Relational Investors Builds Stakes In Deere (DE) and Progress Software (PRGS), Cuts Home Depot (HD)

Late last week, Ralph Whitworth's and David Batchelder's Relational Investors LLC released their 13F for the first quarter ended 3/31/10.

Relational Investors showed it has been building stakes in Deere & Company (NYSE: DE) and Progress Software (Nasdaq: PRGS) and was able to keep the stakes private through confidential treatment with SEC. That treatment has now expired, triggering the disclosures which showed the stakes were owned as of 12/31/09 and were raised in the latest quarter. The firm also notably lowered its stake in The Home Depot (NYSE: HD).

Notable Changes:

• Raised stake in Deere & Company (NYSE: DE) from 1,907,483 to 2,740,483 (stake owned at 12/31/09, but first disclosed 5/13/10 after confidential treatment with SEC expires)
  
• Raised stake in Progress Software (Nasdaq: PRGS) from 409,700 to 732,200 (stake owned at 12/31/09, but first disclosed 5/13/10 after confidential treatment with SEC expires)
  
• Raised stake in Unum Group (NYSE: UNM) from 15,152,649 to 16,283,429
  
• New 2,188,200 shares stake in McDermott International Inc. (MDR)
  
• Lowered stake in National Semiconductor (NYSE: NSM) from 23,419,568 to 23,343,433
  
• Lowered stake in Baxter International (NYSE: BAX) from 12,635,121 to 11,955,681
  
• Lowered stake in The Home Depot (NYSE: HD) from 34,157,510 shares to 26,266,610 shares
  
• Lowered stake in Harman International (NYSE: HAR) from 8,985,337 to 748,479
  
• Lowered stake in Precision Castparts Corp. (PCP) from 3,435,047 to 3,330,280
  
• Lowered stake in Genzyme Corporation (Nasdaq: GENZ) from 10,580,297 to 10,214,824
  
• Lowered stake in Time Warner Inc. (NYSE: TWC) from 3,888,754 to 3,735,204
  
• Lowered stake in Occidental Petroleum (NYSE: OXY) from 6,775,676 to 6,468,481
  
• Lowered stake in MetLife, Inc. (NYSE: MET) from 10,053,941 to 9,689,109
  
• Lowered stake in Cliffs Natural Resources (NYSE: CLF) from 1,454,900 to 1,058,900
  
• Lowered stake in iShares Russell Midcap Index (IWR) from 992,331 to 380,531
  
• Liquidated AOL (NYSE: AOL)

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