Convergence Investment Partners LLC Reduces Stock Position in Deere & Company $DE

Convergence Investment Partners LLC decreased its position in Deere & Company (NYSE:DE) by 4.8% in the second quarter, Holdings Channel reports. The firm owned 479 shares of the industrial products company’s stock after selling 24 shares during the period. Convergence Investment Partners LLC’s holdings in Deere & Company were worth $243,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. OLD National Bancorp IN lifted its position in shares of Deere & Company by 2.6% during the second quarter. OLD National Bancorp IN now owns 24,000 shares of the industrial products company’s stock valued at $12,204,000 after buying an additional 610 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of Deere & Company by 10.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company’s stock worth $3,863,000 after purchasing an additional 798 shares during the last quarter. Providence Capital Advisors LLC raised its stake in shares of Deere & Company by 2.1% during the 1st quarter. Providence Capital Advisors LLC now owns 14,639 shares of the industrial products company’s stock valued at $6,871,000 after buying an additional 303 shares during the last quarter. Bragg Financial Advisors Inc raised its stake in shares of Deere & Company by 12.7% during the 1st quarter. Bragg Financial Advisors Inc now owns 7,213 shares of the industrial products company’s stock valued at $3,386,000 after buying an additional 813 shares during the last quarter. Finally, ASR Vermogensbeheer N.V. purchased a new position in shares of Deere & Company during the 1st quarter valued at about $13,588,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on DE. JPMorgan Chase & Co. reduced their price target on Deere & Company from $495.00 to $480.00 and set a “neutral” rating for the company in a research report on Tuesday, October 14th. Royal Bank Of Canada started coverage on shares of Deere & Company in a report on Wednesday, October 22nd. They set an “outperform” rating and a $542.00 target price for the company. Oppenheimer cut their target price on shares of Deere & Company from $566.00 to $512.00 and set an “outperform” rating for the company in a report on Thursday, September 18th. Evercore ISI set a $491.00 target price on shares of Deere & Company in a report on Tuesday, August 19th. Finally, UBS Group set a $535.00 price objective on shares of Deere & Company and gave the company a “buy” rating in a report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $518.72.

Deere & Company Price Performance

Deere & Company stock opened at $477.76 on Tuesday. The company has a quick ratio of 1.98, a current ratio of 2.19 and a debt-to-equity ratio of 1.76. The company has a fifty day simple moving average of $469.62 and a 200-day simple moving average of $489.44. The firm has a market capitalization of $129.15 billion, a price-to-earnings ratio of 24.97, a PEG ratio of 3.04 and a beta of 1.02. Deere & Company has a 52-week low of $387.03 and a 52-week high of $533.78.

Deere & Company (NYSE:DE) last posted its quarterly earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.62 by $0.13. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%.The business had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.33 billion. During the same period in the prior year, the business earned $6.29 earnings per share. The business’s revenue was down 9.0% compared to the same quarter last year. On average, equities analysts anticipate that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.4%. Deere & Company’s dividend payout ratio is 33.87%.

About Deere & Company

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.