Rockland Trust Co. Boosts Position in Deere & Company (NYSE:DE)

Rockland Trust Co. raised its holdings in shares of Deere & Company (NYSE:DE) by 9.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 888 shares of the industrial products company’s stock after acquiring an additional 80 shares during the quarter. Rockland Trust Co.’s holdings in Deere & Company were worth $332,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently modified their holdings of the stock. United Bank lifted its stake in shares of Deere & Company by 2.6% during the 2nd quarter. United Bank now owns 4,016 shares of the industrial products company’s stock worth $1,500,000 after purchasing an additional 101 shares during the period. Eads & Heald Wealth Management lifted its holdings in shares of Deere & Company by 3.3% during the 2nd quarter. Eads & Heald Wealth Management now owns 1,791 shares of the industrial products company’s stock worth $669,000 after acquiring an additional 58 shares during the period. Byrne Asset Management LLC boosted its position in shares of Deere & Company by 3.2% in the second quarter. Byrne Asset Management LLC now owns 2,870 shares of the industrial products company’s stock worth $1,081,000 after acquiring an additional 88 shares during the last quarter. KG&L Capital Management LLC grew its holdings in Deere & Company by 6.6% in the second quarter. KG&L Capital Management LLC now owns 7,509 shares of the industrial products company’s stock valued at $2,829,000 after purchasing an additional 462 shares during the period. Finally, Lecap Asset Management Ltd. acquired a new position in Deere & Company during the second quarter worth approximately $2,324,000. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Cory J. Reed sold 13,370 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the sale, the insider now owns 41,642 shares of the company’s stock, valued at $15,725,268.46. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.26% of the company’s stock.

Deere & Company Price Performance

NYSE DE traded down $1.47 during trading on Thursday, reaching $375.58. 437,865 shares of the company traded hands, compared to its average volume of 1,538,242. Deere & Company has a 1-year low of $340.20 and a 1-year high of $423.35. The company has a market cap of $103.50 billion, a price-to-earnings ratio of 11.35, a P/E/G ratio of 1.59 and a beta of 0.93. The stock’s 50 day moving average price is $367.84 and its two-hundred day moving average price is $380.05. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.80 and a current ratio of 2.01.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Thursday, August 15th. The industrial products company reported $6.29 EPS for the quarter, beating the consensus estimate of $5.63 by $0.66. The business had revenue of $11.39 billion for the quarter, compared to analyst estimates of $10.94 billion. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. Deere & Company’s quarterly revenue was down 20.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $10.20 EPS. As a group, analysts anticipate that Deere & Company will post 25.41 EPS for the current year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 8th. Investors of record on Friday, June 28th were given a dividend of $1.47 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $5.88 dividend on an annualized basis and a yield of 1.57%. Deere & Company’s dividend payout ratio (DPR) is presently 17.70%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Daiwa Capital Markets upped their target price on shares of Deere & Company from $400.00 to $420.00 and gave the company an “overweight” rating in a research note on Wednesday, May 15th. Truist Financial restated a “buy” rating and set a $443.00 target price (up from $439.00) on shares of Deere & Company in a research note on Friday, August 16th. JPMorgan Chase & Co. cut their price target on Deere & Company from $375.00 to $360.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 13th. HSBC cut shares of Deere & Company from a “buy” rating to a “hold” rating in a report on Monday. Finally, Evercore ISI boosted their price target on shares of Deere & Company from $371.00 to $378.00 and gave the company an “in-line” rating in a report on Monday. Fourteen investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Deere & Company currently has an average rating of “Hold” and a consensus target price of $415.50.

Deere & Company Profile

Deere & Company engages in the manufacture and distribution of 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 large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, 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.