Brown Brothers Harriman & Co. Cuts Position in Deere & Company (NYSE:DE)

Brown Brothers Harriman & Co. trimmed its holdings in shares of Deere & Company (NYSE:DE) by 0.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 109,548 shares of the industrial products company’s stock after selling 797 shares during the period. Brown Brothers Harriman & Co.’s holdings in Deere & Company were worth $40,930,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Rathbones Group PLC boosted its holdings in Deere & Company by 12.6% in the second quarter. Rathbones Group PLC now owns 323,702 shares of the industrial products company’s stock worth $120,945,000 after acquiring an additional 36,148 shares in the last quarter. Diamond Hill Capital Management Inc. grew its position in Deere & Company by 1.6% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 810,956 shares of the industrial products company’s stock valued at $302,997,000 after purchasing an additional 12,557 shares during the last quarter. Lyell Wealth Management LP increased its stake in Deere & Company by 8.7% during the 2nd quarter. Lyell Wealth Management LP now owns 14,902 shares of the industrial products company’s stock valued at $5,568,000 after purchasing an additional 1,196 shares in the last quarter. Guardian Wealth Management Inc. increased its stake in Deere & Company by 41.0% during the 2nd quarter. Guardian Wealth Management Inc. now owns 688 shares of the industrial products company’s stock valued at $257,000 after purchasing an additional 200 shares in the last quarter. Finally, J.W. Cole Advisors Inc. increased its stake in Deere & Company by 15.5% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 5,943 shares of the industrial products company’s stock valued at $2,221,000 after purchasing an additional 798 shares in the last quarter. 68.58% of the stock is owned by institutional investors.

Insider Activity at Deere & Company

In related news, insider Cory J. Reed sold 13,370 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the sale, the insider now owns 41,642 shares of the company’s stock, valued at $15,725,268.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.26% of the stock is currently owned by insiders.

Deere & Company Stock Performance

DE opened at $394.68 on Monday. The stock has a market capitalization of $108.76 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 1.29 and a beta of 0.92. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $417.46. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.87 and a current ratio of 2.07. The company has a fifty day moving average of $371.71 and a 200 day moving average of $381.63.

Deere & Company (NYSE:DE) last issued its quarterly earnings data on Thursday, August 15th. The industrial products company reported $6.29 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.66. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The firm had revenue of $11.39 billion during the quarter, compared to analyst estimates of $10.94 billion. During the same quarter last year, the business posted $10.20 earnings per share. The business’s quarterly revenue was down 20.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Deere & Company will post 25.07 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, September 30th will be given a dividend of $1.47 per share. The ex-dividend date is Monday, September 30th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.49%. Deere & Company’s dividend payout ratio is currently 17.70%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on DE. DA Davidson reduced their price target on shares of Deere & Company from $483.00 to $465.00 and set a “buy” rating for the company in a research report on Monday, May 20th. Truist Financial reaffirmed a “buy” rating and set a $443.00 price target (up from $439.00) on shares of Deere & Company in a report on Friday, August 16th. JPMorgan Chase & Co. reduced their price objective on Deere & Company from $375.00 to $360.00 and set a “neutral” rating for the company in a report on Tuesday, August 13th. Morgan Stanley lowered their target price on shares of Deere & Company from $450.00 to $425.00 and set an “overweight” rating on the stock in a research note on Monday, August 26th. Finally, Raymond James began coverage on shares of Deere & Company in a report on Friday, June 28th. They set an “outperform” rating and a $420.00 price objective for the company. Fourteen investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $409.88.

About Deere & Company

Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.