Deere & Company $DE Stock Holdings Lowered by Convergence Financial LLC

Convergence Financial LLC lowered its stake in shares of Deere & Company (NYSE:DE) by 43.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,882 shares of the industrial products company’s stock after selling 1,448 shares during the quarter. Convergence Financial LLC’s holdings in Deere & Company were worth $1,264,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. bought a new position in Deere & Company during the second quarter valued at $11,763,504,000. Bank of America Corp DE bought a new stake in shares of Deere & Company in the 2nd quarter worth about $1,685,093,000. Bank of New York Mellon Corp bought a new stake in shares of Deere & Company in the 2nd quarter worth about $1,259,279,000. Legal & General Group Plc bought a new stake in shares of Deere & Company in the 2nd quarter worth about $957,456,000. Finally, Wellington Management Group LLP boosted its stake in shares of Deere & Company by 84.3% during the 2nd quarter. Wellington Management Group LLP now owns 3,088,628 shares of the industrial products company’s stock worth $1,959,209,000 after purchasing an additional 1,412,694 shares during the period. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. CICC Research began coverage on shares of Deere & Company in a research report on Sunday, September 13th. They issued an “outperform” rating on the stock. Truist Financial decreased their price objective on shares of Deere & Company from $812.00 to $804.00 and set a “buy” rating for the company in a research note on Monday, August 24th. Robert W. Baird upgraded Deere & Company from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $640.00 to $800.00 in a research report on Monday, August 31st. Weiss Ratings raised Deere & Company from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, September 21st. Finally, Bank of America increased their price target on Deere & Company from $667.00 to $715.00 in a report on Thursday, September 24th. Seventeen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $688.10.

Deere & Company Stock Up 0.2%

Shares of DE opened at $640.69 on Thursday. The firm has a fifty day moving average price of $661.18 and a 200-day moving average price of $602.38. The company has a current ratio of 2.10, a quick ratio of 1.89 and a debt-to-equity ratio of 1.45. The firm has a market capitalization of $172.75 billion, a P/E ratio of 35.59, a P/E/G ratio of 2.36 and a beta of 0.86. Deere & Company has a 12-month low of $454.50 and a 12-month high of $721.22.

Deere & Company (NYSE:DE) last posted its quarterly earnings results on Thursday, August 20th. The industrial products company reported $5.10 EPS for the quarter, topping the consensus estimate of $4.69 by $0.41. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The company had revenue of $12.61 billion for the quarter, compared to the consensus estimate of $10.81 billion. During the same quarter last year, the firm posted $4.75 EPS. The firm’s revenue was up 6.2% compared to the same quarter last year. Equities research analysts expect that Deere & Company will post 18.11 earnings per share for the current year.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Wednesday, September 30th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, September 30th. Deere & Company’s dividend payout ratio (DPR) is 36.00%.

About Deere & Company

Deere & Company, founded by blacksmith John Deere in 1837, is a global manufacturer of agricultural, construction, forestry and turf-care equipment. The company is headquartered in Moline, Illinois, and operates under the John Deere brand.

Its products include tractors, combines, planters, sprayers, harvesting equipment, loaders, excavators, motor graders, forestry machines, mowers and compact utility equipment. Deere also provides replacement parts, equipment support, financing and technology-enabled solutions designed to improve machine productivity, automation and precision in farming and other industries.

Deere serves customers through dealerships and operations across North America, Latin America, Europe and other international markets.