Bornite Capital Management LP Makes New Investment in Deere & Company (NYSE:DE)

Bornite Capital Management LP bought a new stake in shares of Deere & Company (NYSE:DE) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 20,000 shares of the industrial products company’s stock, valued at approximately $8,215,000. Deere & Company makes up about 1.4% of Bornite Capital Management LP’s investment portfolio, making the stock its 28th largest holding.

A number of other large investors have also recently modified their holdings of DE. Norges Bank bought a new stake in shares of Deere & Company during the 4th quarter valued at about $1,248,036,000. International Assets Investment Management LLC lifted its position in Deere & Company by 46,241.1% during the 4th quarter. International Assets Investment Management LLC now owns 840,627 shares of the industrial products company’s stock valued at $336,142,000 after acquiring an additional 838,813 shares during the period. Parnassus Investments LLC lifted its position in Deere & Company by 22.4% during the 4th quarter. Parnassus Investments LLC now owns 3,856,171 shares of the industrial products company’s stock valued at $1,541,967,000 after acquiring an additional 705,771 shares during the period. Vanguard Group Inc. lifted its position in Deere & Company by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 21,988,363 shares of the industrial products company’s stock valued at $9,031,500,000 after acquiring an additional 263,709 shares during the period. Finally, SG Americas Securities LLC lifted its position in Deere & Company by 3,064.1% during the 1st quarter. SG Americas Securities LLC now owns 175,386 shares of the industrial products company’s stock valued at $72,038,000 after acquiring an additional 169,843 shares during the period. Institutional investors own 68.58% of the company’s stock.

Analyst Upgrades and Downgrades

DE has been the subject of a number of recent research reports. TD Cowen lifted their price target on shares of Deere & Company from $383.00 to $390.00 and gave the company a “hold” rating in a research report on Friday, May 17th. JPMorgan Chase & Co. lowered their price target on shares of Deere & Company from $385.00 to $375.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Citigroup initiated coverage on shares of Deere & Company in a research report on Wednesday, June 26th. They set a “neutral” rating and a $395.00 price target for the company. Morgan Stanley lifted their price target on shares of Deere & Company from $430.00 to $450.00 in a research report on Wednesday, May 15th. Finally, Daiwa Capital Markets lifted their target price on shares of Deere & Company from $400.00 to $420.00 and gave the stock an “overweight” rating in a report on Wednesday, May 15th. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $426.71.

Insider Activity at Deere & Company

In related news, insider Cory J. Reed sold 13,370 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The shares were 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 $15,725,268.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.26% of the stock is currently owned by company insiders.

Deere & Company Stock Performance

Shares of DE traded down $9.73 during mid-day trading on Monday, hitting $376.82. 1,489,671 shares of the company traded hands, compared to its average volume of 1,501,366. 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 stock has a 50-day moving average price of $372.29 and a two-hundred day moving average price of $383.53. Deere & Company has a 1 year low of $345.93 and a 1 year high of $441.46. The stock has a market cap of $103.84 billion, a price-to-earnings ratio of 11.34, a P/E/G ratio of 1.57 and a beta of 0.93.

Deere & Company (NYSE:DE) last released its quarterly earnings data on Thursday, May 16th. The industrial products company reported $8.53 earnings per share for the quarter, beating the consensus estimate of $7.86 by $0.67. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The firm had revenue of $13.61 billion during the quarter, compared to analysts’ expectations of $13.29 billion. During the same period in the previous year, the company earned $9.65 earnings per share. The firm’s quarterly revenue was down 15.4% on a year-over-year basis. Equities analysts anticipate that Deere & Company will post 25.41 earnings per share for the current year.

Deere & Company Announces Dividend

The business also recently disclosed 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 of this dividend is Friday, June 28th. This represents a $5.88 annualized dividend and a dividend yield of 1.56%. Deere & Company’s payout ratio is 17.70%.

About Deere & Company

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.