Summit Asset Management LLC Takes Position in Deere & Company $DE

Key Points

• Summit Asset Management acquired 4,125 Deere & Company shares worth approximately $2.6 million during the second quarter. Institutional investors collectively own 68.58% of Deere’s outstanding stock.
• Analysts maintain a generally positive outlook, with 14 Buy ratings and nine Holds, producing a “Moderate Buy” consensus and an average price target of $641.98.
• Deere reported quarterly EPS of $6.55, exceeding estimates by $0.85, while revenue rose 5.4% year over year to $13.37 billion. The company also paid a quarterly dividend of $1.62 per share, representing a 1.1% yield.

Summit Asset Management LLC acquired a new position in Deere & Company (NYSE:DE - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,125 shares of the industrial products company's stock, valued at approximately $2,617,000.

Other institutional investors also recently bought and sold shares of the company. Cary Street Partners Financial LLC lifted its holdings in Deere & Company by 11.8% during the fourth quarter. Cary Street Partners Financial LLC now owns 10,312 shares of the industrial products company's stock valued at $4,801,000 after purchasing an additional 1,086 shares in the last quarter. Spectrum Financial Alliance Ltd LLC grew its position in Deere & Company by 55.8% in the fourth quarter. Spectrum Financial Alliance Ltd LLC now owns 85,351 shares of the industrial products company's stock worth $39,737,000 after acquiring an additional 30,553 shares during the period. Westpac Banking Corp increased its stake in Deere & Company by 78.6% during the fourth quarter. Westpac Banking Corp now owns 6,925 shares of the industrial products company's stock worth $3,224,000 after acquiring an additional 3,047 shares during the last quarter. Natixis Advisors LLC raised its position in Deere & Company by 13.4% in the fourth quarter. Natixis Advisors LLC now owns 388,595 shares of the industrial products company's stock valued at $180,919,000 after purchasing an additional 45,782 shares during the period. Finally, Vise Technologies Inc. lifted its stake in shares of Deere & Company by 46.1% in the 4th quarter. Vise Technologies Inc. now owns 6,265 shares of the industrial products company's stock valued at $2,917,000 after purchasing an additional 1,977 shares during the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DE has been the subject of a number of recent analyst reports. Truist Financial raised their price objective on Deere & Company from $759.00 to $812.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $752.00 target price on shares of Deere & Company in a research report on Monday, June 1st. DA Davidson reaffirmed a "buy" rating and set a $685.00 target price on shares of Deere & Company in a research note on Friday, July 17th. Weiss Ratings upgraded shares of Deere & Company from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, May 21st. Finally, Oppenheimer reiterated an "outperform" rating and set a $680.00 price target (down from $715.00) on shares of Deere & Company in a research report on Wednesday, May 27th. Fourteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, Deere & Company has an average rating of "Moderate Buy" and an average target price of $641.98.

Deere & Company Trading Down 0.6%

Shares of NYSE DE opened at $608.73 on Friday. Deere & Company has a twelve month low of $433.00 and a twelve month high of $674.19. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54. The stock has a fifty day simple moving average of $603.23 and a 200-day simple moving average of $587.77. The stock has a market capitalization of $164.32 billion, a PE ratio of 34.49, a PEG ratio of 2.57 and a beta of 0.90.

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 (EPS) for the quarter, beating 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 firm had revenue of $13.37 billion for the quarter, compared to the consensus estimate of $11.55 billion. During the same quarter in the previous year, the business earned $6.64 EPS. The company's quarterly revenue was up 5.4% compared to the same quarter last year. On average, equities analysts forecast that Deere & Company will post 18.26 earnings per share for the current year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Tuesday, June 30th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend 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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