Levin Capital Strategies L.P. Cuts Stock Position in Deere & Company (NYSE:DE)

Levin Capital Strategies L.P. lessened its stake in Deere & Company (NYSE:DE) by 9.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,579 shares of the industrial products company’s stock after selling 4,476 shares during the period. Deere & Company accounts for approximately 1.9% of Levin Capital Strategies L.P.’s investment portfolio, making the stock its 18th largest holding. Levin Capital Strategies L.P.’s holdings in Deere & Company were worth $17,826,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Morgan Stanley grew its stake in shares of Deere & Company by 1.3% during the third quarter. Morgan Stanley now owns 5,089,159 shares of the industrial products company’s stock worth $1,920,548,000 after acquiring an additional 65,006 shares during the last quarter. FMR LLC grew its stake in shares of Deere & Company by 6.6% during the third quarter. FMR LLC now owns 4,374,282 shares of the industrial products company’s stock worth $1,650,767,000 after acquiring an additional 269,571 shares during the last quarter. Northern Trust Corp grew its stake in shares of Deere & Company by 2.5% during the third quarter. Northern Trust Corp now owns 3,061,715 shares of the industrial products company’s stock worth $1,155,430,000 after acquiring an additional 73,601 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Deere & Company by 2.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,539,699 shares of the industrial products company’s stock worth $581,052,000 after acquiring an additional 33,946 shares during the last quarter. Finally, Fisher Asset Management LLC grew its stake in shares of Deere & Company by 11.3% during the fourth quarter. Fisher Asset Management LLC now owns 1,480,725 shares of the industrial products company’s stock worth $592,098,000 after acquiring an additional 149,980 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Trading Up 2.8 %

Shares of NYSE DE traded up $10.72 during mid-day trading on Thursday, reaching $398.22. 1,263,646 shares of the company’s stock were exchanged, compared to its average volume of 1,462,941. The firm has a market capitalization of $110.85 billion, a price-to-earnings ratio of 11.40, a PEG ratio of 1.47 and a beta of 1.04. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.81 and a current ratio of 2.05. Deere & Company has a 52-week low of $345.55 and a 52-week high of $450.00. The company’s 50-day moving average is $389.94 and its 200-day moving average is $383.76.

Deere & Company (NYSE:DE) last posted its earnings results on Thursday, February 15th. The industrial products company reported $6.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.19 by $1.04. Deere & Company had a return on equity of 44.60% and a net margin of 16.38%. The firm had revenue of $10.49 billion for the quarter, compared to analyst estimates of $10.30 billion. During the same quarter in the prior year, the company earned $6.55 EPS. Deere & Company’s revenue was down 8.0% on a year-over-year basis. Analysts expect that Deere & Company will post 27.37 EPS for the current fiscal year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 8th. Shareholders of record on Friday, March 29th will be given a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend is Wednesday, March 27th. Deere & Company’s dividend payout ratio is currently 17.12%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on DE shares. JPMorgan Chase & Co. lifted their target price on Deere & Company from $415.00 to $425.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Truist Financial started coverage on Deere & Company in a report on Thursday, March 14th. They issued a “buy” rating and a $494.00 price target for the company. Melius downgraded Deere & Company from a “buy” rating to a “hold” rating in a report on Monday, January 8th. Morgan Stanley started coverage on Deere & Company in a report on Monday, January 8th. They issued an “overweight” rating and a $430.00 price target for the company. Finally, Melius Research reissued a “hold” rating on shares of Deere & Company in a report on Monday, January 8th. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $433.28.

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.