State of Michigan Retirement System Has $12.56 Million Stock Holdings in Deere & Company (NYSE:DE)
State of Michigan Retirement System grew its position in Deere & Company (NYSE:DE) by 10.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 79,889 shares of the industrial products company’s stock after purchasing an additional 7,735 shares during the period. State of Michigan Retirement System’s holdings in Deere & Company were worth $12,555,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Advisory Group Advisory Services LLC acquired a new stake in Deere & Company in the first quarter worth $28,000. MBE Wealth Management LLC bought a new stake in shares of Deere & Company during the first quarter worth $35,000. Baystate Wealth Management LLC increased its position in shares of Deere & Company by 32.6% during the second quarter. Baystate Wealth Management LLC now owns 321 shares of the industrial products company’s stock worth $51,000 after acquiring an additional 79 shares in the last quarter. Vectors Research Management LLC bought a new stake in shares of Deere & Company during the first quarter worth $53,000. Finally, Watson Rebecca bought a new stake in shares of Deere & Company during the second quarter worth $55,000. Institutional investors own 67.00% of the company’s stock.
In other news, insider Rajesh Kalathur sold 10,760 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $180.00, for a total transaction of $1,936,800.00. Following the completion of the sale, the insider now owns 62,131 shares in the company, valued at approximately $11,183,580. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.70% of the company’s stock.
Deere & Company (NYSE:DE) last posted its earnings results on Friday, May 22nd. The industrial products company reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.49. The company had revenue of $8.22 billion during the quarter, compared to analysts’ expectations of $7.68 billion. Deere & Company had a net margin of 7.62% and a return on equity of 23.01%. Deere & Company’s quarterly revenue was down 19.9% compared to the same quarter last year. During the same quarter last year, the company posted $3.52 EPS. As a group, equities research analysts expect that Deere & Company will post 6.22 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date of this dividend is Monday, June 29th. Deere & Company’s dividend payout ratio is presently 30.58%.
DE has been the subject of several research reports. Citigroup increased their price objective on shares of Deere & Company from $155.00 to $165.00 and gave the stock a “neutral” rating in a research report on Thursday, June 18th. Robert W. Baird raised shares of Deere & Company from a “neutral” rating to an “outperform” rating and set a $189.00 target price for the company in a research report on Monday, July 13th. Jefferies Financial Group raised their target price on shares of Deere & Company from $165.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, July 17th. William Blair raised shares of Deere & Company from a “market perform” rating to an “outperform” rating in a research report on Thursday, May 28th. Finally, Morgan Stanley raised their target price on shares of Deere & Company from $171.00 to $181.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Deere & Company has a consensus rating of “Buy” and a consensus price target of $177.15.
About Deere & Company
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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