Cardinal Capital Management Sells 139 Shares of Deere & Company (NYSE:DE)

Cardinal Capital Management lowered its stake in Deere & Company (NYSE:DE) by 0.5% during the first quarter, Holdings Channel.com reports. The fund owned 27,698 shares of the industrial products company’s stock after selling 139 shares during the quarter. Deere & Company comprises 2.0% of Cardinal Capital Management’s investment portfolio, making the stock its 9th biggest position. Cardinal Capital Management’s holdings in Deere & Company were worth $13,044,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Berkshire Bank lifted its holdings in Deere & Company by 2.3% in the 1st quarter. Berkshire Bank now owns 3,570 shares of the industrial products company’s stock valued at $1,676,000 after purchasing an additional 81 shares in the last quarter. Chicago Capital LLC lifted its holdings in Deere & Company by 16.7% in the 1st quarter. Chicago Capital LLC now owns 2,906 shares of the industrial products company’s stock valued at $1,364,000 after purchasing an additional 416 shares in the last quarter. Vivid Wealth Management LLC lifted its holdings in Deere & Company by 2.9% in the 1st quarter. Vivid Wealth Management LLC now owns 1,068 shares of the industrial products company’s stock valued at $501,000 after purchasing an additional 30 shares in the last quarter. Grove Bank & Trust lifted its holdings in Deere & Company by 9.9% in the 1st quarter. Grove Bank & Trust now owns 1,759 shares of the industrial products company’s stock valued at $826,000 after purchasing an additional 158 shares in the last quarter. Finally, Grimes & Company Inc. purchased a new position in Deere & Company in the 1st quarter valued at $221,000. Institutional investors and hedge funds own 68.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on DE. BMO Capital Markets restated a “market perform” rating and issued a $460.00 price objective (up previously from $425.00) on shares of Deere & Company in a report on Wednesday, May 21st. Baird R W lowered Deere & Company from a “strong-buy” rating to a “hold” rating in a report on Monday, March 3rd. DA Davidson reiterated a “buy” rating and set a $542.00 price target on shares of Deere & Company in a report on Friday, May 16th. Argus set a $510.00 price target on Deere & Company in a report on Friday, March 7th. Finally, Morgan Stanley lifted their price target on Deere & Company from $450.00 to $500.00 and gave the stock an “overweight” rating in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $515.19.

Deere & Company Stock Up 2.9%

Shares of DE opened at $524.27 on Tuesday. The firm has a market cap of $141.99 billion, a P/E ratio of 23.24, a price-to-earnings-growth ratio of 2.14 and a beta of 1.09. Deere & Company has a 12-month low of $340.20 and a 12-month high of $533.78. The company’s 50-day moving average price is $489.49 and its 200 day moving average price is $468.95. The company has a current ratio of 2.22, a quick ratio of 1.98 and a debt-to-equity ratio of 1.94.

Deere & Company (NYSE:DE) last released its earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share for the quarter, beating the consensus estimate of $5.72 by $0.92. The company had revenue of $11.17 billion during the quarter, compared to the consensus estimate of $10.80 billion. Deere & Company had a return on equity of 27.31% and a net margin of 12.94%. Deere & Company’s revenue was down 17.9% compared to the same quarter last year. During the same period in the previous year, the company posted $8.53 EPS. On average, sell-side analysts forecast that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Monday, June 30th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Monday, June 30th. Deere & Company’s dividend payout ratio is currently 31.35%.

Deere & Company Company Profile

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.