Eldred Rock Partners LLC Acquires 1,866 Shares of Deere & Company $DE

Key Points

• Eldred Rock Partners increased its Deere & Company stake by 6.5% in the second quarter, acquiring 1,866 additional shares and bringing its holdings to 30,586 shares valued at approximately $19.4 million.
• Deere reported quarterly earnings of $6.55 per share, exceeding the $5.70 analyst consensus, while revenue rose 5.4% year over year to $13.37 billion.
• The company announced a quarterly dividend of $1.62 per share, equivalent to an annualized $6.48 payout and a 1.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $642.98.

Eldred Rock Partners LLC raised its holdings in Deere & Company (NYSE:DE - Free Report) by 6.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,586 shares of the industrial products company's stock after buying an additional 1,866 shares during the quarter. Deere & Company accounts for approximately 4.2% of Eldred Rock Partners LLC's holdings, making the stock its 8th biggest holding. Eldred Rock Partners LLC's holdings in Deere & Company were worth $19,402,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in Deere & Company by 39.1% during the fourth quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company's stock valued at $1,927,000 after purchasing an additional 1,278 shares in the last quarter. Schnieders Capital Management LLC. raised its holdings in shares of Deere & Company by 7.8% in the 2nd quarter. Schnieders Capital Management LLC. now owns 2,076 shares of the industrial products company's stock worth $1,056,000 after buying an additional 150 shares in the last quarter. Jump Financial LLC bought a new position in shares of Deere & Company during the 2nd quarter worth approximately $2,153,000. NewEdge Advisors LLC lifted its position in shares of Deere & Company by 6.0% during the 2nd quarter. NewEdge Advisors LLC now owns 18,758 shares of the industrial products company's stock worth $9,538,000 after buying an additional 1,067 shares during the period. Finally, Main Street Financial Solutions LLC boosted its stake in Deere & Company by 6.7% in the 2nd quarter. Main Street Financial Solutions LLC now owns 1,551 shares of the industrial products company's stock valued at $789,000 after buying an additional 97 shares in the last quarter. Institutional investors and hedge funds own 68.58% of the company's stock.

Deere & Company Price Performance

Deere & Company stock opened at $622.04 on Friday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.95 and a current ratio of 2.18. The firm has a market cap of $167.91 billion, a P/E ratio of 35.24, a P/E/G ratio of 2.60 and a beta of 0.90. The business's fifty day moving average is $599.58 and its two-hundred day moving average is $584.43. Deere & Company has a 52 week low of $433.00 and a 52 week high of $674.19.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, beating analysts' consensus estimates of $5.70 by $0.85. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The company had revenue of $13.37 billion during the quarter, compared to analyst estimates of $11.55 billion. During the same period last year, the company posted $6.64 earnings per share. The firm's quarterly revenue was up 5.4% compared to the same quarter last year. Equities research analysts forecast that Deere & Company will post 18.26 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, June 30th. Deere & Company's dividend payout ratio is presently 36.71%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Oppenheimer reiterated an "outperform" rating and issued a $680.00 price target (down from $715.00) on shares of Deere & Company in a research report on Wednesday, May 27th. Robert W. Baird reduced their target price on shares of Deere & Company from $580.00 to $525.00 and set a "neutral" rating on the stock in a research note on Friday, May 22nd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $752.00 target price on shares of Deere & Company in a report on Monday, June 1st. Raymond James Financial dropped their target price on shares of Deere & Company from $765.00 to $700.00 and set an "outperform" rating for the company in a research report on Friday, May 22nd. Finally, Bank of America cut their price target on shares of Deere & Company from $672.00 to $607.50 and set a "neutral" rating for the company in a report on Friday, May 22nd. Fourteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $642.98.

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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