AustralianSuper Pty Ltd Trims Holdings in Deere & Company $DE

AustralianSuper Pty Ltd trimmed its position in Deere & Company (NYSE:DE) by 59.6% during the second quarter, Holdings Channel.com reports. The firm owned 51,829 shares of the industrial products company’s stock after selling 76,311 shares during the period. AustralianSuper Pty Ltd’s holdings in Deere & Company were worth $26,355,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd purchased a new position in Deere & Company in the 2nd quarter valued at about $2,084,000. Transcend Capital Advisors LLC lifted its holdings in Deere & Company by 4.5% in the 2nd quarter. Transcend Capital Advisors LLC now owns 782 shares of the industrial products company’s stock valued at $398,000 after purchasing an additional 34 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Deere & Company by 1.3% in the 2nd quarter. Bessemer Group Inc. now owns 243,762 shares of the industrial products company’s stock valued at $123,950,000 after purchasing an additional 3,037 shares in the last quarter. CCLA Investment Management lifted its holdings in Deere & Company by 0.4% in the 2nd quarter. CCLA Investment Management now owns 203,616 shares of the industrial products company’s stock valued at $103,469,000 after purchasing an additional 866 shares in the last quarter. Finally, First Command Advisory Services Inc. lifted its holdings in Deere & Company by 8.9% in the 2nd quarter. First Command Advisory Services Inc. now owns 610 shares of the industrial products company’s stock valued at $310,000 after purchasing an additional 50 shares in the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. DA Davidson reduced their target price on shares of Deere & Company from $595.00 to $580.00 and set a “buy” rating on the stock in a report on Monday, August 18th. UBS Group set a $535.00 price objective on shares of Deere & Company and gave the company a “buy” rating in a research note on Friday, October 17th. Jefferies Financial Group dropped their price objective on shares of Deere & Company from $510.00 to $440.00 and set a “hold” rating for the company in a research note on Wednesday, October 8th. Zacks Research downgraded shares of Deere & Company from a “hold” rating to a “strong sell” rating in a research note on Monday, October 20th. Finally, Citigroup dropped their price objective on shares of Deere & Company from $525.00 to $515.00 and set a “neutral” rating for the company in a research note on Tuesday, October 7th. One research 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $518.72.

Deere & Company Stock Up 1.1%

DE opened at $477.76 on Tuesday. The firm has a 50 day moving average price of $469.62 and a 200 day moving average price of $489.44. The company has a market cap of $129.15 billion, a PE ratio of 24.97, a price-to-earnings-growth ratio of 3.04 and a beta of 1.02. Deere & Company has a 1 year low of $387.03 and a 1 year high of $533.78. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19.

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

Deere & Company Announces Dividend

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