State of Alaska Department of Revenue Has $11.61 Million Stake in Deere & Company (NYSE:DE)

State of Alaska Department of Revenue trimmed its stake in shares of Deere & Company (NYSE:DE) by 2.3% in the first quarter, HoldingsChannel reports. The firm owned 28,258 shares of the industrial products company’s stock after selling 665 shares during the quarter. State of Alaska Department of Revenue’s holdings in Deere & Company were worth $11,606,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Olstein Capital Management L.P. boosted its position in Deere & Company by 7.9% during the first quarter. Olstein Capital Management L.P. now owns 20,500 shares of the industrial products company’s stock worth $8,420,000 after purchasing an additional 1,500 shares during the period. Plimoth Trust Co. LLC boosted its position in Deere & Company by 16.4% during the first quarter. Plimoth Trust Co. LLC now owns 6,830 shares of the industrial products company’s stock worth $2,805,000 after purchasing an additional 962 shares during the period. Naviter Wealth LLC boosted its position in shares of Deere & Company by 97.7% in the first quarter. Naviter Wealth LLC now owns 2,604 shares of the industrial products company’s stock valued at $1,073,000 after acquiring an additional 1,287 shares during the period. Applied Capital LLC FL boosted its position in shares of Deere & Company by 103.7% in the first quarter. Applied Capital LLC FL now owns 2,506 shares of the industrial products company’s stock valued at $1,029,000 after acquiring an additional 1,276 shares during the period. Finally, Cullinan Associates Inc. boosted its position in shares of Deere & Company by 48.1% in the first quarter. Cullinan Associates Inc. now owns 27,198 shares of the industrial products company’s stock valued at $11,171,000 after acquiring an additional 8,832 shares during the period. 68.58% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Cory J. Reed sold 13,370 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $377.63, for a total value of $5,048,913.10. Following the transaction, the insider now directly owns 41,642 shares in the company, valued at $15,725,268.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.26% of the stock is currently owned by insiders.

Deere & Company Price Performance

Shares of NYSE:DE opened at $362.75 on Thursday. The company has a market capitalization of $99.96 billion, a P/E ratio of 10.92, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93. The company’s 50-day moving average is $383.89 and its 200 day moving average is $386.94. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.80 and a current ratio of 2.01. Deere & Company has a fifty-two week low of $353.15 and a fifty-two week high of $450.00.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Thursday, May 16th. The industrial products company reported $8.53 EPS for the quarter, beating analysts’ consensus estimates of $7.86 by $0.67. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The company had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $13.29 billion. During the same period in the prior year, the company posted $9.65 EPS. Deere & Company’s revenue was down 15.4% compared to the same quarter last year. On average, equities research analysts forecast that Deere & Company will post 25.59 earnings per share for the current year.

Deere & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Investors of record on Friday, June 28th will be paid a dividend of $1.47 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.62%. Deere & Company’s payout ratio is 17.70%.

Wall Street Analyst Weigh In

DE has been the subject of a number of recent research reports. Citigroup initiated coverage on shares of Deere & Company in a research report on Wednesday, June 26th. They issued a “neutral” rating and a $395.00 target price for the company. Raymond James assumed coverage on shares of Deere & Company in a research report on Friday, June 28th. They set an “outperform” rating and a $420.00 price objective for the company. TD Cowen upped their price objective on shares of Deere & Company from $383.00 to $390.00 and gave the stock a “hold” rating in a research report on Friday, May 17th. Stifel Nicolaus upped their price objective on shares of Deere & Company from $425.00 to $450.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Finally, Daiwa Capital Markets raised their price target on shares of Deere & Company from $400.00 to $420.00 and gave the company an “overweight” rating in a research note on Wednesday, May 15th. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $427.66.

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.