Lord Abbett & CO. LLC Decreases Stock Position in Deere & Company $DE

Lord Abbett & CO. LLC lowered its stake in Deere & Company (NYSE:DE) by 24.6% during the 4th quarter, Holdings Channel reports. The firm owned 216,885 shares of the industrial products company’s stock after selling 70,784 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Deere & Company were worth $100,975,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of DE. Norges Bank purchased a new stake in Deere & Company in the 4th quarter worth $1,715,633,000. Capital World Investors lifted its stake in Deere & Company by 53.9% in the 4th quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company’s stock worth $4,465,906,000 after purchasing an additional 3,358,264 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Deere & Company by 1,725.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company’s stock worth $932,870,000 after purchasing an additional 1,893,972 shares in the last quarter. M&T Bank Corp increased its holdings in shares of Deere & Company by 1,199.8% in the 4th quarter. M&T Bank Corp now owns 1,864,701 shares of the industrial products company’s stock worth $868,149,000 after buying an additional 1,721,239 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Deere & Company by 278.0% in the 3rd quarter. Van ECK Associates Corp now owns 487,697 shares of the industrial products company’s stock worth $223,005,000 after buying an additional 358,687 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Analyst Ratings Changes

DE has been the topic of a number of research reports. Jefferies Financial Group upgraded shares of Deere & Company from an “underperform” rating to a “hold” rating and set a $550.00 target price on the stock in a report on Wednesday, April 8th. UBS Group boosted their target price on shares of Deere & Company from $535.00 to $775.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Truist Financial reduced their target price on shares of Deere & Company from $793.00 to $759.00 and set a “buy” rating on the stock in a report on Tuesday, May 26th. Wolfe Research boosted their target price on shares of Deere & Company from $550.00 to $660.00 and gave the stock an “outperform” rating in a report on Tuesday, March 31st. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $752.00 target price on shares of Deere & Company in a report on Monday, June 1st. Fourteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $639.58.

Deere & Company Stock Performance

Deere & Company stock opened at $577.05 on Friday. The company’s 50-day moving average price is $573.27 and its 200-day moving average price is $548.89. Deere & Company has a twelve month low of $433.00 and a twelve month high of $674.19. The company has a quick ratio of 1.95, a current ratio of 2.18 and a debt-to-equity ratio of 1.54. The company has a market cap of $155.77 billion, a PE ratio of 32.69, a price-to-earnings-growth ratio of 2.10 and a beta of 0.92.

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, beating the consensus estimate of $5.70 by $0.85. The company had revenue of $13.37 billion for the quarter, compared to the consensus estimate of $11.55 billion. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.64 EPS. On average, equities research analysts forecast that Deere & Company will post 18.13 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Investors of record on Tuesday, June 30th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 1.1%. The ex-dividend date is Tuesday, June 30th. Deere & Company’s dividend payout ratio is presently 36.71%.

Deere & Company Company Profile

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.