Cardinal Capital Management Has $10.42 Million Stock Position in Deere & Company (NYSE:DE)

Cardinal Capital Management lifted its holdings in Deere & Company (NYSE:DE) by 0.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,648 shares of the industrial products company’s stock after acquiring an additional 101 shares during the period. Deere & Company accounts for approximately 2.1% of Cardinal Capital Management’s holdings, making the stock its 7th biggest holding. Cardinal Capital Management’s holdings in Deere & Company were worth $10,424,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in DE. RB Capital Management LLC lifted its stake in Deere & Company by 5.2% in the first quarter. RB Capital Management LLC now owns 1,637 shares of the industrial products company’s stock worth $680,000 after purchasing an additional 81 shares during the last quarter. Bornite Capital Management LP bought a new stake in Deere & Company in the first quarter worth about $14,541,000. Retirement Income Solutions Inc bought a new stake in Deere & Company in the first quarter worth about $229,000. Sequoia Financial Advisors LLC lifted its stake in Deere & Company by 27.1% in the first quarter. Sequoia Financial Advisors LLC now owns 2,442 shares of the industrial products company’s stock worth $1,014,000 after purchasing an additional 521 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its stake in Deere & Company by 32.4% in the first quarter. Baird Financial Group Inc. now owns 114,322 shares of the industrial products company’s stock worth $47,496,000 after purchasing an additional 27,985 shares during the last quarter. Institutional investors own 66.27% of the company’s stock.

Insider Activity at Deere & Company

In related news, insider Cory J. Reed sold 4,680 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $449.75, for a total value of $2,104,830.00. Following the transaction, the insider now directly owns 36,563 shares of the company’s stock, valued at approximately $16,444,209.25. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Deere & Company news, CEO John C. May II sold 52,967 shares of the company’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $416.02, for a total value of $22,035,331.34. Following the sale, the chief executive officer now directly owns 109,126 shares of the company’s stock, valued at $45,398,598.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Cory J. Reed sold 4,680 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $449.75, for a total transaction of $2,104,830.00. Following the completion of the sale, the insider now directly owns 36,563 shares in the company, valued at $16,444,209.25. The disclosure for this sale can be found here. 0.26% of the stock is owned by insiders.

Deere & Company Stock Performance

Shares of DE stock opened at $410.77 on Tuesday. The company has a current ratio of 1.98, a quick ratio of 1.74 and a debt-to-equity ratio of 1.65. The business’s fifty day simple moving average is $417.81 and its 200-day simple moving average is $398.87. Deere & Company has a 12-month low of $328.62 and a 12-month high of $450.00. The company has a market cap of $118.30 billion, a PE ratio of 12.14, a PEG ratio of 0.93 and a beta of 1.07.

Deere & Company (NYSE:DE) last released its earnings results on Friday, August 18th. The industrial products company reported $10.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.22 by $1.98. Deere & Company had a return on equity of 46.15% and a net margin of 16.36%. The firm had revenue of $14.28 billion for the quarter, compared to the consensus estimate of $14.14 billion. During the same period in the prior year, the firm earned $6.16 EPS. The firm’s revenue was up 9.9% on a year-over-year basis. Analysts expect that Deere & Company will post 33.9 earnings per share for the current fiscal year.

Deere & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 8th. Investors of record on Friday, September 29th will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 1.31%. This is an increase from Deere & Company’s previous quarterly dividend of $1.25. The ex-dividend date is Thursday, September 28th. Deere & Company’s dividend payout ratio is presently 14.78%.

Analyst Upgrades and Downgrades

DE has been the subject of a number of research reports. StockNews.com initiated coverage on Deere & Company in a report on Thursday, August 17th. They issued a “hold” rating for the company. Credit Suisse Group lowered their price target on Deere & Company from $560.00 to $551.00 and set an “outperform” rating for the company in a report on Monday, August 21st. HSBC initiated coverage on Deere & Company in a report on Friday. They issued a “buy” rating and a $486.00 price target for the company. Oppenheimer lowered their price target on Deere & Company from $467.00 to $458.00 and set an “outperform” rating for the company in a report on Monday, August 21st. Finally, Morgan Stanley lowered their price target on Deere & Company from $537.00 to $517.00 in a report on Monday, May 22nd. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Deere & Company presently has a consensus rating of “Moderate Buy” and an average price target of $459.90.

About Deere & Company

Deere & Company manufactures and distributes various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides mid-size tractors, combines, cotton pickers and strippers, sugarcane harvesters, harvesting front-end equipment, sugarcane loaders, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.