Lowe Brockenbrough & Co. Inc. Lowers Stake in Deere & Company (DE)
Lowe Brockenbrough & Co. Inc. decreased its stake in Deere & Company (NYSE:DE) by 8.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,822 shares of the industrial products company’s stock after selling 570 shares during the period. Lowe Brockenbrough & Co. Inc.’s holdings in Deere & were worth $720,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System boosted its stake in Deere & by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 18,300 shares of the industrial products company’s stock valued at $2,262,000 after buying an additional 300 shares during the last quarter. PGGM Investments bought a new position in shares of Deere & during the first quarter valued at $26,179,000. Dai Ichi Life Insurance Company Ltd boosted its position in shares of Deere & by 42.1% in the first quarter. Dai Ichi Life Insurance Company Ltd now owns 21,438 shares of the industrial products company’s stock valued at $2,334,000 after buying an additional 6,353 shares in the last quarter. Ngam Advisors L.P. boosted its position in shares of Deere & by 20.8% in the first quarter. Ngam Advisors L.P. now owns 427,136 shares of the industrial products company’s stock valued at $46,498,000 after buying an additional 73,484 shares in the last quarter. Finally, Nordea Investment Management AB boosted its position in shares of Deere & by 1.1% in the first quarter. Nordea Investment Management AB now owns 124,936 shares of the industrial products company’s stock valued at $13,601,000 after buying an additional 1,342 shares in the last quarter. 67.21% of the stock is owned by institutional investors and hedge funds.
Shares of Deere & Company (DE) opened at 115.89 on Wednesday. The company has a market cap of $37.18 billion, a price-to-earnings ratio of 19.25 and a beta of 0.67. Deere & Company has a 12 month low of $80.35 and a 12 month high of $132.50. The company’s 50-day moving average price is $125.70 and its 200-day moving average price is $117.56.
Deere & (NYSE:DE) last issued its quarterly earnings results on Friday, August 18th. The industrial products company reported $1.97 EPS for the quarter, beating the consensus estimate of $1.93 by $0.04. The company had revenue of $6.83 billion for the quarter, compared to the consensus estimate of $6.92 billion. Deere & had a net margin of 6.81% and a return on equity of 25.96%. The firm’s revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.55 EPS. Analysts anticipate that Deere & Company will post $6.52 EPS for the current year.
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Several brokerages have weighed in on DE. Jefferies Group LLC reaffirmed a “hold” rating and issued a $125.00 price objective on shares of Deere & in a report on Wednesday, August 9th. Goldman Sachs Group, Inc. (The) began coverage on Deere & in a report on Tuesday, August 8th. They issued a “buy” rating for the company. Bank of America Corporation cut Deere & from a “buy” rating to a “neutral” rating and set a $145.00 price objective for the company. in a report on Tuesday, August 15th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $150.00 price objective (up from $140.00) on shares of Deere & in a report on Wednesday, August 16th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $139.00 price objective (up from $135.00) on shares of Deere & in a report on Friday, August 11th. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and nine have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $127.58.
In related news, CEO Samuel R. Allen sold 62,704 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $125.00, for a total transaction of $7,838,000.00. Following the transaction, the chief executive officer now directly owns 333,492 shares in the company, valued at approximately $41,686,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pentz Markwart Von sold 46,457 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $116.74, for a total transaction of $5,423,390.18. Following the transaction, the insider now owns 47,165 shares in the company, valued at $5,506,042.10. The disclosure for this sale can be found here. Insiders have sold a total of 159,380 shares of company stock worth $19,694,934 over the last quarter. 0.75% of the stock is currently owned by insiders.
About Deere &
Deere & Company is engaged in equipment operations. The Company is engaged in providing financial services. The Company operates through three business segments: agriculture and turf, construction and forestry, and financial services. The agriculture and turf segment manufactures and distributes a line of agriculture and turf equipment and related service parts.
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