Fort Pitt Capital Group LLC Boosts Stock Holdings in Deere & Company (NYSE:DE)

Fort Pitt Capital Group LLC lifted its holdings in Deere & Company (NYSE:DE) by 12.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 175,314 shares of the industrial products company’s stock after purchasing an additional 19,801 shares during the period. Deere & Company comprises 2.2% of Fort Pitt Capital Group LLC’s holdings, making the stock its 22nd biggest position. Fort Pitt Capital Group LLC owned 0.06% of Deere & Company worth $72,009,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DE. Pinnacle Associates Ltd. boosted its holdings in shares of Deere & Company by 21.3% in the 4th quarter. Pinnacle Associates Ltd. now owns 5,355 shares of the industrial products company’s stock valued at $2,141,000 after buying an additional 939 shares in the last quarter. Penserra Capital Management LLC grew its holdings in Deere & Company by 2.4% in the third quarter. Penserra Capital Management LLC now owns 236,696 shares of the industrial products company’s stock worth $89,322,000 after purchasing an additional 5,485 shares during the last quarter. Summit Asset Management LLC grew its holdings in Deere & Company by 24.1% in the fourth quarter. Summit Asset Management LLC now owns 1,030 shares of the industrial products company’s stock worth $412,000 after purchasing an additional 200 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Deere & Company by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,570,773 shares of the industrial products company’s stock worth $628,105,000 after purchasing an additional 31,074 shares in the last quarter. Finally, Brevan Howard Capital Management LP lifted its holdings in shares of Deere & Company by 857.9% during the 4th quarter. Brevan Howard Capital Management LP now owns 7,654 shares of the industrial products company’s stock valued at $3,061,000 after purchasing an additional 6,855 shares during the last quarter. 68.58% of the stock is currently owned by institutional investors.

Deere & Company Trading Down 1.7 %

Deere & Company stock traded down $6.49 during midday trading on Friday, reaching $375.04. 2,450,701 shares of the stock traded hands, compared to its average volume of 1,229,998. The firm has a market cap of $103.35 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 1.53 and a beta of 0.98. The company has a current ratio of 2.01, a quick ratio of 1.80 and a debt-to-equity ratio of 1.81. The company has a 50-day simple moving average of $387.54 and a two-hundred day simple moving average of $386.92. Deere & Company has a 12-month low of $353.15 and a 12-month high of $450.00.

Deere & Company (NYSE:DE) last posted its quarterly earnings data on Thursday, May 16th. The industrial products company reported $8.53 EPS for the quarter, beating the consensus estimate of $7.86 by $0.67. The business had revenue of $13.61 billion during the quarter, compared to analyst estimates of $13.29 billion. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The business’s revenue for the quarter was down 15.4% compared to the same quarter last year. During the same quarter last year, the firm posted $9.65 earnings per share. Research analysts expect that Deere & Company will post 25.61 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Friday, June 28th will be given a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Friday, June 28th. Deere & Company’s dividend payout ratio is currently 17.70%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Oppenheimer reaffirmed an “outperform” rating and set a $456.00 target price on shares of Deere & Company in a research report on Thursday, May 16th. Stifel Nicolaus raised their price objective on shares of Deere & Company from $425.00 to $450.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. JPMorgan Chase & Co. lowered their price target on Deere & Company from $425.00 to $385.00 and set a “neutral” rating on the stock in a research report on Friday, May 17th. Truist Financial initiated coverage on shares of Deere & Company in a research note on Thursday, March 14th. They issued a “buy” rating and a $494.00 price target on the stock. Finally, Morgan Stanley increased their target price on Deere & Company from $430.00 to $450.00 in a report on Wednesday, May 15th. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Deere & Company currently has a consensus rating of “Moderate Buy” and an average target price of $433.36.

Deere & Company Profile

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.