Allstate Corp Buys 9,808 Shares of Deere & Company $DE

Key Points

• Allstate Corp doubled its Deere stake in the fourth quarter, buying 9,808 additional shares and bringing its total holdings to 19,250 shares valued at about $8.96 million.
• Deere continues to attract broad institutional investor interest, with institutions owning 68.58% of the stock and several firms increasing their positions during the quarter.
• Analysts remain broadly positive on Deere: the stock has a Moderate Buy consensus, and the company recently beat earnings and revenue estimates for the quarter while also maintaining a quarterly dividend of $1.62 per share.

Allstate Corp raised its stake in Deere & Company (NYSE:DE - Free Report) by 103.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,250 shares of the industrial products company's stock after buying an additional 9,808 shares during the quarter. Allstate Corp's holdings in Deere & Company were worth $8,962,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. MSH Capital Advisors LLC lifted its stake in Deere & Company by 4.9% in the fourth quarter. MSH Capital Advisors LLC now owns 1,339 shares of the industrial products company's stock valued at $623,000 after buying an additional 62 shares in the last quarter. Summitry LLC lifted its position in shares of Deere & Company by 9.7% in the fourth quarter. Summitry LLC now owns 895 shares of the industrial products company's stock worth $417,000 after purchasing an additional 79 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its position in shares of Deere & Company by 2.5% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 2,057 shares of the industrial products company's stock worth $961,000 after purchasing an additional 50 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Deere & Company by 4.8% in the fourth quarter. Fisher Asset Management LLC now owns 2,853,156 shares of the industrial products company's stock worth $1,328,344,000 after purchasing an additional 131,138 shares in the last quarter. Finally, Rooted Wealth Advisors Inc. lifted its position in shares of Deere & Company by 10.4% in the fourth quarter. Rooted Wealth Advisors Inc. now owns 1,030 shares of the industrial products company's stock worth $480,000 after purchasing an additional 97 shares in the last quarter. Institutional investors own 68.58% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on DE. Raymond James Financial cut their price objective on shares of Deere & Company from $765.00 to $700.00 and set an "outperform" rating on the stock in a research report on Friday. Morgan Stanley boosted their price objective on shares of Deere & Company from $560.00 to $730.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Truist Financial boosted their price objective on shares of Deere & Company from $612.00 to $793.00 and gave the stock a "buy" rating in a research report on Friday, February 20th. Citigroup cut their price objective on shares of Deere & Company from $625.00 to $595.00 and set a "neutral" rating on the stock in a research report on Friday. Finally, UBS Group boosted their price objective on shares of Deere & Company from $535.00 to $775.00 and gave the stock a "buy" rating in a research report on Friday, February 20th. Fifteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $640.73.

Deere & Company Price Performance

Shares of DE opened at $529.88 on Tuesday. The company has a market cap of $143.13 billion, a price-to-earnings ratio of 30.02, a PEG ratio of 1.85 and a beta of 0.96. Deere & Company has a 1-year low of $433.00 and a 1-year high of $674.19. The company's fifty day simple moving average is $575.37 and its 200 day simple moving average is $540.79. The company has a current ratio of 2.18, a quick ratio of 1.96 and a debt-to-equity ratio of 1.54.

Deere & Company (NYSE:DE - Get Free Report) last issued its earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, topping analysts' consensus estimates of $5.70 by $0.85. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The business had revenue of $11.78 billion for the quarter, compared to the consensus estimate of $11.55 billion. During the same period in the previous year, the company earned $6.64 earnings per share. The firm's revenue for the quarter was up 5.4% on a year-over-year basis. On average, research analysts forecast that Deere & Company will post 18.05 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Tuesday, March 31st were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Tuesday, March 31st. Deere & Company's payout ratio is currently 36.71%.

Deere & Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company's principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

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