BlueCrest Capital Management Ltd Buys Shares of 1,641 Deere & Company $DE

Key Points

• BlueCrest Capital Management initiated a Deere & Company position by purchasing 1,641 shares valued at approximately $1.04 million. Institutional investors and hedge funds collectively own 68.58% of Deere’s outstanding shares.
• Deere reported quarterly EPS of $5.10, exceeding estimates of $4.69, while revenue reached $12.61 billion and rose 6.2% year over year.
• The company declared a quarterly dividend of $1.62 per share, equivalent to a $6.48 annualized payout and a 1.0% yield. Analysts give the stock a consensus “Moderate Buy” rating with an average price target of $680.73.

BlueCrest Capital Management Ltd bought a new position in shares of Deere & Company (NYSE:DE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 1,641 shares of the industrial products company's stock, valued at approximately $1,041,000.

Several other institutional investors also recently modified their holdings of DE. Cary Street Partners Financial LLC raised its position in shares of Deere & Company by 11.8% during the fourth quarter. Cary Street Partners Financial LLC now owns 10,312 shares of the industrial products company's stock worth $4,801,000 after purchasing an additional 1,086 shares during the period. Baxter Bros Inc. acquired a new position in shares of Deere & Company in the 2nd quarter valued at approximately $1,707,000. Global Retirement Partners LLC bought a new stake in Deere & Company during the 2nd quarter worth approximately $3,890,000. Westpac Banking Corp raised its holdings in Deere & Company by 78.6% during the 4th quarter. Westpac Banking Corp now owns 6,925 shares of the industrial products company's stock worth $3,224,000 after buying an additional 3,047 shares during the period. Finally, TRB Wealth Management LLC acquired a new stake in Deere & Company during the 2nd quarter worth approximately $623,000. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Trading Down 0.5%

NYSE:DE opened at $677.52 on Thursday. The company has a market cap of $182.67 billion, a P/E ratio of 37.64, a price-to-earnings-growth ratio of 2.81 and a beta of 0.90. Deere & Company has a twelve month low of $433.00 and a twelve month high of $705.88. The business has a 50 day moving average price of $622.35 and a two-hundred day moving average price of $597.71. The company has a quick ratio of 1.89, a current ratio of 2.10 and a debt-to-equity ratio of 1.45.

Deere & Company (NYSE:DE - Get Free Report) last posted its quarterly earnings data on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.69 by $0.41. The company had revenue of $12.61 billion for the quarter, compared to the consensus estimate of $10.81 billion. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The firm's revenue was up 6.2% compared to the same quarter last year. During the same period last year, the company earned $4.75 earnings per share. As a group, analysts expect that Deere & Company will post 18.12 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Wednesday, September 30th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.0%. The ex-dividend date is Wednesday, September 30th. Deere & Company's payout ratio is presently 36.00%.

Analyst Ratings Changes

Several research analysts have recently weighed in on DE shares. Evercore upgraded shares of Deere & Company from an "in-line" rating to an "outperform" rating and set a $813.00 price target for the company in a report on Wednesday, September 2nd. JPMorgan Chase & Co. raised their price objective on shares of Deere & Company from $570.00 to $585.00 and gave the stock a "neutral" rating in a report on Friday, August 21st. Barclays boosted their price objective on shares of Deere & Company from $640.00 to $675.00 and gave the company an "overweight" rating in a research report on Monday, August 24th. Bank of America reduced their target price on shares of Deere & Company from $672.00 to $607.50 and set a "neutral" rating for the company in a research note on Friday, May 22nd. Finally, Weiss Ratings cut Deere & Company from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, September 2nd. Sixteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $680.73.

About Deere & Company

Deere & Company, operating under the John Deere brand, is a global manufacturer of agricultural, construction, forestry and turf-care equipment. Its products include tractors, combines, harvesters, planters, sprayers, loaders, excavators, skid steers, forestry machines, commercial mowing equipment and compact utility tractors. The company also develops precision agriculture and construction technologies, including machine guidance, automation, data-management and connected-equipment solutions.

Founded by blacksmith John Deere in 1837, the company has grown from its original steel plow business into a diversified equipment and technology provider.

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