Means Investment CO. Inc. Increases Stock Position in Deere & Company (NYSE:DE)

Means Investment CO. Inc. increased its position in Deere & Company (NYSE:DE) by 1.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,157 shares of the industrial products company’s stock after acquiring an additional 49 shares during the period. Means Investment CO. Inc.’s holdings in Deere & Company were worth $1,317,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in DE. Fairscale Capital LLC bought a new position in shares of Deere & Company during the 2nd quarter valued at $26,000. Pineridge Advisors LLC lifted its holdings in shares of Deere & Company by 725.0% during the 1st quarter. Pineridge Advisors LLC now owns 66 shares of the industrial products company’s stock valued at $27,000 after buying an additional 58 shares during the period. Olistico Wealth LLC bought a new position in shares of Deere & Company during the 2nd quarter valued at $37,000. Centennial Bank AR lifted its holdings in shares of Deere & Company by 420.0% during the 2nd quarter. Centennial Bank AR now owns 104 shares of the industrial products company’s stock valued at $39,000 after buying an additional 84 shares during the period. Finally, Financial Synergies Wealth Advisors Inc. lifted its holdings in shares of Deere & Company by 2,500.0% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 104 shares of the industrial products company’s stock valued at $43,000 after buying an additional 100 shares during the period. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Hsbc Global Res cut Deere & Company from a “strong-buy” rating to a “hold” rating in a report on Monday, August 19th. BMO Capital Markets started coverage on Deere & Company in a report on Friday, August 9th. They set a “market perform” rating and a $400.00 price target on the stock. JPMorgan Chase & Co. raised their target price on Deere & Company from $360.00 to $420.00 and gave the stock a “neutral” rating in a report on Friday, October 11th. Truist Financial raised their target price on Deere & Company from $443.00 to $496.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, HSBC cut Deere & Company from a “buy” rating to a “hold” rating in a report on Monday, August 19th. Twelve equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Deere & Company currently has an average rating of “Hold” and a consensus price target of $420.69.

Deere & Company Price Performance

NYSE:DE opened at $408.73 on Friday. The company has a quick ratio of 1.87, a current ratio of 2.07 and a debt-to-equity ratio of 1.85. The business’s 50-day simple moving average is $393.03 and its two-hundred day simple moving average is $385.40. The stock has a market cap of $112.63 billion, a PE ratio of 12.30, a P/E/G ratio of 1.35 and a beta of 0.92. Deere & Company has a 52 week low of $340.20 and a 52 week high of $420.47.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, August 15th. The industrial products company reported $6.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.66. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The firm had revenue of $11.39 billion for the quarter, compared to analysts’ expectations of $10.94 billion. During the same period in the previous year, the firm posted $10.20 earnings per share. The business’s revenue was down 20.3% compared to the same quarter last year. As a group, analysts forecast that Deere & Company will post 25.03 EPS for the current fiscal year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, September 30th will be given a dividend of $1.47 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.44%. Deere & Company’s dividend payout ratio is currently 17.70%.

About Deere & Company

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.