Hudson Canyon Capital Management Has $1.67 Million Position in Deere & Company (NYSE:DE)

Hudson Canyon Capital Management cut its stake in shares of Deere & Company (NYSE:DE) by 6.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,473 shares of the industrial products company’s stock after selling 312 shares during the quarter. Hudson Canyon Capital Management’s holdings in Deere & Company were worth $1,671,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of DE. Vanguard Group Inc. lifted its holdings in shares of Deere & Company by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 21,988,363 shares of the industrial products company’s stock worth $9,031,500,000 after purchasing an additional 263,709 shares in the last quarter. Janus Henderson Group PLC lifted its stake in shares of Deere & Company by 0.5% in the first quarter. Janus Henderson Group PLC now owns 3,859,021 shares of the industrial products company’s stock valued at $1,585,028,000 after buying an additional 19,200 shares in the last quarter. Parnassus Investments LLC grew its holdings in shares of Deere & Company by 22.4% during the fourth quarter. Parnassus Investments LLC now owns 3,856,171 shares of the industrial products company’s stock valued at $1,541,967,000 after buying an additional 705,771 shares during the last quarter. Norges Bank acquired a new position in shares of Deere & Company during the fourth quarter valued at about $1,248,036,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Deere & Company by 11.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,595,945 shares of the industrial products company’s stock worth $638,167,000 after acquiring an additional 160,369 shares in the last quarter. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on DE shares. HSBC cut shares of Deere & Company from a “buy” rating to a “hold” rating in a research report on Monday, August 19th. Evercore ISI raised their target price on Deere & Company from $371.00 to $378.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Morgan Stanley decreased their price target on Deere & Company from $450.00 to $425.00 and set an “overweight” rating for the company in a report on Monday, August 26th. Oppenheimer dropped their price objective on Deere & Company from $465.00 to $448.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Finally, JPMorgan Chase & Co. cut their target price on Deere & Company from $375.00 to $360.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 13th. Fourteen equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Deere & Company has an average rating of “Hold” and an average target price of $414.11.

Insider Activity

In other news, insider Cory J. Reed sold 13,370 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the sale, the insider now directly owns 41,642 shares in the company, valued at $15,725,268.46. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.26% of the stock is owned by company insiders.

Deere & Company Stock Performance

NYSE:DE traded up $3.92 on Friday, reaching $385.74. 1,413,160 shares of the company’s stock were exchanged, compared to its average volume of 1,615,005. The firm has a market cap of $106.30 billion, a price-to-earnings ratio of 11.61, a P/E/G ratio of 1.28 and a beta of 0.93. 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 stock has a fifty day simple moving average of $367.94 and a 200-day simple moving average of $379.81. Deere & Company has a 52 week low of $340.20 and a 52 week high of $423.35.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Thursday, August 15th. The industrial products company reported $6.29 EPS for the quarter, beating analysts’ consensus estimates of $5.63 by $0.66. The company had revenue of $11.39 billion for the quarter, compared to analysts’ expectations of $10.94 billion. Deere & Company had a net margin of 14.69% and a return on equity of 36.71%. Deere & Company’s revenue was down 20.3% compared to the same quarter last year. During the same period in the prior year, the company posted $10.20 EPS. As a group, sell-side analysts predict that Deere & Company will post 25.09 earnings per share for the current year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, September 30th will be issued a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Monday, September 30th. Deere & Company’s payout ratio is currently 17.70%.

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.