NorthRock Partners LLC Buys 610 Shares of Deere & Company (NYSE:DE)

Key Points

• NorthRock Partners LLC increased its stake in Deere & Company by 14.9% during the first quarter, owning a total of 4,695 shares valued at approximately $2.20 million.
• A variety of institutional investors have also made significant changes to their positions in Deere, with 68.58% of the stock now owned by these entities.
• Deere & Company reported a quarterly earnings beating estimates, with earnings per share at $6.64 and a revenue of $11.17 billion, although revenue was down 17.9% compared to the previous year.

NorthRock Partners LLC boosted its holdings in Deere & Company (NYSE:DE - Free Report) by 14.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,695 shares of the industrial products company's stock after acquiring an additional 610 shares during the quarter. NorthRock Partners LLC's holdings in Deere & Company were worth $2,204,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in DE. Hughes Financial Services LLC acquired a new position in shares of Deere & Company during the first quarter worth approximately $29,000. Cornerstone Planning Group LLC lifted its position in shares of Deere & Company by 116.1% during the first quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after purchasing an additional 36 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of Deere & Company during the fourth quarter worth approximately $34,000. Mascagni Wealth Management Inc. acquired a new position in shares of Deere & Company during the fourth quarter worth approximately $39,000. Finally, Citizens National Bank Trust Department acquired a new position in shares of Deere & Company during the first quarter worth approximately $45,000. Institutional investors own 68.58% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on DE. JPMorgan Chase & Co. upped their target price on shares of Deere & Company from $490.00 to $540.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Bank of America boosted their price target on shares of Deere & Company from $495.00 to $556.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. BMO Capital Markets reissued 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. The Goldman Sachs Group reissued a "buy" rating on shares of Deere & Company in a research note on Thursday, May 15th. Finally, Truist Financial boosted their price target on shares of Deere & Company from $546.00 to $619.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Deere & Company presently has a consensus rating of "Hold" and a consensus price target of $515.50.

Deere & Company Stock Up 3.2%

DE traded up $16.31 during trading hours on Thursday, hitting $524.18. 1,549,282 shares of the company's stock were exchanged, compared to its average volume of 1,018,595. Deere & Company has a 1-year low of $340.20 and a 1-year high of $533.78. The stock's 50-day moving average is $512.43 and its two-hundred day moving average is $486.52. The stock has a market cap of $141.96 billion, a price-to-earnings ratio of 25.36, a PEG ratio of 3.22 and a beta of 1.08. The company has a quick ratio of 1.89, a current ratio of 2.11 and a debt-to-equity ratio of 1.76.

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

Deere & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Monday, June 30th will be paid a $1.62 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.2%. Deere & Company's dividend payout ratio (DPR) is currently 31.35%.

Deere & Company 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.