Levin Capital Strategies L.P. Cuts Stake in Deere & Company (NYSE:DE)

Levin Capital Strategies L.P. cut its holdings in Deere & Company (NYSE:DE) by 12.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,330 shares of the industrial products company’s stock after selling 3,485 shares during the period. Levin Capital Strategies L.P.’s holdings in Deere & Company were worth $9,464,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. True Wealth Design LLC lifted its position in Deere & Company by 1,180.0% in the fourth quarter. True Wealth Design LLC now owns 64 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 59 shares during the last quarter. Pineridge Advisors LLC increased its position in shares of Deere & Company by 725.0% in the first quarter. Pineridge Advisors LLC now owns 66 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 58 shares during the period. Private Wealth Management Group LLC bought a new position in shares of Deere & Company during the fourth quarter valued at about $29,000. Livelsberger Financial Advisory purchased a new stake in shares of Deere & Company during the fourth quarter worth about $30,000. Finally, Spartan Planning & Wealth Management bought a new stake in shares of Deere & Company in the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Stock Up 1.5 %

NYSE:DE opened at $387.23 on Tuesday. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.87 and a current ratio of 2.07. The firm has a market cap of $105.95 billion, a P/E ratio of 11.66, a P/E/G ratio of 1.27 and a beta of 0.92. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $417.46. The firm has a 50-day simple moving average of $369.56 and a two-hundred day simple moving average of $380.89.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Thursday, August 15th. The industrial products company reported $6.29 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.66. Deere & Company had a net margin of 14.69% and a return on equity of 36.71%. The company had revenue of $11.39 billion during the quarter, compared to analyst estimates of $10.94 billion. During the same period in the previous year, the business earned $10.20 EPS. The firm’s revenue for the quarter was down 20.3% on a year-over-year basis. Analysts predict that Deere & Company will post 25.07 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Monday, September 30th will be given a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Monday, September 30th. Deere & Company’s dividend payout ratio (DPR) is 17.70%.

Insider Buying and Selling at Deere & Company

In other news, insider Cory J. Reed sold 13,370 shares of Deere & Company stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $377.63, for a total value of $5,048,913.10. Following the completion of the sale, the insider now directly owns 41,642 shares in the company, valued at $15,725,268.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.26% of the company’s stock.

Analyst Ratings Changes

DE has been the subject of several research analyst reports. Morgan Stanley dropped their price objective on Deere & Company from $450.00 to $425.00 and set an “overweight” rating for the company in a report on Monday, August 26th. Oppenheimer cut their price target on shares of Deere & Company from $465.00 to $448.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Bank of America boosted their price objective on shares of Deere & Company from $400.00 to $410.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. Hsbc Global Res lowered shares of Deere & Company from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 19th. Finally, Citigroup decreased their price target on shares of Deere & Company from $395.00 to $370.00 and set a “neutral” rating for the company in a research note on Tuesday, August 13th. Fourteen research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $414.11.

Deere & Company 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.