Sycomore Asset Management Acquires 3,245 Shares of Deere & Company (NYSE:DE)

Sycomore Asset Management grew its stake in Deere & Company (NYSE:DE) by 48.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,006 shares of the industrial products company’s stock after acquiring an additional 3,245 shares during the period. Sycomore Asset Management’s holdings in Deere & Company were worth $3,765,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of DE. Oppenheimer Asset Management Inc. grew its stake in Deere & Company by 20.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 15,808 shares of the industrial products company’s stock valued at $5,906,000 after purchasing an additional 2,692 shares in the last quarter. Harbor Investment Advisory LLC increased its holdings in Deere & Company by 27.4% during the first quarter. Harbor Investment Advisory LLC now owns 1,730 shares of the industrial products company’s stock worth $710,000 after buying an additional 372 shares during the last quarter. Brevan Howard Capital Management LP increased its holdings in Deere & Company by 857.9% during the fourth quarter. Brevan Howard Capital Management LP now owns 7,654 shares of the industrial products company’s stock worth $3,061,000 after buying an additional 6,855 shares during the last quarter. Aviance Capital Partners LLC bought a new stake in Deere & Company during the first quarter worth $2,783,000. Finally, Oxford Financial Group LTD. LLC lifted its stake in Deere & Company by 2.9% in the fourth quarter. Oxford Financial Group LTD. LLC now owns 1,827 shares of the industrial products company’s stock valued at $731,000 after acquiring an additional 51 shares during the last quarter. Institutional investors and hedge funds own 68.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Raymond James assumed coverage on shares of Deere & Company in a research note on Friday, June 28th. They set an “outperform” rating and a $420.00 price objective on the stock. Deutsche Bank Aktiengesellschaft dropped their price objective on Deere & Company from $402.00 to $389.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. BMO Capital Markets initiated coverage on Deere & Company in a research note on Friday, August 9th. They set a “market perform” rating and a $400.00 target price for the company. 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. Finally, Truist Financial reaffirmed a “buy” rating and set a $443.00 price objective (up from $439.00) on shares of Deere & Company in a research report on Friday, August 16th. Thirteen research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $410.50.

Deere & Company Stock Performance

NYSE DE opened at $417.33 on Tuesday. The firm has a 50-day moving average price of $380.26 and a two-hundred day moving average price of $384.41. Deere & Company has a 12-month low of $340.20 and a 12-month high of $419.63. The company has a market capitalization 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 company has a quick ratio of 1.87, a current ratio of 2.07 and a debt-to-equity ratio of 1.85.

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

Deere & Company Dividend Announcement

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

Deere & Company 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.