Gamco Investors INC. ET AL Decreases Holdings in Deere & Company $DE

Gamco Investors INC. ET AL cut its stake in shares of Deere & Company (NYSE:DE) by 18.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 94,924 shares of the industrial products company’s stock after selling 21,379 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Deere & Company were worth $53,471,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Deere & Company by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 22,583,185 shares of the industrial products company’s stock worth $10,514,053,000 after acquiring an additional 198,332 shares during the period. State Street Corp increased its position in Deere & Company by 0.9% during the fourth quarter. State Street Corp now owns 10,485,949 shares of the industrial products company’s stock valued at $4,898,717,000 after acquiring an additional 97,049 shares during the last quarter. Capital World Investors lifted its holdings in Deere & Company by 53.9% in the fourth quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company’s stock valued at $4,465,906,000 after acquiring an additional 3,358,264 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Deere & Company by 2.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,692,877 shares of the industrial products company’s stock valued at $3,581,574,000 after acquiring an additional 158,584 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Deere & Company by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 5,600,552 shares of the industrial products company’s stock valued at $2,609,149,000 after acquiring an additional 17,269 shares during the period. 68.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DE has been the subject of a number of recent research reports. Robert W. Baird cut their price target on Deere & Company from $580.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, May 22nd. Wall Street Zen raised shares of Deere & Company from a “sell” rating to a “hold” rating in a research report on Sunday, July 5th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $752.00 price objective on shares of Deere & Company in a research note on Monday, June 1st. Truist Financial raised their price objective on shares of Deere & Company from $759.00 to $812.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Finally, Oppenheimer restated an “outperform” rating and set a $680.00 target price (down from $715.00) on shares of Deere & Company in a research report on Wednesday, May 27th. Fourteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $642.98.

Deere & Company Price Performance

NYSE DE opened at $628.32 on Friday. The business’s fifty day moving average is $585.05 and its 200 day moving average is $576.08. Deere & Company has a fifty-two week low of $433.00 and a fifty-two week high of $674.19. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.95 and a current ratio of 2.18. The company has a market capitalization of $169.61 billion, a PE ratio of 35.60, a price-to-earnings-growth ratio of 2.57 and a beta of 0.89.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, May 21st. The industrial products company reported $6.55 EPS for the quarter, topping analysts’ consensus estimates of $5.70 by $0.85. The business had revenue of $13.37 billion during the quarter, compared to analysts’ expectations of $11.55 billion. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $6.64 earnings per share. Sell-side analysts predict that Deere & Company will post 18.28 earnings per share for the current year.

Deere & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Tuesday, June 30th will be paid a dividend of $1.62 per share. The ex-dividend date is Tuesday, June 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.0%. Deere & Company’s payout ratio is 36.71%.

About Deere & Company

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.