Sierra Summit Advisors LLC Makes New $13.10 Million Investment in Deere & Company $DE

Key Points

• Sierra Summit Advisors LLC opened a new position in Deere & Company during the first quarter, buying 23,252 shares worth about $13.1 million. Deere now represents 1.9% of the firm’s portfolio and is its 15th-largest holding.
• Several other institutional investors also increased or initiated stakes in Deere, and institutions overall own 68.58% of the company’s stock.
• Deere reported better-than-expected quarterly results, with EPS of $6.55 on revenue of $13.37 billion, and analysts remain broadly positive with an average rating of Moderate Buy and an average price target of $642.23.

Sierra Summit Advisors LLC purchased a new position in shares of Deere & Company (NYSE:DE - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 23,252 shares of the industrial products company's stock, valued at approximately $13,098,000. Deere & Company comprises 1.9% of Sierra Summit Advisors LLC's investment portfolio, making the stock its 15th biggest position.

A number of other hedge funds and other institutional investors have also modified their holdings of DE. Optas LLC lifted its stake in shares of Deere & Company by 8.4% in the 1st quarter. Optas LLC now owns 1,291 shares of the industrial products company's stock valued at $727,000 after purchasing an additional 100 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Deere & Company during the first quarter worth $1,707,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in Deere & Company by 58.9% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 61,436 shares of the industrial products company's stock valued at $34,607,000 after buying an additional 22,770 shares in the last quarter. Elevation Point Wealth Partners LLC raised its holdings in Deere & Company by 173.8% during the first quarter. Elevation Point Wealth Partners LLC now owns 5,336 shares of the industrial products company's stock valued at $3,010,000 after buying an additional 3,387 shares in the last quarter. Finally, Sound Income Strategies LLC lifted its position in shares of Deere & Company by 3.5% in the first quarter. Sound Income Strategies LLC now owns 749 shares of the industrial products company's stock worth $427,000 after buying an additional 25 shares during the last quarter. Institutional investors own 68.58% of the company's stock.

Analyst Ratings Changes

DE has been the subject of several recent analyst reports. Oppenheimer reiterated an "outperform" rating and set a $680.00 price target (down from $715.00) on shares of Deere & Company in a research note on Wednesday, May 27th. Royal Bank Of Canada reissued an "outperform" rating and issued a $752.00 price objective on shares of Deere & Company in a research note on Monday, June 1st. Barclays boosted their target price on Deere & Company from $530.00 to $640.00 and gave the stock an "overweight" rating in a report on Tuesday, March 31st. Raymond James Financial decreased their target price on Deere & Company from $765.00 to $700.00 and set an "outperform" rating for the company in a research report on Friday, May 22nd. Finally, Jefferies Financial Group upgraded Deere & Company from an "underperform" rating to a "hold" rating and set a $550.00 price target on the stock in a report on Wednesday, April 8th. Fourteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $642.23.

Deere & Company Trading Down 1.0%

Shares of NYSE:DE opened at $621.09 on Friday. The company has a market cap of $167.66 billion, a P/E ratio of 35.19, a P/E/G ratio of 2.32 and a beta of 0.89. The stock's 50-day moving average is $577.59 and its 200-day moving average is $562.28. Deere & Company has a 52-week low of $433.00 and a 52-week high of $674.19. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.95 and a current ratio of 2.18.

Deere & Company (NYSE:DE - Get Free Report) last posted its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, topping the consensus estimate of $5.70 by $0.85. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The business had revenue of $13.37 billion during the quarter, compared to analysts' expectations of $11.55 billion. During the same quarter in the previous year, the firm earned $6.64 EPS. The firm's revenue was up 5.4% compared to the same quarter last year. Equities research analysts predict that Deere & Company will post 18.13 earnings per share for the current year.

Deere & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Shareholders of record on Tuesday, June 30th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Deere & Company's payout ratio is currently 36.71%.

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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