Deere & Company (NYSE:DE) Sees Large Decrease in Short Interest

Deere & Company (NYSE:DE) saw a significant decrease in short interest in the month of July. As of July 15th, there was short interest totalling 3,220,000 shares, a decrease of 22.0% from the June 30th total of 4,130,000 shares. Currently, 1.3% of the shares of the stock are short sold. Based on an average trading volume of 1,510,000 shares, the short-interest ratio is currently 2.1 days.

Deere & Company Stock Down 1.3 %

Shares of DE traded down $5.00 during mid-day trading on Tuesday, hitting $371.77. 2,251,182 shares of the company’s stock were exchanged, compared to its average volume of 1,506,654. The company has a market cap of $102.45 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 has a fifty-two week low of $345.93 and a fifty-two week high of $441.46. 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’s 50-day moving average is $372.29 and its 200-day moving average is $383.53.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, May 16th. The industrial products company reported $8.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.86 by $0.67. The business had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $13.29 billion. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The business’s quarterly revenue was down 15.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $9.65 earnings per share. On average, sell-side analysts anticipate that Deere & Company will post 25.41 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Friday, June 28th will be given 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 1.58%. Deere & Company’s dividend payout ratio is presently 17.70%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on DE shares. DA Davidson dropped their target price on shares of Deere & Company from $483.00 to $465.00 and set a “buy” rating for the company in a report on Monday, May 20th. Truist Financial dropped their target price on shares of Deere & Company from $460.00 to $439.00 and set a “buy” rating for the company in a report on Tuesday, July 2nd. Raymond James started coverage on shares of Deere & Company in a report on Friday, June 28th. They set an “outperform” rating and a $420.00 target price for the company. Stifel Nicolaus upped their target price on shares of Deere & Company from $425.00 to $450.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Finally, Oppenheimer dropped their price objective on shares of Deere & Company from $465.00 to $448.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $426.71.

Insiders Place Their Bets

In other Deere & Company news, insider Cory J. Reed sold 13,370 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 41,642 shares in the company, valued at $15,725,268.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. True Wealth Design LLC lifted its stake in Deere & Company by 1,180.0% in the fourth quarter. True Wealth Design LLC now owns 64 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 59 shares during the last quarter. Pineridge Advisors LLC lifted its stake in Deere & Company by 725.0% in the first quarter. Pineridge Advisors LLC now owns 66 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Rakuten Securities Inc. purchased a new position in Deere & Company in the fourth quarter worth approximately $28,000. Naples Money Management LLC purchased a new position in Deere & Company in the fourth quarter worth approximately $29,000. Finally, Private Wealth Management Group LLC purchased a new position in Deere & Company in the fourth quarter worth approximately $29,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company 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.