Eliot Finkel Investment Counsel LLC Cuts Holdings in Deere & Company $DE

Eliot Finkel Investment Counsel LLC lowered its stake in Deere & Company (NYSE:DE) by 2.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,175 shares of the industrial products company’s stock after selling 500 shares during the period. Deere & Company accounts for approximately 7.3% of Eliot Finkel Investment Counsel LLC’s holdings, making the stock its 2nd biggest holding. Eliot Finkel Investment Counsel LLC’s holdings in Deere & Company were worth $11,276,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its holdings in Deere & Company by 58.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company’s stock valued at $6,395,000 after acquiring an additional 5,053 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its position in 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 valued at $3,863,000 after buying an additional 798 shares during the period. Providence Capital Advisors LLC lifted its position in Deere & Company by 2.1% during the first 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 period. Bragg Financial Advisors Inc lifted its position in Deere & Company by 12.7% during the first 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 period. Finally, ASR Vermogensbeheer N.V. purchased a new position in Deere & Company during the first quarter valued at $13,588,000. Institutional investors own 68.58% of the company’s stock.

Wall Street Analyst Weigh In

DE has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Deere & Company in a research report on Saturday, September 27th. Daiwa Capital Markets lowered their price objective on Deere & Company from $565.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. DA Davidson lowered their price objective on Deere & Company from $595.00 to $580.00 and set a “buy” rating for the company in a research report on Monday, August 18th. Oppenheimer lowered their price objective on Deere & Company from $566.00 to $512.00 and set an “outperform” rating for the company in a research report on Thursday, September 18th. Finally, Wolfe Research lowered their price target on Deere & Company from $550.00 to $520.00 and set an “outperform” rating for the company in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $518.18.

Deere & Company Price Performance

NYSE DE opened at $462.59 on Friday. Deere & Company has a 52 week low of $387.03 and a 52 week high of $533.78. The firm has a market capitalization of $125.05 billion, a P/E ratio of 24.18, a PEG ratio of 2.98 and a beta of 1.02. 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 50-day moving average price of $484.64 and a 200-day moving average price of $489.15.

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

Deere & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be paid a dividend of $1.62 per share. The ex-dividend date is Tuesday, September 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.4%. Deere & Company’s 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.