California State Teachers Retirement System Increases Stake in Deere & Company $DE

Key Points

• California State Teachers Retirement System increased its Deere & Company stake by 60,460.4% in the second quarter, acquiring more than 234 million shares. Institutional investors collectively own 68.58% of the stock.
• Deere reported quarterly earnings of $5.10 per share, exceeding the $4.69 consensus estimate, while revenue reached $12.61 billion and rose 6.2% year over year.
• Analysts remain generally positive, with the stock carrying a “Moderate Buy” consensus rating and a $680.73 average price target; Deere also announced a quarterly dividend of $1.62 per share.

California State Teachers Retirement System increased its stake in Deere & Company (NYSE:DE - Free Report) by 60,460.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,586,018 shares of the industrial products company's stock after buying an additional 234,198,659 shares during the period. California State Teachers Retirement System owned 86.90% of Deere & Company worth $148,804,949,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of DE. Mowery & Schoenfeld Wealth Management LLC bought a new position in Deere & Company in the second quarter worth $27,000. Timmons Wealth Management LLC bought a new stake in shares of Deere & Company during the 4th quarter valued at $29,000. Kilter Group LLC bought a new stake in shares of Deere & Company during the 2nd quarter valued at $29,000. Solstein Capital LLC bought a new stake in shares of Deere & Company during the 2nd quarter valued at $30,000. Finally, Wealth Watch Advisors INC purchased a new stake in shares of Deere & Company in the 3rd quarter worth about $32,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Stock Performance

Shares of DE opened at $692.68 on Monday. The company has a market cap of $186.76 billion, a price-to-earnings ratio of 38.48, a P/E/G ratio of 2.86 and a beta of 0.90. The business's fifty day simple moving average is $619.13 and its two-hundred day simple moving average is $596.25. Deere & Company has a 12 month low of $433.00 and a 12 month high of $705.88. The company has a current ratio of 2.10, a quick ratio of 1.89 and a debt-to-equity ratio of 1.45.

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

Deere & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Wednesday, September 30th will be given a $1.62 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $6.48 dividend on an annualized basis and a yield of 0.9%. Deere & Company's payout ratio is 36.00%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on DE shares. Weiss Ratings lowered shares of Deere & Company from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday. Robert W. Baird raised shares of Deere & Company from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $640.00 to $800.00 in a research note on Monday, August 31st. Truist Financial cut their price objective on shares of Deere & Company from $812.00 to $804.00 and set a "buy" rating on the stock in a report on Monday, August 24th. Seaport Research Partners set a $570.00 target price on shares of Deere & Company in a report on Friday, August 14th. Finally, Nomura raised Deere & Company to a "buy" rating in a research report on Monday, August 31st. Sixteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $680.73.

Deere & Company 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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