Oppenheimer Asset Management Inc. Invests $4.23 Million in Deere & Company $DE

Key Points

• Oppenheimer Asset Management acquired 6,675 Deere & Company shares worth approximately $4.23 million in the second quarter, while institutional investors collectively own 68.58% of the stock.
• Analysts maintain a “Moderate Buy” consensus, with 14 Buy and nine Hold ratings and an average price target of $641.98. Recent targets range from $525 to $812.
• Deere reported quarterly EPS of $6.55, beating expectations of $5.70, while revenue rose 5.4% year over year to $13.37 billion. The company also declared a quarterly dividend of $1.62 per share, equivalent to a 1.1% yield.

Oppenheimer Asset Management Inc. 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 6,675 shares of the industrial products company's stock, valued at approximately $4,234,000.

Other hedge funds also recently bought and sold shares of the company. Anchyra Partners LLC grew its stake in shares of Deere & Company by 0.5% during the 1st quarter. Anchyra Partners LLC now owns 3,191 shares of the industrial products company's stock valued at $1,797,000 after purchasing an additional 17 shares during the period. William B. Walkup & Associates Inc. lifted its stake in shares of Deere & Company by 0.6% in the 1st quarter. William B. Walkup & Associates Inc. now owns 2,908 shares of the industrial products company's stock worth $1,638,000 after purchasing an additional 17 shares during the period. Advisortrust Partners LLC boosted its holdings in shares of Deere & Company by 2.0% in the first quarter. Advisortrust Partners LLC now owns 914 shares of the industrial products company's stock worth $515,000 after buying an additional 18 shares during the last quarter. Cerro Pacific Wealth Advisors LLC boosted its holdings in shares of Deere & Company by 0.6% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 3,179 shares of the industrial products company's stock worth $1,480,000 after buying an additional 19 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. grew its position in Deere & Company by 2.4% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 816 shares of the industrial products company's stock valued at $379,000 after buying an additional 19 shares during the period. Hedge funds and other institutional investors own 68.58% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on DE shares. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $752.00 target price on shares of Deere & Company in a report on Monday, June 1st. Truist Financial boosted their price objective on shares of Deere & Company from $759.00 to $812.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. reduced their price objective on Deere & Company from $590.00 to $570.00 and set a "neutral" rating for the company in a research note on Friday. Robert W. Baird decreased their target price on Deere & Company from $580.00 to $525.00 and set a "neutral" rating on the stock in a report on Friday, May 22nd. Finally, Citigroup raised their target price on Deere & Company from $575.00 to $610.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. Fourteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $641.98.

Deere & Company Trading Down 0.6%

Shares of DE opened at $608.73 on Friday. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.18 and a quick ratio of 1.95. Deere & Company has a 1 year low of $433.00 and a 1 year high of $674.19. The company has a 50 day simple moving average of $603.23 and a two-hundred day simple moving average of $587.77. The firm has a market cap of $164.32 billion, a P/E ratio of 34.49, a price-to-earnings-growth ratio of 2.57 and a beta of 0.90.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter last year, the business posted $6.64 earnings per share. The company's revenue for the quarter was up 5.4% compared to the same quarter last year. On average, equities analysts expect that Deere & Company will post 18.26 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Tuesday, June 30th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Tuesday, June 30th. Deere & Company's payout ratio is currently 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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