Lazard Asset Management LLC Cuts Stock Holdings in Deere & Company (NYSE:DE)

Lazard Asset Management LLC trimmed its holdings in shares of Deere & Company (NYSE:DE) by 11.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,077 shares of the industrial products company’s stock after selling 4,204 shares during the period. Lazard Asset Management LLC’s holdings in Deere & Company were worth $13,590,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Compass Financial Services Inc purchased a new stake in Deere & Company in the fourth quarter worth about $254,000. Banque Pictet & Cie SA increased its position in shares of Deere & Company by 2.0% during the fourth quarter. Banque Pictet & Cie SA now owns 78,274 shares of the industrial products company’s stock valued at $33,165,000 after acquiring an additional 1,500 shares in the last quarter. Spectrum Financial Alliance Ltd LLC increased its position in shares of Deere & Company by 2.9% during the fourth quarter. Spectrum Financial Alliance Ltd LLC now owns 49,613 shares of the industrial products company’s stock valued at $21,021,000 after acquiring an additional 1,407 shares in the last quarter. Generali Investments CEE investicni spolecnost a.s. bought a new stake in Deere & Company in the 4th quarter worth approximately $847,000. Finally, BankPlus Trust Department bought a new stake in Deere & Company in the 4th quarter worth approximately $1,127,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on DE shares. Morgan Stanley lifted their target price on shares of Deere & Company from $450.00 to $500.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 16th. Oppenheimer lifted their target price on shares of Deere & Company from $510.00 to $513.00 and gave the company an “outperform” rating in a research note on Tuesday, April 22nd. Truist Financial reiterated a “buy” rating and issued a $546.00 price target (down previously from $550.00) on shares of Deere & Company in a research note on Friday, February 14th. Evercore ISI boosted their price target on shares of Deere & Company from $437.00 to $455.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Finally, UBS Group reduced their target price on shares of Deere & Company from $462.00 to $440.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Fourteen analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $460.21.

Deere & Company Price Performance

Shares of DE opened at $499.81 on Wednesday. The company has a 50 day moving average price of $466.67 and a 200-day moving average price of $452.43. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $515.05. The stock has a market capitalization of $135.66 billion, a PE ratio of 22.15, a PEG ratio of 2.14 and a beta of 1.08. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.98 and a current ratio of 2.22.

Deere & Company (NYSE:DE) last posted its earnings results on Thursday, February 13th. The industrial products company reported $3.19 EPS for the quarter, beating analysts’ consensus estimates of $3.14 by $0.05. Deere & Company had a net margin of 12.94% and a return on equity of 27.31%. Equities analysts predict that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 8th. Shareholders of record on Monday, March 31st were issued a $1.62 dividend. The ex-dividend date was Monday, March 31st. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.30%. Deere & Company’s dividend payout ratio is currently 28.72%.

Insiders Place Their Bets

In related news, insider Rajesh Kalathur sold 24,580 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $500.61, for a total transaction of $12,304,993.80. Following the sale, the insider now owns 74,878 shares in the company, valued at approximately $37,484,675.58. This trade represents a 24.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Deere & 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.