 24.75, a PEG ratio of 3.05 and a beta of 1.04. The company has a current ratio of 2.19, a quick ratio of 1.98 and a debt-to-equity ratio of 1.76. Deere & Company has a twelve month low of $387.79 and a twelve month high of $533.78. The firm’s 50-day moving average price is $465.98 and its 200 day moving average price is $490.57.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share 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 business had revenue of $10.36 billion for the quarter, compared to analysts’ expectations of $10.33 billion. During the same period in the previous year, the firm posted $6.29 EPS. The business’s revenue for the quarter was down 9.0% compared to the same quarter last year. As a group, sell-side analysts expect that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.4%. The ex-dividend date was Tuesday, September 30th. Deere & Company’s dividend payout ratio is presently 33.87%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DE. Oppenheimer lowered their price target on shares of Deere & Company from $566.00 to $512.00 and set an “outperform” rating on the stock in a report on Thursday, September 18th. Truist Financial increased their target price on shares of Deere & Company from $602.00 to $609.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Robert W. Baird cut their price target on Deere & Company from $488.00 to $467.00 and set a “neutral” rating for the company in a research note on Monday, October 13th. Wolfe Research lowered their price target on Deere & Company from $550.00 to $520.00 and set an “outperform” rating on the stock in a research report on Friday, October 3rd. Finally, Evercore ISI set a $491.00 price objective on Deere & Company in a report on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Deere & Company has a consensus rating of “Moderate Buy” and a consensus target price of $520.00.

Deere & Company Company Profile

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.