October 8, 2023 – Lipe & Dalton, an institutional investor, has recently reduced its holdings in Deere & Company (NYSE:DE) by 14.6% during the second quarter, according to the company’s most recent Form 13F filing with the SEC. Their ownership now comprises 9,253 shares of Deere & Company’s stock after selling off 1,585 shares in the quarter. With this reduction, Deere & Company represents approximately 2.1% of Lipe & Dalton’s holdings and ranks as their 16th largest holding. As of the latest SEC filing, their holdings in Deere & Company were valued at $3,749,000.
Deere & Company (NYSE:DE) recently released its quarterly earnings data on Friday, August 18th. The industrial products company exceeded expectations by reporting earnings per share (EPS) of $10.20 for the quarter, surpassing the consensus estimate of $8.22 by a margin of $1.98. Furthermore, Deere & Company showcased a return on equity of 46.15% and a net margin of 16.36%. The company generated revenue of $14.28 billion during the quarter compared to the consensus estimate of $14.14 billion.
In comparison to last year’s figures for the same period, Deere & Company witnessed significant growth with its revenue up by 9.9%. During that time frame, they earned $6.16 per share compared to this year’s impressive EPS of $10.20.
Equities analysts are optimistic about Deere & Company’s performance for the current year and anticipate that it will post earnings per share amounting to $33.91.
For more comprehensive information and analysis on Deere & Company’s recent financial performance and future prospects, we invite readers to explore our latest report on this notable industrial products company.
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Adjustments in Hedge Fund Stakes in Deere & Company and Analysts’ Perspectives on DE Stock
On October 8, 2023, various hedge funds were observed to have adjusted their stakes in Deere & Company, a prominent industrial products company. One such fund, Northwest Bancshares Inc., raised its position in the company by 2.2% during the second quarter. This increase translated to an additional 23 shares, bringing the total number of shares owned by Northwest Bancshares Inc. to 1,082. With these additional shares, the value of their stake now amounts to $438,000.
Byrne Asset Management LLC also saw a slight increase in their position within Deere & Company during the second quarter. They raised their holdings by 0.9%, equivalent to acquiring an additional 24 shares. The total value of Byrne Asset Management LLC’s stake is now estimated at $1,102,000.
Similarly, Peterson Wealth Advisors LLC witnessed a modest growth of 4.9% in their holdings of Deere & Company during the same period. This increase amounted to an acquisition of 25 shares and brings their total number of shares to 539 with a value of approximately $219,000.
Gilman Hill Asset Management LLC is another hedge fund that extended its position in Deere & Company during the second quarter. They experienced a minor growth of 0.8%, resulting in an additional 25 shares and raising their stake’s worth to $1,307,000.
Lastly, ETF Managers Group LLC increased its position by 1.5% back in the first quarter—a slightly earlier period than the other mentioned funds—to acquire an extra 26 shares from Deere & Company. As a result, ETF Managers Group LLC now owns a total share value amounting to $721,000.
It should be noted that institutional investors currently own about 66.27% of Deere & Company’s stock.
On Friday trading (October 8), Deere & Company’s stock on the NYSE (NYSE: DE) saw a rise of $2.85, reaching $378.54 per share. The trading volume for the day totaled 1,203,467 shares, which was consistent with the company’s average daily trading volume of 1,525,343 shares.
Deere & Company currently possesses a market capitalization of $109.02 billion and a price-to-earnings ratio of 11.19. With a P/E/G ratio of 0.86 and a beta of 1.09, it stands as a noteworthy player in the industrial products industry. Additionally, Deere & Company maintains a current ratio of 1.98 and a quick ratio of 1.74, indicating fair liquidity levels for the business itself. However, it is important to note that the company has a debt-to-equity ratio of 1.65—a figure that may draw further attention from investors.
In terms of recent financial developments, Deere & Company recently announced an upcoming dividend payment scheduled for Wednesday, November 8th. Stockholders who held their positions by Friday, September 29th were entitled to receive a dividend worth $1.35 per share owned—a considerable increase from the previous quarterly dividend of $1.25 offered by Deere & Company.
Furthermore, this new dividend represents an annualized payout totaling $5.40 per share and equates to an estimated dividend yield of about 1.43%. It is evident that Deere & Company prioritizes returning value to its shareholders through its consistent dividends.
Moving on to analysts’ reports on DE’s stock performance in recent times, Deutsche Bank Aktiengesellschaft issued a research report on Monday, August 21st rating Deere & Company’s stock as “hold.” They increased their target price from $398 to $407—an indication that they find moderate potential for growth within the company.
Similarly, UBS Group raised its price objective to $408 from $383 and maintained a “neutral” rating for Deere & Company’s stock in their research note on Monday, August 21st. This perspective suggests that the stock’s performance is likely to remain stable in the foreseeable future.
HSBC, another research agency, initiated coverage on Deere & Company on Friday, September 15th with a positive outlook. They assigned the company a “buy” rating and set a target price of $486 per share—highlighting an optimistic view regarding potential growth opportunities within the firm.
Meanwhile, StockNews.com initiated coverage on DE with a “hold” rating, signifying their neutral stance on Deere & Company’s stock.
Ultimately, Oppenheimer lowered their price objective slightly from $467 to $458 but maintained an “outperform” rating for Deere & Company’s stock. This favorable perspective reflects the belief that the company has strong capabilities and potential for outperforming expectations.
Based on data collated by Bloomberg from various research reports, Deere & Company currently holds a consensus rating of “Moderate Buy.” Moreover, analysts have established an average consensus price target of approximately $450.86 for DE’s shares.
In conclusion, despite recent adjustments made by various hedge funds to
