Central Pacific Bank Trust Division Cuts Stake in Deere & Company (NYSE:DE)

Central Pacific Bank Trust Division cut its holdings in shares of Deere & Company (NYSE:DE) by 2.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,000 shares of the industrial products company’s stock after selling 200 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Deere & Company were worth $3,285,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Fire Capital Management LLC purchased a new position in shares of Deere & Company in the fourth quarter worth about $2,368,000. Mascagni Wealth Management Inc. bought a new position in Deere & Company during the 4th quarter worth approximately $39,000. Chancellor Financial Group WB LP purchased a new position in Deere & Company in the 4th quarter worth approximately $857,000. NorthCrest Asset Manangement LLC lifted its position in Deere & Company by 0.6% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 50,570 shares of the industrial products company’s stock valued at $21,427,000 after purchasing an additional 318 shares during the last quarter. Finally, Tableaux LLC purchased a new stake in shares of Deere & Company during the fourth quarter valued at approximately $626,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Price Performance

DE opened at $503.07 on Friday. The company has a current ratio of 2.22, a quick ratio of 1.98 and a debt-to-equity ratio of 1.94. The company has a market cap of $136.54 billion, a price-to-earnings ratio of 22.30, a price-to-earnings-growth ratio of 2.14 and a beta of 1.08. The stock has a fifty day simple moving average of $475.02 and a two-hundred day simple moving average of $461.23. Deere & Company has a 12-month low of $340.20 and a 12-month high of $533.78.

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

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Monday, June 30th will be given a $1.62 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.29%. Deere & Company’s dividend payout ratio is currently 31.35%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Robert W. Baird lifted their target price on shares of Deere & Company from $501.00 to $514.00 and gave the stock a “neutral” rating in a research note on Friday, May 16th. Morgan Stanley raised their price target on shares of Deere & Company from $450.00 to $500.00 and gave the stock an “overweight” rating in a report on Wednesday, April 16th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Deere & Company in a research note on Thursday, May 15th. DA Davidson reiterated a “buy” rating and set a $542.00 target price on shares of Deere & Company in a report on Friday, May 16th. Finally, Baird R W downgraded Deere & Company from a “strong-buy” rating to a “hold” rating in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $516.75.

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.