Pinnacle West Asset Management Inc. Purchases 55 Shares of Deere & Company (NYSE:DE)

Pinnacle West Asset Management Inc. raised its holdings in Deere & Company (NYSE:DE) by 1.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 3,873 shares of the industrial products company’s stock after buying an additional 55 shares during the quarter. Deere & Company accounts for about 1.2% of Pinnacle West Asset Management Inc.’s investment portfolio, making the stock its 28th largest holding. Pinnacle West Asset Management Inc.’s holdings in Deere & Company were worth $1,616,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in DE. PSI Advisors LLC boosted its stake in Deere & Company by 4.2% during the third quarter. PSI Advisors LLC now owns 1,998 shares of the industrial products company’s stock worth $834,000 after acquiring an additional 80 shares in the last quarter. Grassi Investment Management purchased a new position in Deere & Company in the third quarter worth about $219,000. Patrick M Sweeney & Associates Inc. lifted its position in Deere & Company by 4.8% in the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 2,090 shares of the industrial products company’s stock valued at $872,000 after acquiring an additional 96 shares in the last quarter. Great Lakes Retirement Inc. grew its stake in shares of Deere & Company by 6.8% in the third quarter. Great Lakes Retirement Inc. now owns 5,531 shares of the industrial products company’s stock worth $2,308,000 after acquiring an additional 350 shares during the period. Finally, International Assets Investment Management LLC boosted its stake in shares of Deere & Company by 46,892.9% in the 3rd quarter. International Assets Investment Management LLC now owns 772,094 shares of the industrial products company’s stock worth $322,218,000 after buying an additional 770,451 shares during the last quarter. Institutional investors own 68.58% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on DE. HSBC downgraded Deere & Company from a “buy” rating to a “hold” rating in a research note on Monday, August 19th. Raymond James started coverage on shares of Deere & Company in a research report on Friday, June 28th. They issued an “outperform” rating and a $420.00 price target on the stock. Morgan Stanley lowered their target price on shares of Deere & Company from $450.00 to $425.00 and set an “overweight” rating for the company in a report on Monday, August 26th. Deutsche Bank Aktiengesellschaft cut their target price on Deere & Company from $402.00 to $389.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Deere & Company from $360.00 to $420.00 and gave the stock a “neutral” rating in a research report on Friday, October 11th. Twelve analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $420.69.

Deere & Company Stock Performance

DE traded down $0.81 on Thursday, hitting $407.83. 219,778 shares of the company traded hands, compared to its average volume of 1,455,553. The company has a 50 day moving average of $396.54 and a 200-day moving average of $385.38. Deere & Company has a 12-month low of $340.20 and a 12-month high of $420.47. The company has a quick ratio of 1.87, a current ratio of 2.07 and a debt-to-equity ratio of 1.85. The stock has a market capitalization of $112.39 billion, a PE ratio of 12.30, a PEG ratio of 1.35 and a beta of 0.92.

Deere & Company (NYSE:DE) last released its quarterly earnings data on Thursday, August 15th. The industrial products company reported $6.29 EPS for the quarter, topping the consensus estimate of $5.63 by $0.66. Deere & Company had a net margin of 14.69% and a return on equity of 36.71%. The business had revenue of $11.39 billion for the quarter, compared to analyst estimates of $10.94 billion. During the same period in the previous year, the firm earned $10.20 EPS. The business’s revenue for the quarter was down 20.3% compared to the same quarter last year. Sell-side analysts anticipate that Deere & Company will post 25.03 earnings per share for the current year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, September 30th will be paid a $1.47 dividend. This represents a $5.88 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend is Monday, September 30th. Deere & Company’s dividend payout ratio is currently 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.