DNB Asset Management AS Acquires 18,690 Shares of Deere & Company $DE

Key Points

• DNB Asset Management AS boosted its Deere & Company stake by 18.6% in the fourth quarter, buying 18,690 additional shares and bringing its total holdings to 119,298 shares worth about $55.5 million.
• Deere’s stock was down 2.2% in Friday trading, opening at $562.12, while the company still has a large market cap of about $151.8 billion and institutional ownership near 68.6%.
• Deere recently beat quarterly expectations with EPS of $2.42 versus $1.90 expected and revenue of $9.61 billion versus $7.50 billion expected; analysts currently rate the stock a Moderate Buy with an average price target of $655.45.

DNB Asset Management AS increased its holdings in shares of Deere & Company (NYSE:DE - Free Report) by 18.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 119,298 shares of the industrial products company's stock after acquiring an additional 18,690 shares during the period. DNB Asset Management AS's holdings in Deere & Company were worth $55,542,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Applied Finance Capital Management LLC bought a new stake in shares of Deere & Company during the 4th quarter worth approximately $1,253,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Deere & Company by 1,725.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company's stock worth $932,870,000 after acquiring an additional 1,893,972 shares during the last quarter. Phoenix Financial Ltd. lifted its stake in shares of Deere & Company by 30.8% during the 4th quarter. Phoenix Financial Ltd. now owns 1,400 shares of the industrial products company's stock worth $656,000 after acquiring an additional 330 shares during the last quarter. Wealth Advisors of Iowa LLC lifted its stake in shares of Deere & Company by 41.4% during the 4th quarter. Wealth Advisors of Iowa LLC now owns 2,015 shares of the industrial products company's stock worth $938,000 after acquiring an additional 590 shares during the last quarter. Finally, Avantax Planning Partners Inc. raised its position in Deere & Company by 0.7% during the 4th quarter. Avantax Planning Partners Inc. now owns 23,922 shares of the industrial products company's stock valued at $11,137,000 after purchasing an additional 178 shares in the last quarter. 68.58% of the stock is owned by institutional investors.

Deere & Company Trading Down 2.2%

Shares of NYSE:DE opened at $562.12 on Friday. Deere & Company has a 12-month low of $433.00 and a 12-month high of $674.19. The business's fifty day simple moving average is $580.96 and its 200-day simple moving average is $537.02. The company has a market capitalization of $151.83 billion, a PE ratio of 31.69, a P/E/G ratio of 2.00 and a beta of 0.96. The company has a current ratio of 2.21, a quick ratio of 1.96 and a debt-to-equity ratio of 1.59.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.90 by $0.52. Deere & Company had a return on equity of 18.93% and a net margin of 10.29%.The business had revenue of $9.61 billion for the quarter, compared to the consensus estimate of $7.50 billion. During the same period last year, the business posted $3.19 EPS. The business's revenue was up 17.5% compared to the same quarter last year. As a group, equities research analysts predict that Deere & Company will post 18.01 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Tuesday, March 31st were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 1.2%. The ex-dividend date was Tuesday, March 31st. Deere & Company's payout ratio is 36.53%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Barclays lifted their target price on Deere & Company from $530.00 to $640.00 and gave the company an "overweight" rating in a research report on Tuesday, March 31st. Argus lifted their target price on Deere & Company from $540.00 to $700.00 and gave the company a "buy" rating in a research report on Tuesday, March 3rd. Sanford C. Bernstein lifted their target price on Deere & Company from $521.00 to $615.00 and gave the company a "market perform" rating in a research report on Friday, February 20th. Morgan Stanley lifted their target price on Deere & Company from $560.00 to $730.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. Finally, Citigroup decreased their target price on Deere & Company from $675.00 to $625.00 and set a "neutral" rating for the company in a research report on Monday, March 9th. Fifteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Deere & Company presently has a consensus rating of "Moderate Buy" and an average price target of $655.45.

About Deere & Company

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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