Deere & Company $DE Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp grew its stake in Deere & Company (NYSE:DE) by 17.0% in the first quarter, Holdings Channel.com reports. The firm owned 267,308 shares of the industrial products company’s stock after acquiring an additional 38,910 shares during the quarter. Fifth Third Bancorp’s holdings in Deere & Company were worth $150,575,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Glass Wealth Management Co LLC acquired a new position in Deere & Company during the first quarter worth $203,000. Rossmore Private Capital grew its holdings in Deere & Company by 0.3% in the 1st quarter. Rossmore Private Capital now owns 16,798 shares of the industrial products company’s stock valued at $9,490,000 after buying an additional 50 shares in the last quarter. Simplicity Wealth LLC increased its stake in shares of Deere & Company by 9.3% in the 1st quarter. Simplicity Wealth LLC now owns 2,062 shares of the industrial products company’s stock worth $1,161,000 after acquiring an additional 175 shares during the last quarter. Candriam S.C.A. raised its holdings in shares of Deere & Company by 6.7% during the 1st quarter. Candriam S.C.A. now owns 48,419 shares of the industrial products company’s stock worth $27,274,000 after acquiring an additional 3,059 shares during the period. Finally, Spectrum Financial Alliance Ltd LLC raised its holdings in shares of Deere & Company by 3.8% during the 1st quarter. Spectrum Financial Alliance Ltd LLC now owns 88,561 shares of the industrial products company’s stock worth $49,887,000 after acquiring an additional 3,210 shares during the period. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Trading Down 0.9%

NYSE:DE traded down $5.54 during trading hours on Friday, reaching $587.36. 782,098 shares of the stock were exchanged, compared to its average volume of 1,174,307. Deere & Company has a twelve month low of $433.00 and a twelve month high of $674.19. The company has a quick ratio of 1.95, a current ratio of 2.18 and a debt-to-equity ratio of 1.54. The business has a 50-day moving average of $581.74 and a two-hundred day moving average of $566.99. The company has a market capitalization of $158.55 billion, a price-to-earnings ratio of 33.28, a PEG ratio of 2.17 and a beta of 0.89.

Deere & Company (NYSE:DE) last posted its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.70 by $0.85. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The firm had revenue of $13.37 billion for the quarter, compared to the consensus estimate of $11.55 billion. During the same quarter in the previous year, the business earned $6.64 EPS. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, equities analysts predict that Deere & Company will post 18.13 EPS for the current year.

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.1%. Deere & Company’s dividend payout ratio (DPR) is presently 36.71%.

Wall Street Analysts Forecast Growth

DE has been the subject of a number of analyst reports. Raymond James Financial dropped their price objective on shares of Deere & Company from $765.00 to $700.00 and set an “outperform” rating for the company in a report on Friday, May 22nd. Wall Street Zen upgraded shares of Deere & Company from a “sell” rating to a “hold” rating in a report on Sunday, July 5th. DA Davidson reduced their price target on shares of Deere & Company from $775.00 to $685.00 and set a “buy” rating on the stock in a research report on Friday, May 22nd. Weiss Ratings upgraded Deere & Company from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Finally, Bank of America cut their target price on Deere & Company from $672.00 to $607.50 and set a “neutral” rating for the company in a research note on Friday, May 22nd. Fourteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $642.23.

More Deere & Company News

Here are the key news stories impacting Deere & Company this week:

• Positive Sentiment: D.A. Davidson’s new coverage on AGCO highlighted that weak farm conditions can still support equipment makers like Deere, reinforcing the view that replacement demand and pricing power may hold up better than expected for agricultural OEMs. Farming Is Terrible Right Now. That’s Good for Deere and AGCO Stocks.
• Positive Sentiment: Jim Cramer was upbeat on Deere, calling the stock “incredible” and suggesting it still has room to go higher, which may help sentiment around the shares. Jim Cramer on Deere & Company: “The Stock Is Incredible, and It’s Not Done Going Higher”
• Neutral Sentiment: An analyst report on Deere was published, but no clear thesis or rating details were provided in the feed, so it is likely a limited near-term catalyst. Analyst Report: Deere & Co
• Negative Sentiment: Deere settled a right-to-repair dispute with the FTC, requiring it to provide farmers and independent repair providers the same repair resources as authorized dealers for 10 years. Investors may see this as a hit to Deere’s control over service revenue and after-sales economics. Deere settles right to repair dispute with FTC

Deere & Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.