Massachusetts Wealth Management Increases Stock Holdings in Deere & Company (NYSE:DE)

Massachusetts Wealth Management lifted its position in shares of Deere & Company (NYSE:DE) by 7.8% in the first quarter, Holdings Channel reports. The firm owned 4,852 shares of the industrial products company’s stock after purchasing an additional 350 shares during the period. Deere & Company makes up about 1.4% of Massachusetts Wealth Management’s investment portfolio, making the stock its 25th biggest position. Massachusetts Wealth Management’s holdings in Deere & Company were worth $1,993,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Pinnacle Associates Ltd. lifted its holdings in shares of Deere & Company by 21.3% during the 4th quarter. Pinnacle Associates Ltd. now owns 5,355 shares of the industrial products company’s stock valued at $2,141,000 after acquiring an additional 939 shares in the last quarter. Harbor Investment Advisory LLC lifted its position in Deere & Company by 27.4% during the 1st quarter. Harbor Investment Advisory LLC now owns 1,730 shares of the industrial products company’s stock worth $710,000 after acquiring an additional 372 shares in the last quarter. Penserra Capital Management LLC grew its position in Deere & Company by 2.4% in the third quarter. Penserra Capital Management LLC now owns 236,696 shares of the industrial products company’s stock valued at $89,322,000 after acquiring an additional 5,485 shares in the last quarter. Summit Asset Management LLC raised its stake in shares of Deere & Company by 24.1% during the fourth quarter. Summit Asset Management LLC now owns 1,030 shares of the industrial products company’s stock valued at $412,000 after purchasing an additional 200 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Deere & Company by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,570,773 shares of the industrial products company’s stock valued at $628,105,000 after purchasing an additional 31,074 shares during the period. 68.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

DE has been the topic of a number of recent analyst reports. Citigroup began coverage on shares of Deere & Company in a report on Wednesday, June 26th. They issued a “neutral” rating and a $395.00 price objective on the stock. Oppenheimer reissued an “outperform” rating and set a $456.00 price target on shares of Deere & Company in a research report on Thursday, May 16th. Morgan Stanley raised their price objective on Deere & Company from $430.00 to $450.00 in a research note on Wednesday, May 15th. Stifel Nicolaus raised their price objective on Deere & Company from $425.00 to $450.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Finally, Truist Financial reduced their price objective on Deere & Company from $460.00 to $439.00 and set a “buy” rating on the stock in a research note on Tuesday. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $427.66.

Deere & Company Trading Down 0.6 %

DE traded down $2.16 during trading on Thursday, reaching $362.79. The company had a trading volume of 668,937 shares, compared to its average volume of 1,634,612. The firm’s 50-day simple moving average is $383.89 and its 200 day simple moving average is $386.94. The company has a market cap of $99.97 billion, a price-to-earnings ratio of 10.92, a PEG ratio of 1.47 and a beta of 0.93. Deere & Company has a 12-month low of $353.15 and a 12-month high of $450.00. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.80 and a current ratio of 2.01.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, May 16th. The industrial products company reported $8.53 earnings per share for the quarter, topping analysts’ consensus estimates of $7.86 by $0.67. The firm had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $13.29 billion. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. Deere & Company’s revenue was down 15.4% on a year-over-year basis. During the same quarter last year, the business posted $9.65 EPS. Equities research analysts anticipate that Deere & Company will post 25.59 earnings per share for the current year.

Deere & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.47 per share. The ex-dividend date is Friday, June 28th. This represents a $5.88 annualized dividend and a dividend yield of 1.62%. Deere & Company’s dividend payout ratio is 17.70%.

Insider Activity

In other news, insider Cory J. Reed sold 13,370 shares of Deere & Company stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the completion of the sale, the insider now directly owns 41,642 shares in the company, valued at approximately $15,725,268.46. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.26% of the stock is owned by corporate insiders.

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.