Washington Trust Advisors Inc. Cuts Stock Position in Deere & Company $DE

Washington Trust Advisors Inc. trimmed its position in shares of Deere & Company (NYSE:DE) by 6.4% in the second quarter, HoldingsChannel reports. The firm owned 59,530 shares of the industrial products company’s stock after selling 4,100 shares during the period. Deere & Company makes up 2.8% of Washington Trust Advisors Inc.’s investment portfolio, making the stock its 9th largest position. Washington Trust Advisors Inc.’s holdings in Deere & Company were worth $37,762,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Cary Street Partners Financial LLC lifted its holdings in Deere & Company by 11.8% in the fourth quarter. Cary Street Partners Financial LLC now owns 10,312 shares of the industrial products company’s stock worth $4,801,000 after purchasing an additional 1,086 shares during the period. Baxter Bros Inc. acquired a new position in Deere & Company during the 2nd quarter valued at about $1,707,000. Global Retirement Partners LLC bought a new stake in shares of Deere & Company during the 2nd quarter worth about $3,890,000. Westpac Banking Corp raised its position in shares of Deere & Company by 78.6% during the 4th quarter. Westpac Banking Corp now owns 6,925 shares of the industrial products company’s stock worth $3,224,000 after buying an additional 3,047 shares in the last quarter. Finally, TRB Wealth Management LLC acquired a new stake in shares of Deere & Company in the 2nd quarter worth approximately $623,000. Institutional investors and hedge funds own 68.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Deere & Company from $570.00 to $585.00 and gave the company a “neutral” rating in a report on Friday, August 21st. Bank of America cut their target price on Deere & Company from $672.00 to $607.50 and set a “neutral” rating for the company in a research report on Friday, May 22nd. Wall Street Zen lowered Deere & Company from a “hold” rating to a “sell” rating in a research note on Saturday, August 22nd. Weiss Ratings cut Deere & Company from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday. Finally, Truist Financial dropped their price objective on Deere & Company from $812.00 to $804.00 and set a “buy” rating on the stock in a research note on Monday, August 24th. Sixteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, Deere & Company currently has an average rating of “Moderate Buy” and a consensus target price of $680.73.

Deere & Company Stock Down 0.1%

DE stock opened at $692.68 on Monday. The firm has a market cap of $186.76 billion, a PE ratio of 38.48, a P/E/G ratio of 2.86 and a beta of 0.90. Deere & Company has a 12 month low of $433.00 and a 12 month high of $705.88. The company has a debt-to-equity ratio of 1.45, a current ratio of 2.10 and a quick ratio of 1.89. The firm has a 50 day simple moving average of $619.13 and a 200 day simple moving average of $596.25.

Deere & Company (NYSE:DE) last posted its quarterly earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.69 by $0.41. The firm had revenue of $12.61 billion for the quarter, compared to analyst estimates of $10.81 billion. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.75 earnings per share. Equities research analysts forecast that Deere & Company will post 18.12 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Wednesday, September 30th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Deere & Company’s payout ratio is presently 36.00%.

Deere & Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.