Wealth Enhancement Trust Services Inc. Lowers Stake in Deere & Company $DE

Wealth Enhancement Trust Services Inc. decreased its holdings in Deere & Company (NYSE:DE) by 34.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,848 shares of the industrial products company’s stock after selling 2,007 shares during the quarter. Wealth Enhancement Trust Services Inc.’s holdings in Deere & Company were worth $2,584,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Deere & Company during the second quarter valued at approximately $11,763,504,000. State Street Corp boosted its stake in shares of Deere & Company by 0.9% during the 4th quarter. State Street Corp now owns 10,485,949 shares of the industrial products company’s stock worth $4,898,717,000 after acquiring an additional 97,049 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Deere & Company by 84.3% during the 2nd quarter. Wellington Management Group LLP now owns 3,088,628 shares of the industrial products company’s stock worth $1,959,209,000 after acquiring an additional 1,412,694 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Deere & Company during the 2nd quarter valued at $1,685,093,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Deere & Company during the 2nd quarter valued at $1,259,279,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on DE. DA Davidson raised their target price on Deere & Company from $685.00 to $760.00 and gave the stock a “buy” rating in a report on Monday, August 24th. Oppenheimer boosted their price target on Deere & Company from $680.00 to $685.00 and gave the company an “outperform” rating in a report on Thursday, August 20th. Evercore upgraded Deere & Company from an “in-line” rating to an “outperform” rating and set a $813.00 price target for the company in a research report on Wednesday, September 2nd. Truist Financial reduced their price target on Deere & Company from $812.00 to $804.00 and set a “buy” rating for the company in a research report on Monday, August 24th. Finally, CICC Research started coverage on Deere & Company in a research note on Sunday, September 13th. They issued an “outperform” rating on the stock. Seventeen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Deere & Company currently has an average rating of “Moderate Buy” and an average price target of $686.10.

Deere & Company Price Performance

Shares of NYSE DE traded down $25.85 during midday trading on Wednesday, reaching $656.94. The stock had a trading volume of 1,210,179 shares, compared to its average volume of 1,365,359. The company has a market capitalization of $177.13 billion, a price-to-earnings ratio of 36.50, a price-to-earnings-growth ratio of 2.49 and a beta of 0.86. Deere & Company has a 12-month low of $433.00 and a 12-month high of $721.22. The stock has a 50-day moving average of $653.35 and a 200-day moving average of $608.66. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.89 and a current ratio of 2.10.

Deere & Company (NYSE:DE) last released its earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share for the quarter, beating analysts’ consensus estimates of $4.69 by $0.41. The company had revenue of $12.61 billion for the quarter, compared to analysts’ expectations of $10.81 billion. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. Deere & Company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.75 EPS. As a group, research analysts anticipate that Deere & Company will post 18.12 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.0%. Deere & Company’s dividend payout ratio (DPR) is currently 36.00%.

Deere & Company News Roundup

Here are the key news stories impacting Deere & Company this week:

• Positive Sentiment: Deere announced a collaboration with Yamaha Motor to develop certain future side-by-side vehicles. Yamaha will contribute powertrain and vehicle-design expertise, while Deere brings vehicle-development capabilities and U.S. manufacturing capacity. The partnership could expand Deere’s off-road vehicle offering and leverage both companies’ strengths. Yamaha Motor and John Deere Announce Collaboration on Future Side-by-Side Vehicles
• Neutral Sentiment: Deere remains highlighted as an AgTech and precision-agriculture company, giving investors exposure to smart-farming technologies and potential long-term agricultural productivity trends. However, this thematic coverage does not provide a specific new earnings catalyst. AgTech and Food Innovation Stocks Driving Smarter Food Systems
• Negative Sentiment: The Federal Trade Commission and U.S. Department of Agriculture are seeking public information about possible barriers to purchasing, servicing and repairing agricultural equipment. The inquiry raises the risk of increased scrutiny, regulatory costs or policy changes affecting Deere’s dealer, parts and repair practices. Caterpillar and Deere Stock Fall as Regulatory Pressure Continues
• Negative Sentiment: Long-term Treasury yields reached levels not seen in more than two decades, pressuring manufacturers such as Deere whose customers often finance expensive equipment. Higher borrowing costs can weaken farm-equipment demand and increase financing pressure across the industrial sector. Caterpillar Drops as Industrials Sell Off With Long Yields at a Two-Decade High

Deere & Company Company Profile

Deere & Company, commonly known as John Deere, is a global manufacturer of agricultural, construction, forestry and turf-care equipment. The company’s products include tractors, combines, planters, sprayers, harvesting equipment, earthmoving machinery, forestry equipment, commercial and residential lawn-care products, and related technology solutions.

Deere operates through businesses serving production and precision agriculture, small agriculture and turf, and construction and forestry markets.