Fort Pitt Capital Group LLC Acquires 3,477 Shares of Deere & Company (NYSE:DE)

Fort Pitt Capital Group LLC grew its holdings in Deere & Company (NYSE:DE - Free Report) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 178,791 shares of the industrial products company's stock after acquiring an additional 3,477 shares during the quarter. Deere & Company accounts for approximately 2.0% of Fort Pitt Capital Group LLC's investment portfolio, making the stock its 25th biggest position. Fort Pitt Capital Group LLC owned about 0.06% of Deere & Company worth $66,802,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of DE. True Wealth Design LLC raised its stake in Deere & Company by 1,180.0% in the fourth quarter. True Wealth Design LLC now owns 64 shares of the industrial products company's stock valued at $26,000 after purchasing an additional 59 shares in the last quarter. Pineridge Advisors LLC raised its stake in Deere & Company by 725.0% in the first quarter. Pineridge Advisors LLC now owns 66 shares of the industrial products company's stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Private Wealth Management Group LLC acquired a new position in Deere & Company in the fourth quarter valued at about $29,000. Livelsberger Financial Advisory acquired a new position in Deere & Company in the fourth quarter valued at about $30,000. Finally, Spartan Planning & Wealth Management acquired a new position in Deere & Company in the fourth quarter valued at about $33,000. Institutional investors own 68.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Evercore ISI boosted their price target on Deere & Company from $371.00 to $378.00 and gave the company an "in-line" rating in a research note on Monday, August 19th. Truist Financial reissued a "buy" rating and set a $443.00 target price (up previously from $439.00) on shares of Deere & Company in a research note on Friday, August 16th. HSBC downgraded Deere & Company from a "buy" rating to a "hold" rating in a research note on Monday, August 19th. Morgan Stanley lowered their target price on Deere & Company from $450.00 to $425.00 and set an "overweight" rating for the company in a research note on Monday. Finally, Citigroup lowered their target price on Deere & Company from $395.00 to $370.00 and set a "neutral" rating for the company in a research note on Tuesday, August 13th. Fourteen research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Deere & Company has a consensus rating of "Hold" and a consensus target price of $414.11.

Insider Activity at Deere & Company

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 stock was sold at an average price of $377.63, for a total value of $5,048,913.10. Following the sale, the insider now directly owns 41,642 shares in the company, valued at $15,725,268.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.26% of the stock is currently owned by company insiders.

Deere & Company Trading Up 0.5 %

Shares of Deere & Company stock traded up $1.95 on Wednesday, hitting $377.93. The stock had a trading volume of 1,096,640 shares, compared to its average volume of 1,532,167. The stock has a 50 day moving average of $367.82 and a 200 day moving average of $379.83. Deere & Company has a twelve month low of $340.20 and a twelve month high of $423.35. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.80 and a current ratio of 2.01. The firm has a market capitalization of $104.15 billion, a P/E ratio of 11.38, a PEG ratio of 1.59 and a beta of 0.93.

Deere & Company (NYSE:DE - Get Free Report) last announced its 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. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. The business had revenue of $11.39 billion for the quarter, compared to analysts' expectations of $10.94 billion. During the same period in the prior year, the business posted $10.20 earnings per share. The firm's revenue was down 20.3% on a year-over-year basis. Sell-side analysts expect that Deere & Company will post 25.41 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Monday, September 30th will be issued a $1.47 dividend. This represents a $5.88 annualized dividend and a yield of 1.56%. Deere & Company's payout ratio is presently 17.70%.

Deere & Company Profile

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.

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