As of October 3, 2023, 1900 Wealth Management LLC has increased its position in Deere & Company (NYSE:DE) by 43.9% during the second quarter. This information was disclosed in the company’s most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund now owns a total of 1,639 shares of Deere & Company’s stock after acquiring an additional 500 shares within the mentioned time frame. At the end of this reporting period, 1900 Wealth Management LLC had holdings worth approximately $664,000.
Deere & Company last released its earnings results on Friday, August 18th. For the quarter, the industrial products company reported earnings per share of $10.20, surpassing the consensus estimate of $8.22 by $1.98. The business generated revenue amounting to $14.28 billion during the quarter, which exceeded analysts’ expectations of $14.14 billion. Furthermore, Deere & Company achieved a return on equity of 46.15% and a net margin of 16.36%. In comparison to the same quarter in the previous year, the company’s revenue for this quarter increased by 9.9%. The firm posted an EPS of $6.16 during that corresponding period.
Analysts are predicting that Deere & Company will post an EPS of 33.91 for the current fiscal year.
For further insights into Deere & Company’s performance and financial status, we offer our latest report on DE
Analysis of Institutional Investors and Analyst Ratings: Deere & Company’s Positioning for Growth
Deere & Company, a prominent industrial products company with a market capitalization of $107.66 billion, has been witnessing changes in the positions of various institutional investors and hedge funds. One such investor, Peterson Wealth Advisors LLC, recently boosted its stake in the company by 4.9% during the second quarter. With an additional purchase of 25 shares, their total ownership now amounts to 539 shares valued at $219,000.
Gilman Hill Asset Management LLC also made changes to their position in Deere & Company during the second quarter. They increased their stake by 0.8%, purchasing an additional 25 shares. As a result, they now own 3,226 shares, worth approximately $1.31 million.
Similarly, ETF Managers Group LLC raised its position in Deere & Company by 1.5% during the first quarter by acquiring an additional 26 shares. Their total ownership currently stands at 1,746 shares valued at $721,000.
Cornerstone Wealth Management LLC raised its stake in Deere & Company during the second quarter as well. By adding an extra 26 shares to their portfolio, they now hold 2,691 shares worth $1.09 million.
Lastly, Liberty One Investment Management LLC increased its stake in Deere & Company by 0.5% during the fourth quarter through the acquisition of an additional 27 shares. Currently owning 6,016 shares valued at $2.58 million.
It is important to note that hedge funds and other institutional investors collectively own a significant portion of Deere & Company’s stock—around 66.27%.
On Tuesday morning on October 3rd this year (2023), Deere & Company’s stock opened at $373.81.The company boasts a P/E ratio of 11.05 and a beta factor of 1.09 coupled with a P/E/G ratio of only 0.85, indicating strong potential for growth.
Analyzing the stock’s performance over the past 50 and 200 days, the respective simple moving averages stand at $409.91 and $397.08. Furthermore, this Fortune 500 company has experienced a one-year low of $339.18 and a one-year high of $450.00.
Shareholders of Deere & Company should take note of its recently announced quarter dividend to be paid on November 8th, which marks a positive change from the previous quarterly dividend. Shareholders who were recorded as owning shares on September 29th will receive a dividend of $1.35 per share.
Equity analysts have also weighed in on Deere & Company’s performance, issuing reports and setting target prices for the stock. Stifel Nicolaus suggests a “buy” rating with a target price set at $460 per share after revising it down from $493 previously. Deutsche Bank Aktiengesellschaft maintains a more neutral stance but raised their target price from $398 to $407 in their latest research note.
On the other hand, BMO Capital Markets reduced their price objective from $450 to $425 while Canaccord Genuity Group downgraded Deere & Company from “buy” to “hold” and lowered their price objective from $530 to $400. Credit Suisse Group also reduced their price objective from $560 to $551 but maintained an “outperform” rating.
In conclusion, while there may be some differences in opinion among analysts regarding Deere & Company’s performance, with some maintaining hold ratings and others advocating for buy ratings, the consensus is generally optimistic with an average rating of “Moderate Buy”. The consensus target price stands at approximately $450.86—indicating potentially favorable returns for investors in what remains one of America’s leading industrial products companies.