Spinnaker Trust Has $5.82 Million Stake in Deere & Company (NYSE:DE)

Spinnaker Trust cut its position in Deere & Company (NYSE:DE) by 5.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,935 shares of the industrial products company’s stock after selling 826 shares during the period. Spinnaker Trust’s holdings in Deere & Company were worth $5,815,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Umpqua Bank raised its position in Deere & Company by 1.5% in the 3rd quarter. Umpqua Bank now owns 4,879 shares of the industrial products company’s stock worth $2,036,000 after purchasing an additional 71 shares during the last quarter. Armor Investment Advisors LLC increased its stake in Deere & Company by 1.2% in the third quarter. Armor Investment Advisors LLC now owns 5,913 shares of the industrial products company’s stock valued at $2,468,000 after purchasing an additional 72 shares in the last quarter. Radnor Capital Management LLC acquired a new stake in Deere & Company during the 3rd quarter worth $243,000. Catalina Capital Group LLC grew its position in shares of Deere & Company by 3.7% in the 3rd quarter. Catalina Capital Group LLC now owns 1,047 shares of the industrial products company’s stock valued at $437,000 after purchasing an additional 37 shares during the period. Finally, Balentine LLC bought a new stake in Deere & Company in the 3rd quarter valued at $710,000. Institutional investors and hedge funds own 68.58% of the company’s stock.

Deere & Company Trading Up 1.4 %

NYSE DE traded up $5.69 during trading on Wednesday, hitting $406.06. The stock had a trading volume of 565,725 shares, compared to its average volume of 1,431,833. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.87 and a current ratio of 2.07. The stock has a 50 day simple moving average of $401.71 and a 200 day simple moving average of $385.41. Deere & Company has a one year low of $340.20 and a one year high of $420.47. The stock has a market capitalization of $111.10 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 1.52 and a beta of 0.93.

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 the consensus estimate of $5.63 by $0.66. The firm 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 revenue for the quarter was down 20.3% on a year-over-year basis. During the same quarter last year, the firm posted $10.20 earnings per share. Sell-side analysts predict that Deere & Company will post 25 earnings per share for the current year.

Deere & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Investors 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 dividend on an annualized basis and a yield of 1.45%. Deere & Company’s payout ratio is 20.06%.

Wall Street Analysts Forecast Growth

DE has been the subject of a number of analyst reports. BMO Capital Markets assumed coverage on shares of Deere & Company in a research report on Friday, August 9th. They issued a “market perform” rating and a $400.00 price objective for the company. Morgan Stanley decreased their target price on Deere & Company from $450.00 to $425.00 and set an “overweight” rating on the stock in a research report on Monday, August 26th. HSBC cut Deere & Company from a “buy” rating to a “hold” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. upped their price target on shares of Deere & Company from $360.00 to $420.00 and gave the company a “neutral” rating in a research report on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Deere & Company from $402.00 to $389.00 and set a “hold” rating for the company in a research report on Thursday, August 8th. Twelve research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Deere & Company presently has an average rating of “Hold” and a consensus target price 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.