Wallington Asset Management LLC Acquires 553 Shares of Deere & Company (NYSE:DE)

Wallington Asset Management LLC grew its holdings in shares of Deere & Company (NYSE:DE) by 2.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,553 shares of the industrial products company’s stock after acquiring an additional 553 shares during the period. Deere & Company comprises approximately 1.5% of Wallington Asset Management LLC’s holdings, making the stock its 28th largest position. Wallington Asset Management LLC’s holdings in Deere & Company were worth $11,081,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Mattern Wealth Management LLC grew its position in shares of Deere & Company by 1.3% during the 3rd quarter. Mattern Wealth Management LLC now owns 1,884 shares of the industrial products company’s stock valued at $786,000 after acquiring an additional 25 shares during the period. Centaurus Financial Inc. lifted its stake in shares of Deere & Company by 2.3% during the 2nd quarter. Centaurus Financial Inc. now owns 1,160 shares of the industrial products company’s stock valued at $433,000 after buying an additional 26 shares in the last quarter. Cornell Pochily Investment Advisors Inc. lifted its stake in shares of Deere & Company by 0.7% during the 3rd quarter. Cornell Pochily Investment Advisors Inc. now owns 3,495 shares of the industrial products company’s stock valued at $1,459,000 after buying an additional 26 shares in the last quarter. Cornerstone Wealth Management LLC lifted its stake in shares of Deere & Company by 0.9% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 3,098 shares of the industrial products company’s stock valued at $1,293,000 after buying an additional 27 shares in the last quarter. Finally, First Foundation Advisors lifted its stake in shares of Deere & Company by 2.3% during the 1st quarter. First Foundation Advisors now owns 1,249 shares of the industrial products company’s stock valued at $513,000 after buying an additional 28 shares in the last quarter. Institutional investors own 68.58% of the company’s stock.

Analyst Upgrades and Downgrades

DE has been the topic of a number of analyst reports. Oppenheimer lowered their target price on shares of Deere & Company from $465.00 to $448.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Citigroup lifted their target price on shares of Deere & Company from $395.00 to $420.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. BMO Capital Markets initiated coverage on shares of Deere & Company in a research note on Friday, August 9th. They set a “market perform” rating and a $400.00 target price on the stock. Hsbc Global Res cut shares of Deere & Company from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 19th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Deere & Company from $360.00 to $420.00 and gave the stock a “neutral” rating in a research note on Friday, October 11th. Twelve research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $420.69.

Deere & Company Price Performance

Shares of DE stock opened at $408.64 on Thursday. The company has a debt-to-equity ratio of 1.85, a current ratio of 2.07 and a quick ratio of 1.87. The company has a market capitalization of $112.61 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.35 and a beta of 0.92. The company’s 50-day simple moving average is $396.54 and its two-hundred day simple moving average is $385.38. Deere & Company has a one year low of $340.20 and a one year high of $420.47.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, August 15th. The industrial products company reported $6.29 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.66. Deere & Company had a net margin of 14.69% and a return on equity of 36.71%. The business had revenue of $11.39 billion for the quarter, compared to the consensus estimate of $10.94 billion. During the same period in the prior year, the firm earned $10.20 EPS. The company’s revenue for the quarter was down 20.3% compared to the same quarter last year. As a group, equities analysts anticipate that Deere & Company will post 25.03 EPS for the current year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, September 30th will be given a $1.47 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $5.88 annualized dividend and a dividend yield of 1.44%. Deere & Company’s payout ratio is presently 17.70%.

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.