iA Global Asset Management Inc. Buys Shares of 20,840 Deere & Company (NYSE:DE)

Key Points

• iA Global Asset Management Inc. has invested approximately $9.78 million in Deere & Company, acquiring 20,840 shares of the company during Q1.
• Analysts have increased their price targets for Deere, with Truist Financial raising it from $546 to $619 and Raymond James moving from $530 to $560.
• Deere & Company recently reported earnings of $6.64 EPS which exceeded analyst expectations of $5.72, along with a quarterly revenue of $11.17 billion.

iA Global Asset Management Inc. acquired a new position in Deere & Company (NYSE:DE - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 20,840 shares of the industrial products company's stock, valued at approximately $9,781,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of Deere & Company by 19.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,589,760 shares of the industrial products company's stock worth $2,792,082,000 after buying an additional 1,095,736 shares during the period. Capital World Investors boosted its stake in Deere & Company by 2.7% in the 4th quarter. Capital World Investors now owns 6,058,259 shares of the industrial products company's stock worth $2,566,884,000 after purchasing an additional 157,224 shares during the period. Northern Trust Corp grew its position in Deere & Company by 12.8% during the 4th quarter. Northern Trust Corp now owns 2,915,729 shares of the industrial products company's stock worth $1,235,394,000 after purchasing an additional 330,915 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Deere & Company by 7.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,587,065 shares of the industrial products company's stock valued at $1,096,179,000 after purchasing an additional 184,203 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Deere & Company by 2.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,780,742 shares of the industrial products company's stock valued at $754,500,000 after purchasing an additional 48,941 shares during the period. 68.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Raymond James Financial upped their price objective on shares of Deere & Company from $530.00 to $560.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $460.00 price target (up from $425.00) on shares of Deere & Company in a research note on Wednesday, May 21st. JPMorgan Chase & Co. increased their price objective on Deere & Company from $490.00 to $540.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Oppenheimer boosted their target price on Deere & Company from $555.00 to $560.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Finally, Truist Financial raised their price target on Deere & Company from $546.00 to $619.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $515.50.

Deere & Company Price Performance

Shares of Deere & Company stock traded down $2.74 during mid-day trading on Thursday, reaching $506.90. 958,544 shares of the stock were exchanged, compared to its average volume of 1,135,084. Deere & Company has a fifty-two week low of $343.38 and a fifty-two week high of $533.78. The company has a market cap of $137.28 billion, a price-to-earnings ratio of 24.52, a price-to-earnings-growth ratio of 3.23 and a beta of 1.06. The firm has a 50-day simple moving average of $512.37 and a 200 day simple moving average of $488.75. The company has a current ratio of 2.11, a quick ratio of 1.89 and a debt-to-equity ratio of 1.76.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly 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 business had revenue of $11.17 billion for the quarter, compared to analyst estimates of $10.80 billion. During the same period in the prior year, the company earned $8.53 EPS. Deere & Company's revenue for the quarter was down 17.9% on a year-over-year basis. On average, sell-side analysts predict that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Monday, June 30th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, June 30th. Deere & Company's dividend payout ratio (DPR) is presently 31.35%.

About Deere & Company

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.