Magnus Financial Group LLC Cuts Stake in Deere & Company (NYSE:DE)

Lenore Staats

Magnus Financial Group LLC lessened its stake in Deere & Company (NYSE:DE) by 12.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,001 shares of the industrial products company’s stock after selling 291 shares during the period. Magnus […]

Magnus Financial Group LLC lessened its stake in Deere & Company (NYSE:DE) by 12.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,001 shares of the industrial products company’s stock after selling 291 shares during the period. Magnus Financial Group LLC’s holdings in Deere & Company were worth $314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Parnassus Investments CA boosted its holdings in Deere & Company by 52.3% in the first quarter. Parnassus Investments CA now owns 3,684,560 shares of the industrial products company’s stock worth $509,059,000 after acquiring an additional 1,264,927 shares in the last quarter. Greenhaven Associates Inc. lifted its holdings in shares of Deere & Company by 106.3% during the second quarter. Greenhaven Associates Inc. now owns 2,086,910 shares of the industrial products company’s stock worth $327,958,000 after purchasing an additional 1,075,338 shares during the period. Invesco Ltd. lifted its holdings in shares of Deere & Company by 33.7% during the first quarter. Invesco Ltd. now owns 2,221,944 shares of the industrial products company’s stock worth $306,983,000 after purchasing an additional 559,576 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Deere & Company by 38.3% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,717,185 shares of the industrial products company’s stock worth $237,246,000 after purchasing an additional 475,217 shares during the period. Finally, Rothschild & Co Wealth Management UK Ltd lifted its holdings in shares of Deere & Company by 18.8% during the second quarter. Rothschild & Co Wealth Management UK Ltd now owns 2,443,902 shares of the industrial products company’s stock worth $384,059,000 after purchasing an additional 387,574 shares during the period. Institutional investors own 67.00% of the company’s stock.

In related news, insider Pentz Markwart Von sold 9,912 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $185.00, for a total transaction of $1,833,720.00. Following the transaction, the insider now owns 70,324 shares of the company’s stock, valued at approximately $13,009,940. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Rajesh Kalathur sold 7,379 shares of the stock in a transaction dated Thursday, July 16th. The stock was sold at an average price of $175.00, for a total value of $1,291,325.00. Following the transaction, the insider now directly owns 61,514 shares in the company, valued at approximately $10,764,950. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,051 shares of company stock worth $5,061,845. Corporate insiders own 0.70% of the company’s stock.

NYSE DE opened at $205.40 on Tuesday. The stock’s fifty day moving average is $178.42 and its two-hundred day moving average is $155.57. The firm has a market capitalization of $62.42 billion, a P/E ratio of 23.94, a price-to-earnings-growth ratio of 4.48 and a beta of 0.98. The company has a debt-to-equity ratio of 2.64, a quick ratio of 2.03 and a current ratio of 2.26. Deere & Company has a fifty-two week low of $106.14 and a fifty-two week high of $206.48.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Friday, August 21st. The industrial products company reported $2.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $1.31. Deere & Company had a return on equity of 22.24% and a net margin of 7.61%. The business had revenue of $7.86 billion for the quarter, compared to analyst estimates of $6.70 billion. During the same quarter in the prior year, the company posted $2.71 EPS. The company’s quarterly revenue was down 12.4% on a year-over-year basis. As a group, sell-side analysts forecast that Deere & Company will post 6.36 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th were paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 1.48%. The ex-dividend date was Monday, June 29th. Deere & Company’s dividend payout ratio (DPR) is presently 30.58%.

A number of equities research analysts recently commented on DE shares. William Blair raised Deere & Company from a “market perform” rating to an “outperform” rating in a report on Thursday, May 28th. Barclays boosted their price target on Deere & Company from $180.00 to $215.00 and gave the company an “overweight” rating in a report on Monday. BMO Capital Markets boosted their price target on Deere & Company from $150.00 to $235.00 and gave the company an “outperform” rating in a report on Monday, August 17th. Citigroup boosted their price target on Deere & Company from $198.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Bank of America raised Deere & Company from a “neutral” rating to a “buy” rating and set a $234.00 price target for the company in a report on Monday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $207.82.

Deere & Company Profile

Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.

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Institutional Ownership by Quarter for Deere & Company (NYSE:DE)

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