Magnolia Capital Advisors LLC Purchases New Holdings in Deere & Company $DE

Key Points

• Magnolia Capital Advisors acquired 1,911 Deere & Company shares worth approximately $1.2 million, while institutional investors and hedge funds collectively own 68.58% of the stock.
• Deere reported quarterly EPS of $5.10, beating estimates of $4.69, while revenue rose 6.2% year over year to $12.61 billion.
• The company declared a quarterly dividend of $1.62, equivalent to $6.48 annually and a 1.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $653.48.

Magnolia Capital Advisors LLC acquired a new position in shares of Deere & Company (NYSE:DE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,911 shares of the industrial products company's stock, valued at approximately $1,212,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in DE. BlackRock Inc. bought a new stake in shares of Deere & Company during the 2nd quarter valued at $11,763,504,000. Norges Bank bought a new position in shares of Deere & Company in the fourth quarter worth $1,715,633,000. Capital World Investors increased its position in shares of Deere & Company by 53.9% in the fourth quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company's stock worth $4,465,906,000 after purchasing an additional 3,358,264 shares during the period. Bank of New York Mellon Corp acquired a new position in Deere & Company in the second quarter valued at about $1,259,279,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Deere & Company by 1,725.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company's stock valued at $932,870,000 after purchasing an additional 1,893,972 shares in the last quarter. 68.58% of the stock is owned by institutional investors and hedge funds.

Deere & Company Stock Performance

NYSE DE opened at $633.36 on Thursday. The firm's fifty day moving average price is $610.13 and its two-hundred day moving average price is $592.80. The stock has a market cap of $170.97 billion, a PE ratio of 35.19, a PEG ratio of 2.60 and a beta of 0.90. Deere & Company has a fifty-two week low of $433.00 and a fifty-two week high of $674.19. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.89 and a current ratio of 2.10.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.69 by $0.41. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The company had revenue of $12.61 billion during the quarter, compared to the consensus estimate of $10.81 billion. During the same period in the prior year, the business earned $4.75 earnings per share. The company's revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities analysts expect that Deere & Company will post 18.09 EPS for the current fiscal year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Wednesday, September 30th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, September 30th. Deere & Company's dividend payout ratio is presently 36.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on DE shares. Oppenheimer increased their price objective on shares of Deere & Company from $680.00 to $685.00 and gave the stock an "outperform" rating in a research note on Thursday, August 20th. Citigroup boosted their target price on shares of Deere & Company from $610.00 to $650.00 and gave the company a "neutral" rating in a research report on Friday, August 21st. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $752.00 price target on shares of Deere & Company in a report on Monday. Weiss Ratings reiterated a "hold (c+)" rating on shares of Deere & Company in a research report on Tuesday, August 18th. Finally, Truist Financial reduced their price target on shares of Deere & Company from $812.00 to $804.00 and set a "buy" rating on the stock in a research report on Monday. Fourteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $653.48.

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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