AustralianSuper Pty Ltd Grows Stake in Deere & Company (NYSE:DE)

AustralianSuper Pty Ltd boosted its stake in shares of Deere & Company (NYSE:DE) by 0.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 290,245 shares of the industrial products company’s stock after acquiring an additional 866 shares during the quarter. AustralianSuper Pty Ltd owned about 0.11% of Deere & Company worth $121,128,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. lifted its position in shares of Deere & Company by 20.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 15,808 shares of the industrial products company’s stock worth $5,906,000 after purchasing an additional 2,692 shares during the last quarter. Royal Fund Management LLC raised its position in Deere & Company by 99.8% in the third quarter. Royal Fund Management LLC now owns 6,454 shares of the industrial products company’s stock valued at $2,694,000 after purchasing an additional 3,223 shares during the period. New Century Financial Group LLC purchased a new position in shares of Deere & Company during the 3rd quarter worth approximately $1,052,000. Manning & Napier Advisors LLC acquired a new stake in shares of Deere & Company in the second quarter valued at $24,984,000. Finally, Handelsbanken Fonder AB lifted its position in shares of Deere & Company by 2.2% during the third quarter. Handelsbanken Fonder AB now owns 90,871 shares of the industrial products company’s stock worth $37,923,000 after purchasing an additional 1,963 shares in the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Stock Down 0.1 %

DE traded down $0.58 on Thursday, reaching $404.11. The company’s stock had a trading volume of 155,866 shares, compared to its average volume of 1,438,126. Deere & Company has a 1 year low of $340.20 and a 1 year high of $420.47. The business’s 50 day moving average is $399.90 and its 200 day moving average is $385.36. The company has a debt-to-equity ratio of 1.85, a current ratio of 2.07 and a quick ratio of 1.87. The stock has a market cap of $111.36 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 1.35 and a beta of 0.92.

Deere & Company (NYSE:DE) last released its earnings results on Thursday, August 15th. The industrial products company reported $6.29 EPS for the quarter, beating the consensus estimate of $5.63 by $0.66. The company had revenue of $11.39 billion during the quarter, compared to analysts’ expectations of $10.94 billion. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The business’s revenue was down 20.3% on a year-over-year basis. During the same period in the prior year, the business posted $10.20 EPS. As a group, research analysts forecast that Deere & Company will post 25.03 EPS for the current fiscal year.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, September 30th will be given a $1.47 dividend. This represents a $5.88 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend is Monday, September 30th. Deere & Company’s payout ratio is currently 17.70%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Deere & Company from $360.00 to $420.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Truist Financial upped their price objective on Deere & Company from $443.00 to $496.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Hsbc Global Res cut Deere & Company from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 19th. BMO Capital Markets assumed coverage on Deere & Company in a research note on Friday, August 9th. They set a “market perform” rating and a $400.00 target price for the company. Finally, Citigroup increased their price target on Deere & Company from $395.00 to $420.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Twelve research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $420.69.

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.