Lyell Wealth Management LP boosted its holdings in Deere & Company (NYSE:DE – Free Report) by 14.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 18,922 shares of the industrial products company’s stock after acquiring an additional 2,440 shares during the period. Lyell Wealth Management LP’s holdings in Deere & Company were worth $8,810,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently added to or reduced their stakes in the business. ARK Investment Management LLC boosted its holdings in Deere & Company by 28.2% in the fourth quarter. ARK Investment Management LLC now owns 421,907 shares of the industrial products company’s stock worth $196,427,000 after purchasing an additional 92,706 shares during the period. Gateway Wealth Partners LLC boosted its holdings in Deere & Company by 13.7% in the fourth quarter. Gateway Wealth Partners LLC now owns 2,106 shares of the industrial products company’s stock worth $981,000 after purchasing an additional 254 shares during the period. Meeder Asset Management Inc. boosted its holdings in Deere & Company by 225.0% in the fourth quarter. Meeder Asset Management Inc. now owns 104 shares of the industrial products company’s stock worth $48,000 after purchasing an additional 72 shares during the period. Meiji Yasuda Life Insurance Co acquired a new position in Deere & Company in the fourth quarter worth $768,000. Finally, Empowered Funds LLC boosted its holdings in Deere & Company by 7.8% in the fourth quarter. Empowered Funds LLC now owns 24,830 shares of the industrial products company’s stock worth $11,560,000 after purchasing an additional 1,806 shares during the period. Institutional investors and hedge funds own 68.58% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the stock. Weiss Ratings raised shares of Deere & Company from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. Royal Bank Of Canada restated an “outperform” rating and set a $752.00 price target on shares of Deere & Company in a research report on Monday, June 1st. Oppenheimer restated 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. Citigroup lowered their price target on shares of Deere & Company from $625.00 to $595.00 and set a “neutral” rating for the company in a research report on Friday, May 22nd. Finally, BMO Capital Markets upped their price target on shares of Deere & Company from $460.00 to $500.00 and gave the stock a “market perform” rating in a research report on Friday, February 20th. Fourteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $639.58.
Deere & Company Stock Up 1.6%
Deere & Company stock opened at $569.09 on Friday. The company has a 50-day simple moving average of $573.17 and a 200-day simple moving average of $548.69. The firm has a market capitalization of $153.62 billion, a P/E ratio of 32.24, a P/E/G ratio of 2.07 and a beta of 0.92. 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 has a one year low of $433.00 and a one year high of $674.19.
Deere & Company (NYSE:DE – Get Free Report) last released its quarterly earnings results on Thursday, May 21st. The industrial products company reported $6.55 EPS for the quarter, topping the consensus estimate of $5.70 by $0.85. The business had revenue of $13.37 billion during the quarter, compared to analyst estimates of $11.55 billion. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The company’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.64 earnings per share. As a group, equities analysts expect that Deere & Company will post 18.13 earnings per share for the current year.
Deere & Company Announces Dividend
The business 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. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $6.48 annualized dividend and a yield of 1.1%. Deere & Company’s dividend payout ratio is presently 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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