Birinyi Associates Inc. Purchases 3,200 Shares of Deere & Company $DE

Key Points

• Birinyi Associates Inc. increased its stake in Deere & Company by 206.5% in the second quarter, now owning 4,750 shares worth approximately $2.4 million.
• Deere & Company reported earnings of $4.75 per share, exceeding analysts' expectations, with quarterly revenue of $10.36 billion, although down 9% year-over-year.
• The company declared a quarterly dividend of $1.62, with an annual yield of 1.4% to be paid on November 10th for investors on record as of September 30th.

Birinyi Associates Inc. increased its stake in Deere & Company (NYSE:DE - Free Report) by 206.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,750 shares of the industrial products company's stock after acquiring an additional 3,200 shares during the period. Deere & Company comprises about 0.7% of Birinyi Associates Inc.'s holdings, making the stock its 25th largest holding. Birinyi Associates Inc.'s holdings in Deere & Company were worth $2,415,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of DE. Abel Hall LLC bought a new position in Deere & Company during the 2nd quarter valued at approximately $228,000. Triasima Portfolio Management inc. purchased a new stake in shares of Deere & Company in the 2nd quarter worth approximately $389,000. REAP Financial Group LLC grew its stake in shares of Deere & Company by 58.5% in the 2nd quarter. REAP Financial Group LLC now owns 130 shares of the industrial products company's stock worth $66,000 after buying an additional 48 shares during the last quarter. Sax Wealth Advisors LLC grew its stake in shares of Deere & Company by 14.2% in the 2nd quarter. Sax Wealth Advisors LLC now owns 683 shares of the industrial products company's stock worth $348,000 after buying an additional 85 shares during the last quarter. Finally, Friedenthal Financial purchased a new stake in Deere & Company during the 2nd quarter valued at $965,000. Institutional investors own 68.58% of the company's stock.

Deere & Company Stock Performance

Shares of NYSE:DE opened at $461.08 on Wednesday. The company has a market capitalization of $124.64 billion, a price-to-earnings ratio of 24.10, a price-to-earnings-growth ratio of 2.94 and a beta of 1.02. Deere & Company has a 52 week low of $387.03 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. The firm has a 50 day moving average of $482.54 and a 200 day moving average of $488.94.

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

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.4%. Deere & Company's dividend payout ratio (DPR) is currently 33.87%.

Wall Street Analysts Forecast Growth

Several analysts have commented on DE shares. Truist Financial cut their target price on Deere & Company from $619.00 to $602.00 and set a "buy" rating on the stock in a research note on Friday, August 15th. Daiwa Capital Markets lowered their price target on Deere & Company from $565.00 to $530.00 and set an "outperform" rating on the stock in a report on Thursday, September 25th. JPMorgan Chase & Co. lowered their target price on Deere & Company from $500.00 to $495.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 2nd. Oppenheimer decreased their price target on Deere & Company from $566.00 to $512.00 and set an "outperform" rating on the stock in a report on Thursday, September 18th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Deere & Company in a report on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Deere & Company currently has an average rating of "Moderate Buy" and a consensus price target of $518.18.

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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