Allstate Corp Boosts Stock Position in Deere & Company $DE

Key Points

• Allstate Corp increased its stake in Deere & Company by 24.3%, owning 9,648 shares valued at approximately $4.53 million by the end of the last reporting period.
• Deere & Company reported earnings of $4.75 per share, beating analysts' estimates, with quarterly revenue of $10.36 billion, although down 9% year-over-year.
• The company recently declared a quarterly dividend of $1.62, representing an annual yield of 1.3% and a payout ratio of 33.87%.

Allstate Corp grew its stake in shares of Deere & Company (NYSE:DE - Free Report) by 24.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,648 shares of the industrial products company's stock after acquiring an additional 1,889 shares during the period. Allstate Corp's holdings in Deere & Company were worth $4,528,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Assenagon Asset Management S.A. boosted its stake in Deere & Company by 58.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company's stock worth $6,395,000 after purchasing an additional 5,053 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its stake in Deere & Company by 10.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company's stock worth $3,863,000 after buying an additional 798 shares in the last quarter. Providence Capital Advisors LLC increased its position in shares of Deere & Company by 2.1% during the 1st quarter. Providence Capital Advisors LLC now owns 14,639 shares of the industrial products company's stock valued at $6,871,000 after purchasing an additional 303 shares during the last quarter. ASR Vermogensbeheer N.V. bought a new stake in Deere & Company in the 1st quarter worth approximately $13,588,000. Finally, United Asset Strategies Inc. purchased a new stake in Deere & Company during the 1st quarter valued at about $2,496,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Price Performance

Shares of Deere & Company stock opened at $486.3440 on Friday. The stock's 50-day simple moving average is $508.86 and its 200-day simple moving average is $490.28. The company has a market capitalization of $131.72 billion, a price-to-earnings ratio of 25.42, a PEG ratio of 3.15 and a beta of 1.06. Deere & Company has a 52 week low of $373.55 and a 52 week high of $533.78. The company has a quick ratio of 1.98, a current ratio of 2.19 and a debt-to-equity ratio of 1.76.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.62 by $0.13. The business had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.33 billion. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The company's revenue was down 9.0% on a year-over-year basis. During the same period last year, the firm posted $6.29 EPS. As a group, analysts expect that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 8th. Investors of record on Monday, June 30th were given a $1.62 dividend. The ex-dividend date was Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.3%. Deere & Company's dividend payout ratio (DPR) is currently 33.87%.

Analyst Ratings Changes

DE has been the topic of a number of research analyst reports. Evercore ISI set a $491.00 price target on Deere & Company in a report on Tuesday. Wall Street Zen lowered shares of Deere & Company from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Truist Financial dropped their target price on shares of Deere & Company from $619.00 to $602.00 and set a "buy" rating on the stock in a research note on Friday, August 15th. Citigroup decreased their price objective on shares of Deere & Company from $550.00 to $525.00 and set a "neutral" rating for the company in a report on Friday, May 30th. Finally, Melius raised Deere & Company from a "hold" rating to a "buy" rating in a report on Friday, June 6th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $523.87.

Deere & Company Company Profile

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.

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