Petredis Investment Advisors LLC Takes Position in Deere & Company $DE

Key Points

• Petredis Investment Advisors opened a new position in Deere & Company during the first quarter, buying 6,752 shares valued at about $3.8 million.
• Deere reported stronger-than-expected quarterly results, with EPS of $6.55 versus estimates of $5.70 and revenue of $13.37 billion, topping Wall Street expectations.
• The company also announced a quarterly dividend of $1.62 per share, and analysts remain mostly constructive with a Moderate Buy consensus and an average price target of $639.58.

Petredis Investment Advisors LLC bought a new stake in Deere & Company (NYSE:DE - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 6,752 shares of the industrial products company's stock, valued at approximately $3,803,000.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Deere & Company by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 22,583,185 shares of the industrial products company's stock worth $10,514,053,000 after acquiring an additional 198,332 shares in the last quarter. State Street Corp increased its holdings in shares of Deere & Company by 0.9% in the 4th quarter. State Street Corp now owns 10,485,949 shares of the industrial products company's stock valued at $4,898,717,000 after acquiring an additional 97,049 shares during the last quarter. Capital World Investors raised 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 acquiring an additional 3,358,264 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Deere & Company by 2.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,692,877 shares of the industrial products company's stock valued at $3,581,574,000 after acquiring an additional 158,584 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Deere & Company by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 5,600,552 shares of the industrial products company's stock worth $2,609,149,000 after purchasing an additional 17,269 shares during the last quarter. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Price Performance

Shares of DE opened at $590.37 on Monday. Deere & Company has a 12 month low of $433.00 and a 12 month high of $674.19. The company has a debt-to-equity ratio of 1.54, a current ratio of 2.18 and a quick ratio of 1.95. The stock has a fifty day moving average price of $573.71 and a 200 day moving average price of $553.26. The company has a market cap of $159.36 billion, a P/E ratio of 33.45, a PEG ratio of 2.18 and a beta of 0.92.

Deere & Company (NYSE:DE - Get Free Report) last posted its earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.70 by $0.85. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The company had revenue of $13.37 billion for the quarter, compared to analysts' expectations of $11.55 billion. During the same period last year, the business posted $6.64 earnings per share. The firm's quarterly revenue was up 5.4% compared to the same quarter last year. On average, research analysts forecast that Deere & Company will post 18.13 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. Investors of record on Tuesday, June 30th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, June 30th. Deere & Company's dividend payout ratio (DPR) is 36.71%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on DE shares. Oppenheimer reaffirmed an "outperform" rating and issued a $680.00 price objective (down from $715.00) on shares of Deere & Company in a report on Wednesday, May 27th. Citigroup dropped their target price on shares of Deere & Company from $625.00 to $595.00 and set a "neutral" rating on the stock in a report on Friday, May 22nd. Truist Financial reduced their price target on shares of Deere & Company from $793.00 to $759.00 and set a "buy" rating on the stock in a research report on Tuesday, May 26th. Wolfe Research lifted their price target on shares of Deere & Company from $550.00 to $660.00 and gave the company an "outperform" rating in a report on Tuesday, March 31st. Finally, DA Davidson lowered their price objective on shares of Deere & Company from $775.00 to $685.00 and set a "buy" rating for the company in a research report on Friday, May 22nd. Fourteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $639.58.

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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