E&G Advisors LP Increases Stake in Deere & Company (NYSE:DE)

E&G Advisors LP lifted its stake in Deere & Company (NYSE:DE) by 2.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,393 shares of the industrial products company’s stock after purchasing an additional 53 shares during the quarter. E&G Advisors LP’s holdings in Deere & Company were worth $983,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. True Wealth Design LLC lifted its stake in Deere & Company by 1,180.0% during the 4th quarter. True Wealth Design LLC now owns 64 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 59 shares during the period. ZRC Wealth Management LLC acquired a new stake in Deere & Company during the 4th quarter valued at approximately $28,000. Rakuten Securities Inc. acquired a new stake in Deere & Company during the 4th quarter valued at approximately $28,000. Naples Money Management LLC acquired a new stake in Deere & Company during the 4th quarter valued at approximately $29,000. Finally, Private Wealth Management Group LLC acquired a new stake in Deere & Company during the 4th quarter valued at approximately $29,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on DE shares. DA Davidson cut their target price on shares of Deere & Company from $483.00 to $465.00 and set a “buy” rating for the company in a report on Monday, May 20th. Raymond James started coverage on shares of Deere & Company in a report on Friday, June 28th. They set an “outperform” rating and a $420.00 target price for the company. Citigroup started coverage on shares of Deere & Company in a report on Wednesday, June 26th. They set a “neutral” rating and a $395.00 target price for the company. Truist Financial cut their target price on shares of Deere & Company from $460.00 to $439.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Stifel Nicolaus lifted their target price on shares of Deere & Company from $425.00 to $450.00 and gave the company a “buy” rating in a report on Friday, May 17th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $427.66.

Insiders Place Their Bets

In related news, insider Cory J. Reed sold 13,370 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the sale, the insider now directly owns 41,642 shares in the company, valued at $15,725,268.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.26% of the company’s stock.

Deere & Company Trading Down 0.6 %

NYSE DE traded down $2.20 during trading hours on Wednesday, reaching $362.75. The company had a trading volume of 668,934 shares, compared to its average volume of 1,510,063. The stock has a 50-day moving average of $383.89 and a 200 day moving average of $386.94. Deere & Company has a 1-year low of $353.15 and a 1-year high of $450.00. The company has a current ratio of 2.01, a quick ratio of 1.80 and a debt-to-equity ratio of 1.81. The stock has a market capitalization of $99.96 billion, a P/E ratio of 10.92, a price-to-earnings-growth ratio of 1.50 and a beta of 0.93.

Deere & Company (NYSE:DE) last posted its earnings results on Thursday, May 16th. The industrial products company reported $8.53 EPS for the quarter, beating analysts’ consensus estimates of $7.86 by $0.67. The company had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $13.29 billion. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. Deere & Company’s revenue for the quarter was down 15.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.65 earnings per share. As a group, research analysts anticipate that Deere & Company will post 25.59 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Shareholders of record on Friday, June 28th will be paid a dividend of $1.47 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.88 dividend on an annualized basis and a yield of 1.62%. Deere & Company’s dividend payout ratio (DPR) is presently 17.70%.

Deere & Company Profile

Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.