Wallington Asset Management LLC Increases Stock Position in Deere & Company (NYSE:DE)

Wallington Asset Management LLC boosted its position in shares of Deere & Company (NYSE:DE) by 2.1% in the third quarter, HoldingsChannel reports. The fund owned 26,553 shares of the industrial products company’s stock after purchasing an additional 553 shares during the quarter. Deere & Company makes up 1.5% of Wallington Asset Management LLC’s portfolio, making the stock its 28th largest position. Wallington Asset Management LLC’s holdings in Deere & Company were worth $11,081,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Sterling Investment Counsel LLC lifted its position in Deere & Company by 4.4% during the third quarter. Sterling Investment Counsel LLC now owns 1,261 shares of the industrial products company’s stock valued at $526,000 after acquiring an additional 53 shares during the last quarter. Commerzbank Aktiengesellschaft FI lifted its position in Deere & Company by 54.5% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 30,470 shares of the industrial products company’s stock valued at $12,716,000 after acquiring an additional 10,748 shares during the last quarter. Mainsail Financial Group LLC lifted its position in Deere & Company by 13.0% during the third quarter. Mainsail Financial Group LLC now owns 3,432 shares of the industrial products company’s stock valued at $1,392,000 after acquiring an additional 395 shares during the last quarter. Segment Wealth Management LLC lifted its position in Deere & Company by 267.1% during the third quarter. Segment Wealth Management LLC now owns 2,155 shares of the industrial products company’s stock valued at $899,000 after acquiring an additional 1,568 shares during the last quarter. Finally, BLB&B Advisors LLC lifted its position in Deere & Company by 2.0% during the third quarter. BLB&B Advisors LLC now owns 27,303 shares of the industrial products company’s stock valued at $11,394,000 after acquiring an additional 528 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Stock Performance

DE opened at $408.64 on Thursday. The company has a quick ratio of 1.87, a current ratio of 2.07 and a debt-to-equity ratio of 1.85. The company has a market cap of $112.61 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.35 and a beta of 0.92. Deere & Company has a 52-week low of $340.20 and a 52-week high of $420.47. The firm’s fifty day simple moving average is $396.54 and its two-hundred day simple moving average is $385.38.

Deere & Company (NYSE:DE) last posted its quarterly 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 firm had revenue of $11.39 billion for the quarter, compared to the consensus estimate of $10.94 billion. Deere & Company had a net margin of 14.69% and a return on equity of 36.71%. The company’s revenue for the quarter was down 20.3% on a year-over-year basis. During the same period last year, the firm posted $10.20 earnings per share. Equities analysts anticipate that Deere & Company will post 25.03 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Monday, September 30th will be paid a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date is Monday, September 30th. Deere & Company’s dividend payout ratio (DPR) is presently 17.70%.

Wall Street Analyst Weigh In

A number of research firms recently commented on DE. Evercore ISI increased their target price on shares of Deere & Company from $371.00 to $378.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Truist Financial raised their price target on shares of Deere & Company from $443.00 to $496.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. HSBC cut shares of Deere & Company from a “buy” rating to a “hold” rating in a report on Monday, August 19th. Raymond James began coverage on shares of Deere & Company in a report on Friday, June 28th. They issued an “outperform” rating and a $420.00 price target for the company. Finally, Morgan Stanley decreased their price target on shares of Deere & Company from $450.00 to $425.00 and set an “overweight” rating for the company in a report on Monday, August 26th. Twelve investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $420.69.

About Deere & Company

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.