Kimelman & Baird LLC Takes Position in Deere & Company (NYSE:DE)

Kimelman & Baird LLC purchased a new stake in Deere & Company (NYSE:DE) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 273 shares of the industrial products company’s stock, valued at approximately $102,000.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Deere & Company by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 21,988,363 shares of the industrial products company’s stock valued at $9,031,500,000 after purchasing an additional 263,709 shares during the period. Janus Henderson Group PLC raised its stake in Deere & Company by 0.5% during the 1st quarter. Janus Henderson Group PLC now owns 3,859,021 shares of the industrial products company’s stock worth $1,585,028,000 after buying an additional 19,200 shares during the period. Legal & General Group Plc raised its stake in Deere & Company by 2.7% during the 2nd quarter. Legal & General Group Plc now owns 2,254,266 shares of the industrial products company’s stock worth $842,259,000 after buying an additional 60,255 shares during the period. Dimensional Fund Advisors LP raised its stake in Deere & Company by 15.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,146,441 shares of the industrial products company’s stock worth $802,037,000 after buying an additional 279,627 shares during the period. Finally, Fisher Asset Management LLC raised its stake in Deere & Company by 11.3% during the 4th quarter. Fisher Asset Management LLC now owns 1,481,458 shares of the industrial products company’s stock worth $592,391,000 after buying an additional 150,713 shares during the period. Institutional investors and hedge funds own 68.58% of the company’s stock.

Deere & Company Price Performance

NYSE:DE opened at $417.33 on Tuesday. Deere & Company has a 52-week low of $340.20 and a 52-week high of $419.63. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.87 and a current ratio of 2.07. The company has a market cap of $115.00 billion, a P/E ratio of 12.56, a P/E/G ratio of 1.36 and a beta of 0.92. The stock’s 50-day simple moving average is $380.26 and its 200 day simple moving average is $384.41.

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

Deere & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Monday, September 30th will be issued a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date is Monday, September 30th. Deere & Company’s payout ratio is currently 17.70%.

Wall Street Analyst Weigh In

Several analysts recently commented on DE shares. Evercore ISI raised their price objective on Deere & Company from $371.00 to $378.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Truist Financial reaffirmed a “buy” rating and set a $443.00 price objective (up previously from $439.00) on shares of Deere & Company in a research note on Friday, August 16th. Raymond James started coverage on Deere & Company in a research note on Friday, June 28th. They set an “outperform” rating and a $420.00 price objective on the stock. Bank of America raised their price objective on Deere & Company from $400.00 to $410.00 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Finally, Citigroup dropped their price target on Deere & Company from $395.00 to $370.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 13th. Thirteen equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $410.50.

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.