Oliver Luxxe Assets LLC Takes Position in Deere & Company $DE

Key Points

• Oliver Luxxe Assets acquired 6,348 Deere & Company shares in the second quarter, valued at approximately $4.0 million. Institutional investors collectively own 68.58% of Deere’s outstanding stock.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $642.98, despite several firms recently lowering targets.
• Deere exceeded quarterly expectations, reporting $6.55 in earnings per share versus the $5.70 consensus and $13.37 billion in revenue. The company also declared a quarterly dividend of $1.62 per share, representing a 1.0% annualized yield.

Oliver Luxxe Assets LLC acquired a new position in Deere & Company (NYSE:DE - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 6,348 shares of the industrial products company's stock, valued at approximately $4,027,000.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in Deere & Company in the fourth quarter worth about $1,715,633,000. Capital World Investors increased its position in shares of Deere & Company by 53.9% during the 4th quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company's stock valued at $4,465,906,000 after purchasing an additional 3,358,264 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Deere & Company by 1,725.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company's stock worth $932,870,000 after purchasing an additional 1,893,972 shares during the period. M&T Bank Corp lifted its stake in shares of Deere & Company by 1,199.8% in the 4th quarter. M&T Bank Corp now owns 1,864,701 shares of the industrial products company's stock worth $868,149,000 after purchasing an additional 1,721,239 shares during the period. Finally, Diamant Asset Management Inc. boosted its holdings in shares of Deere & Company by 56,230.0% in the first quarter. Diamant Asset Management Inc. now owns 610,617 shares of the industrial products company's stock worth $343,961,000 after buying an additional 609,533 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Robert W. Baird cut their target price on shares of Deere & Company from $580.00 to $525.00 and set a "neutral" rating for the company in a research report on Friday, May 22nd. Bank of America dropped their price target on shares of Deere & Company from $672.00 to $607.50 and set a "neutral" rating on the stock in a research note on Friday, May 22nd. Oppenheimer reissued an "outperform" rating and set a $680.00 price objective (down from $715.00) on shares of Deere & Company in a research report on Wednesday, May 27th. Citigroup upped their price objective on Deere & Company from $575.00 to $610.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Finally, Wall Street Zen raised Deere & Company from a "sell" rating to a "hold" rating in a report on Sunday, July 5th. Fourteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Deere & Company has a consensus rating of "Moderate Buy" and a consensus target price of $642.98.

Deere & Company Trading Up 1.2%

Deere & Company stock opened at $622.04 on Friday. Deere & Company has a 12-month low of $433.00 and a 12-month high of $674.19. The firm has a market capitalization of $167.91 billion, a price-to-earnings ratio of 35.24, a P/E/G ratio of 2.62 and a beta of 0.90. The firm has a 50 day moving average of $599.58 and a 200 day moving average of $584.43. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54.

Deere & Company (NYSE:DE - Get Free Report) last issued its quarterly earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, beating the consensus estimate of $5.70 by $0.85. The business had revenue of $13.37 billion for the quarter, compared to the consensus estimate of $11.55 billion. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.64 earnings per share. As a group, research analysts predict that Deere & Company will post 18.26 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, August 10th. Stockholders of record on Tuesday, June 30th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, June 30th. Deere & Company's dividend payout ratio (DPR) is presently 36.71%.

Deere & 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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