Saudi Central Bank Increases Stake in Deere & Company $DE

Key Points

• Saudi Central Bank increased its Deere & Company stake by 79.4% in the second quarter, ending with 17,017 shares valued at approximately $10.8 million. Institutional investors collectively own 68.58% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $680.73; Robert W. Baird upgraded the stock to “outperform” with an $800 target.
• Deere exceeded quarterly expectations, reporting $5.10 EPS and $12.61 billion in revenue, up 6.2% year over year. The company also announced a quarterly dividend of $1.62 per share, equivalent to a 0.9% annualized yield.

Saudi Central Bank lifted its position in Deere & Company (NYSE:DE - Free Report) by 79.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,017 shares of the industrial products company's stock after acquiring an additional 7,534 shares during the quarter. Saudi Central Bank's holdings in Deere & Company were worth $10,794,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Deere & Company in the 2nd quarter worth about $27,000. Kilter Group LLC purchased a new position in shares of Deere & Company during the second quarter valued at approximately $29,000. Timmons Wealth Management LLC purchased a new position in shares of Deere & Company during the fourth quarter valued at approximately $29,000. Solstein Capital LLC bought a new position in shares of Deere & Company during the second quarter valued at approximately $30,000. Finally, Portus Wealth Advisors LLC bought a new position in shares of Deere & Company during the first quarter valued at approximately $32,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DE. Truist Financial decreased their price target on Deere & Company from $812.00 to $804.00 and set a "buy" rating for the company in a research note on Monday, August 24th. Robert W. Baird raised shares of Deere & Company from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $640.00 to $800.00 in a research note on Monday, August 31st. Seaport Research Partners set a $570.00 price target on shares of Deere & Company in a report on Friday, August 14th. JPMorgan Chase & Co. raised their price target on shares of Deere & Company from $570.00 to $585.00 and gave the stock a "neutral" rating in a research note on Friday, August 21st. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $752.00 price objective on shares of Deere & Company in a report on Monday, August 24th. Sixteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $680.73.

Deere & Company Stock Performance

Shares of Deere & Company stock opened at $692.68 on Friday. The company has a market capitalization of $186.76 billion, a PE ratio of 38.48, a P/E/G ratio of 2.86 and a beta of 0.90. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.89 and a current ratio of 2.10. The company has a 50-day simple moving average of $619.13 and a two-hundred day simple moving average of $596.29. Deere & Company has a one year low of $433.00 and a one year high of $705.88.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share for the quarter, beating analysts' consensus estimates of $4.69 by $0.41. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The business had revenue of $12.61 billion for the quarter, compared to analysts' expectations of $10.81 billion. During the same period last year, the business earned $4.75 EPS. The company's revenue was up 6.2% compared to the same quarter last year. Research analysts expect that Deere & Company will post 18.12 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Wednesday, September 30th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $6.48 dividend on an annualized basis and a yield of 0.9%. Deere & Company's dividend payout ratio is presently 36.00%.

About Deere & Company

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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