IBM Retirement Fund Sells 383 Shares of Deere & Company (DE)
IBM Retirement Fund cut its stake in shares of Deere & Company (NYSE:DE) by 6.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,735 shares of the industrial products company’s stock after selling 383 shares during the quarter. IBM Retirement Fund’s holdings in Deere & Company were worth $855,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Destination Wealth Management lifted its holdings in Deere & Company by 20,500.0% during the 4th quarter. Destination Wealth Management now owns 206 shares of the industrial products company’s stock worth $31,000 after buying an additional 205 shares during the period. Legacy Financial Advisors Inc. lifted its holdings in Deere & Company by 155.9% during the 4th quarter. Legacy Financial Advisors Inc. now owns 238 shares of the industrial products company’s stock worth $36,000 after buying an additional 145 shares during the period. Athena Capital Advisors LLC acquired a new position in Deere & Company during the 4th quarter worth about $36,000. Lavaca Capital LLC acquired a new position in Deere & Company during the 4th quarter worth about $41,000. Finally, Berman Capital Advisors LLC acquired a new position in Deere & Company during the 4th quarter worth about $44,000. 66.80% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider John C. May II sold 11,661 shares of the business’s stock in a transaction dated Thursday, January 17th. The stock was sold at an average price of $160.21, for a total value of $1,868,208.81. Following the completion of the sale, the insider now directly owns 55,743 shares of the company’s stock, valued at approximately $8,930,586.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.71% of the company’s stock.
Deere & Company (NYSE:DE) last issued its earnings results on Friday, February 15th. The industrial products company reported $1.54 EPS for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.22). Deere & Company had a net margin of 8.85% and a return on equity of 28.83%. The firm had revenue of $6.94 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same period in the previous year, the firm earned $1.31 earnings per share. The business’s quarterly revenue was up 16.2% on a year-over-year basis. Analysts expect that Deere & Company will post 11.23 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, March 29th will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Thursday, March 28th. Deere & Company’s payout ratio is 32.37%.
Several research firms have recently weighed in on DE. Bank of America reissued a “buy” rating and issued a $173.00 price objective (up from $163.00) on shares of Deere & Company in a research report on Monday, December 3rd. Zacks Investment Research lowered Deere & Company from a “hold” rating to a “sell” rating in a research report on Tuesday, November 20th. Credit Suisse Group lowered their price objective on Deere & Company from $211.00 to $209.00 and set an “outperform” rating for the company in a research report on Tuesday, February 19th. DZ Bank lowered Deere & Company from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. Finally, OTR Global raised Deere & Company to a “positive” rating in a research report on Friday, January 18th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Deere & Company has an average rating of “Buy” and a consensus price target of $176.73.
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About Deere & Company
Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacturing of full line of agriculture and turf equipment and related service parts.
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