Formuepleje A S Invests $2.75 Million in Deere & Company $DE

Key Points

• Formuepleje A S purchased 4,331 Deere & Company shares during the second quarter, worth approximately $2.75 million. Institutional investors collectively own 68.58% of the company.
• Analysts remain broadly positive, with 16 Buy ratings and eight Holds, resulting in a consensus “Moderate Buy” rating and an average price target of $680.73.
• Deere exceeded quarterly expectations, reporting $5.10 in EPS and $12.61 billion in revenue, while revenue increased 6.2% year over year. The company also declared a $1.62 quarterly dividend, equivalent to a 0.9% annualized yield.

Formuepleje A S purchased a new stake in shares of Deere & Company (NYSE:DE - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,331 shares of the industrial products company's stock, valued at approximately $2,747,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Deere & Company during the 2nd quarter valued at about $27,000. Kilter Group LLC purchased a new stake in shares of Deere & Company in the 2nd quarter worth approximately $29,000. Timmons Wealth Management LLC purchased a new stake in shares of Deere & Company in the 4th quarter worth approximately $29,000. Solstein Capital LLC bought a new position in shares of Deere & Company during the second quarter valued at approximately $30,000. Finally, Portus Wealth Advisors LLC purchased a new position in Deere & Company during the first quarter valued at approximately $32,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Truist Financial reduced their price objective on shares of Deere & Company from $812.00 to $804.00 and set a "buy" rating for the company in a research note on Monday, August 24th. Oppenheimer lifted their price target on Deere & Company from $680.00 to $685.00 and gave the company an "outperform" rating in a report on Thursday, August 20th. Evercore raised Deere & Company from an "in-line" rating to an "outperform" rating and set a $813.00 price target for the company in a research report on Wednesday, September 2nd. Nomura upgraded Deere & Company to a "buy" rating in a research note on Monday, August 31st. Finally, Barclays raised their price objective on Deere & Company from $640.00 to $675.00 and gave the company an "overweight" rating in a research report on Monday, August 24th. Sixteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $680.73.

Deere & Company Trading Down 0.1%

NYSE:DE opened at $692.68 on Monday. Deere & Company has a 12 month low of $433.00 and a 12 month high of $705.88. The firm has a fifty day simple moving average of $619.13 and a 200-day simple moving average of $596.25. The company has a current ratio of 2.10, a quick ratio of 1.89 and a debt-to-equity ratio of 1.45. The company has a market capitalization of $186.76 billion, a P/E ratio of 38.48, a PEG ratio of 2.86 and a beta of 0.90.

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

Deere & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 9th. Stockholders of record on Wednesday, September 30th will be issued 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 dividend yield of 0.9%. Deere & Company's dividend payout ratio is currently 36.00%.

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.

Want to see what other hedge funds are holding DE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Deere & Company (NYSE:DE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.