Essex Investment Management Co. LLC Invests $988,000 in Deere & Company (NYSE:DE)

Key Points

• Essex Investment Management Co. LLC acquired a new stake in Deere & Company, purchasing 2,106 shares valued at approximately $988,000 in Q1.
• Analysts have differing views on Deere & Company’s stock, with price target estimates ranging from $460.00 to $530.00, and a consensus rating of "Hold."
• Deere & Company recently declared a quarterly dividend of $1.62 per share, representing a 1.28% dividend yield, with an ex-dividend date of June 30th.

Essex Investment Management Co. LLC bought a new stake in Deere & Company (NYSE:DE - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,106 shares of the industrial products company's stock, valued at approximately $988,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Meeder Advisory Services Inc. increased its stake in Deere & Company by 9.6% in the first quarter. Meeder Advisory Services Inc. now owns 5,001 shares of the industrial products company's stock valued at $2,347,000 after purchasing an additional 439 shares during the last quarter. SLT Holdings LLC acquired a new position in Deere & Company in the first quarter valued at $245,000. Picton Mahoney Asset Management acquired a new position in Deere & Company in the first quarter valued at $11,104,000. Physicians Financial Services Inc. increased its stake in Deere & Company by 2.0% in the first quarter. Physicians Financial Services Inc. now owns 5,164 shares of the industrial products company's stock valued at $2,424,000 after purchasing an additional 100 shares during the last quarter. Finally, New Republic Capital LLC increased its stake in Deere & Company by 0.5% in the first quarter. New Republic Capital LLC now owns 7,270 shares of the industrial products company's stock valued at $3,412,000 after purchasing an additional 39 shares during the last quarter. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Stock Down 4.5%

DE traded down $23.43 on Friday, reaching $500.94. The company's stock had a trading volume of 1,623,054 shares, compared to its average volume of 1,072,546. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.11 and a quick ratio of 1.89. The business's 50 day moving average is $512.25 and its 200 day moving average is $486.99. Deere & Company has a 1 year low of $340.20 and a 1 year high of $533.78. The stock has a market cap of $135.67 billion, a price-to-earnings ratio of 24.24, a price-to-earnings-growth ratio of 3.32 and a beta of 1.08.

Deere & Company (NYSE:DE - Get Free Report) last released its earnings results on Thursday, May 15th. The industrial products company reported $6.64 EPS for the quarter, topping analysts' consensus estimates of $5.72 by $0.92. Deere & Company had a return on equity of 24.39% and a net margin of 12.40%. The company had revenue of $11.17 billion for the quarter, compared to the consensus estimate of $10.80 billion. During the same quarter last year, the business posted $8.53 EPS. Deere & Company's quarterly revenue was down 17.9% compared to the same quarter last year. As a group, research analysts forecast that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Monday, 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 1.3%. The ex-dividend date is Monday, June 30th. Deere & Company's dividend payout ratio is presently 31.35%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. BMO Capital Markets restated a "market perform" rating and set a $460.00 price target (up from $425.00) on shares of Deere & Company in a research note on Wednesday, May 21st. Bank of America upped their price target on Deere & Company from $495.00 to $556.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. upped their price target on Deere & Company from $490.00 to $540.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Citigroup dropped their price target on Deere & Company from $550.00 to $525.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. Finally, Raymond James Financial upped their price target on Deere & Company from $530.00 to $560.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $515.50.

Deere & 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.