MidWestOne Financial Group Inc. Lowers Stock Position in Deere & Company (NYSE:DE)

MidWestOne Financial Group Inc. cut its holdings in Deere & Company (NYSE:DE) by 0.7% in the second quarter, Holdings Channel reports. The institutional investor owned 10,612 shares of the industrial products company’s stock after selling 78 shares during the quarter. Deere & Company accounts for 0.7% of MidWestOne Financial Group Inc.’s holdings, making the stock its 25th largest holding. MidWestOne Financial Group Inc.’s holdings in Deere & Company were worth $3,965,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently added to or reduced their stakes in DE. Swedbank AB acquired a new position in shares of Deere & Company during the 1st quarter worth approximately $191,628,000. Mawer Investment Management Ltd. purchased a new stake in Deere & Company in the 2nd quarter valued at $166,937,000. Dimensional Fund Advisors LP raised its holdings in shares of Deere & Company by 15.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,146,441 shares of the industrial products company’s stock worth $802,037,000 after acquiring an additional 279,627 shares during the period. Vanguard Group Inc. boosted its position in shares of Deere & Company by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 21,988,363 shares of the industrial products company’s stock valued at $9,031,500,000 after acquiring an additional 263,709 shares during the last quarter. Finally, Strategic Financial Concepts LLC grew its holdings in shares of Deere & Company by 28,306.5% in the second quarter. Strategic Financial Concepts LLC now owns 249,977 shares of the industrial products company’s stock valued at $934,000 after purchasing an additional 249,097 shares during the period. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Trading Up 1.6 %

NYSE DE opened at $418.06 on Friday. The stock has a market capitalization of $115.20 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92. The firm has a 50 day moving average of $379.51 and a two-hundred day moving average of $384.04. The company has a quick ratio of 1.87, a current ratio of 2.07 and a debt-to-equity ratio of 1.85. Deere & Company has a 52 week low of $340.20 and a 52 week high of $419.63.

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

Deere & Company Announces Dividend

The business also recently disclosed 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 of this dividend is Monday, September 30th. This represents a $5.88 annualized dividend and a dividend yield of 1.41%. Deere & Company’s dividend payout ratio is presently 17.70%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Truist Financial reiterated a “buy” rating and issued a $443.00 target price (up from $439.00) on shares of Deere & Company in a report on Friday, August 16th. JPMorgan Chase & Co. lowered their price objective on Deere & Company from $375.00 to $360.00 and set a “neutral” rating for the company in a research report on Tuesday, August 13th. Citigroup reduced their target price on Deere & Company from $395.00 to $370.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 13th. Oppenheimer lowered their price target on Deere & Company from $465.00 to $448.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Finally, Hsbc Global Res lowered shares of Deere & Company from a “strong-buy” rating to a “hold” rating in a report on Monday, August 19th. Thirteen equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Deere & Company presently has a consensus rating of “Hold” and a consensus price target of $410.50.

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.