Peapack Gladstone Financial Corp Lowers Position in Deere & Company (NYSE:DE)

Peapack Gladstone Financial Corp decreased its holdings in shares of Deere & Company (NYSE:DE) by 2.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 21,296 shares of the industrial products company’s stock after selling 539 shares during the period. Peapack Gladstone Financial Corp’s holdings in Deere & Company were worth $9,022,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Ilmarinen Mutual Pension Insurance Co increased its holdings in shares of Deere & Company by 45.1% in the fourth quarter. Ilmarinen Mutual Pension Insurance Co now owns 40,197 shares of the industrial products company’s stock worth $17,031,000 after buying an additional 12,500 shares during the period. Hurley Capital LLC bought a new position in Deere & Company during the 4th quarter worth approximately $135,000. Wedbush Securities Inc. grew its position in Deere & Company by 2.8% during the 4th quarter. Wedbush Securities Inc. now owns 9,427 shares of the industrial products company’s stock worth $3,994,000 after acquiring an additional 256 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Deere & Company by 6.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 259,400 shares of the industrial products company’s stock worth $109,908,000 after purchasing an additional 15,099 shares during the period. Finally, Aviva PLC lifted its position in Deere & Company by 12.9% in the fourth quarter. Aviva PLC now owns 156,336 shares of the industrial products company’s stock valued at $66,240,000 after purchasing an additional 17,860 shares during the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Rajesh Kalathur sold 24,580 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $500.61, for a total transaction of $12,304,993.80. Following the transaction, the insider now directly owns 74,878 shares in the company, valued at approximately $37,484,675.58. This trade represents a 24.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Deere & Company Trading Down 3.8 %

Shares of DE stock opened at $430.25 on Monday. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $515.05. The company has a 50 day moving average price of $476.55 and a 200 day moving average price of $442.38. The stock has a market capitalization of $116.78 billion, a P/E ratio of 19.07, a price-to-earnings-growth ratio of 2.14 and a beta of 1.00. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.98 and a current ratio of 2.22.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, February 13th. The industrial products company reported $3.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.14 by $0.05. Deere & Company had a net margin of 12.94% and a return on equity of 27.31%. Equities research analysts predict that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 8th. Investors of record on Monday, March 31st will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 1.51%. The ex-dividend date is Monday, March 31st. Deere & Company’s payout ratio is 28.72%.

Wall Street Analysts Forecast Growth

DE has been the topic of several recent analyst reports. Baird R W cut Deere & Company from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 3rd. Truist Financial reissued a “buy” rating and set a $546.00 target price (down from $550.00) on shares of Deere & Company in a research note on Friday, February 14th. Citigroup raised their price target on Deere & Company from $430.00 to $480.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Robert W. Baird reissued a “neutral” rating and set a $501.00 price objective on shares of Deere & Company in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. raised their target price on shares of Deere & Company from $470.00 to $500.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $460.00.

About Deere & Company

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.