Gateway Wealth Partners LLC Buys 2,942 Shares of Deere & Company $DE

Key Points

• Gateway Wealth Partners increased its Deere & Company stake by 139.7% in the first quarter, buying 2,942 additional shares for a total holding valued at approximately $2.84 million. Institutional investors collectively own 68.58% of Deere’s stock.
• Deere reported quarterly earnings of $6.55 per share, beating estimates of $5.70, while revenue rose 5.4% year over year to $13.37 billion. Analysts forecast full-year earnings of $18.28 per share.
• Deere declared a quarterly dividend of $1.62 per share, or $6.48 annualized, representing a 1.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $642.98.

Gateway Wealth Partners LLC raised its stake in Deere & Company (NYSE:DE - Free Report) by 139.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,048 shares of the industrial products company's stock after purchasing an additional 2,942 shares during the quarter. Gateway Wealth Partners LLC's holdings in Deere & Company were worth $2,844,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of DE. Cypress Capital Group boosted its holdings in Deere & Company by 24.2% during the 1st quarter. Cypress Capital Group now owns 1,906 shares of the industrial products company's stock worth $1,074,000 after acquiring an additional 371 shares during the last quarter. OMERS ADMINISTRATION Corp lifted its position in shares of Deere & Company by 48.8% during the first quarter. OMERS ADMINISTRATION Corp now owns 18,712 shares of the industrial products company's stock valued at $10,540,000 after purchasing an additional 6,135 shares in the last quarter. 44 Wealth Management LLC bought a new position in shares of Deere & Company during the first quarter valued at about $295,000. Van Diest Capital LLC purchased a new position in Deere & Company during the first quarter worth about $201,000. Finally, Lombard Odier Asset Management Switzerland SA purchased a new position in Deere & Company during the first quarter worth about $6,091,000. Hedge funds and other institutional investors own 68.58% of the company's stock.

Deere & Company Stock Performance

Shares of DE stock opened at $625.37 on Tuesday. The firm has a market cap of $168.81 billion, a price-to-earnings ratio of 35.43, a P/E/G ratio of 2.65 and a beta of 0.89. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.95 and a current ratio of 2.18. Deere & Company has a 52 week low of $433.00 and a 52 week high of $674.19. The firm's 50-day simple moving average is $586.26 and its two-hundred day simple moving average is $577.84.

Deere & Company (NYSE:DE - Get Free Report) last released 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 net margin of 10.09% and a return on equity of 18.25%. The firm had revenue of $13.37 billion for the quarter, compared to analysts' expectations of $11.55 billion. During the same period in the previous year, the company earned $6.64 earnings per share. The company's quarterly revenue was up 5.4% on a year-over-year basis. As a group, equities analysts forecast that Deere & Company will post 18.28 earnings per share for the current year.

Deere & Company Dividend Announcement

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

Analysts Set New Price Targets

DE has been the subject of several analyst reports. Robert W. Baird decreased their price objective on shares of Deere & Company from $580.00 to $525.00 and set a "neutral" rating for the company in a research note on Friday, May 22nd. Oppenheimer restated an "outperform" rating and issued a $680.00 target price (down from $715.00) on shares of Deere & Company in a research note on Wednesday, May 27th. Weiss Ratings raised Deere & Company from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, May 21st. Jefferies Financial Group raised Deere & Company from an "underperform" rating to a "hold" rating and set a $550.00 price target for the company in a research report on Wednesday, April 8th. Finally, JPMorgan Chase & Co. lifted their price target on Deere & Company from $560.00 to $590.00 and gave the stock a "neutral" rating in a report on Thursday, June 4th. Fourteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Deere & Company has an average rating of "Moderate Buy" and an average 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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