RB Capital Management LLC Invests $1.58 Million in Deere & Company $DE

Key Points

• RB Capital Management acquired 2,485 Deere shares during the second quarter, valued at approximately $1.58 million. Institutional investors collectively own 68.58% of Deere’s outstanding stock.
• Analysts maintain a “Moderate Buy” consensus on Deere, with an average price target of $653.48; individual targets range from $607.50 to $804.
• Deere’s latest quarterly results exceeded expectations, with EPS of $5.10 and revenue of $12.61 billion, while revenue rose 6.2% year over year. The company also declared a quarterly dividend of $1.62 per share, implying a 1.0% annualized yield.

RB Capital Management LLC acquired a new stake in Deere & Company (NYSE:DE - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 2,485 shares of the industrial products company's stock, valued at approximately $1,576,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Deere & Company during the 2nd quarter worth approximately $11,763,504,000. State Street Corp grew its stake in shares of Deere & Company by 0.9% during the fourth quarter. State Street Corp now owns 10,485,949 shares of the industrial products company's stock worth $4,898,717,000 after purchasing an additional 97,049 shares in the last quarter. Capital World Investors grew its stake in shares of Deere & Company by 53.9% during 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 in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Deere & Company by 2.1% in the fourth 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 buying an additional 158,584 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Deere & Company by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 5,600,552 shares of the industrial products company's stock valued at $2,609,149,000 after buying an additional 17,269 shares in the last quarter. Hedge funds and other institutional investors own 68.58% of the company's stock.

Analysts Set New Price Targets

DE has been the subject of several recent analyst reports. Bank of America reduced their price objective on shares of Deere & Company from $672.00 to $607.50 and set a "neutral" rating for the company in a research report on Friday, May 22nd. Royal Bank Of Canada reiterated an "outperform" rating and set a $752.00 price target on shares of Deere & Company in a research note on Monday, August 24th. Citigroup raised their price objective on Deere & Company from $610.00 to $650.00 and gave the stock a "neutral" rating in a report on Friday, August 21st. Truist Financial cut their target price on Deere & Company from $812.00 to $804.00 and set a "buy" rating on the stock in a research report on Monday. Finally, UBS Group decreased their target price on Deere & Company from $732.00 to $728.00 and set a "buy" rating for the company in a research report on Friday, August 21st. Fourteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Deere & Company presently has a consensus rating of "Moderate Buy" and an average target price of $653.48.

Deere & Company Stock Up 1.3%

DE opened at $630.66 on Friday. Deere & Company has a 52 week low of $433.00 and a 52 week high of $674.19. The business has a 50 day moving average price of $611.59 and a two-hundred day moving average price of $593.34. The company has a quick ratio of 1.89, a current ratio of 2.10 and a debt-to-equity ratio of 1.45. The company has a market cap of $170.24 billion, a PE ratio of 35.04, a P/E/G ratio of 2.57 and a beta of 0.90.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.69 by $0.41. The company had revenue of $12.61 billion for the quarter, compared to analysts' expectations of $10.81 billion. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. Deere & Company's revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company posted $4.75 EPS. As a group, research analysts anticipate that Deere & Company will post 18.11 EPS for the current year.

Deere & Company Dividend Announcement

The firm also recently disclosed 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 payout ratio is currently 36.00%.

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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