HM Payson & Co. Raises Position in Deere & Company (NYSE:DE)

by · The Markets Daily

HM Payson & Co. raised its holdings in shares of Deere & Company (NYSE:DE – Free Report) by 11.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,077 shares of the industrial products company’s stock after buying an additional 408 shares during the period. HM Payson & Co.’s holdings in Deere & Company were worth $1,701,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. increased its stake in Deere & Company by 20.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 15,808 shares of the industrial products company’s stock worth $5,906,000 after purchasing an additional 2,692 shares during the period. Royal Fund Management LLC increased its stake in shares of Deere & Company by 99.8% in the third quarter. Royal Fund Management LLC now owns 6,454 shares of the industrial products company’s stock worth $2,694,000 after buying an additional 3,223 shares during the period. New Century Financial Group LLC bought a new stake in Deere & Company during the 3rd quarter valued at $1,052,000. Manning & Napier Advisors LLC purchased a new stake in Deere & Company during the 2nd quarter valued at $24,984,000. Finally, Handelsbanken Fonder AB grew its holdings in Deere & Company by 2.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 90,871 shares of the industrial products company’s stock worth $37,923,000 after acquiring an additional 1,963 shares during the last quarter. 68.58% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on DE. Oppenheimer dropped their target price on shares of Deere & Company from $465.00 to $448.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. HSBC cut Deere & Company from a “buy” rating to a “hold” rating in a research note on Monday, August 19th. BMO Capital Markets assumed coverage on Deere & Company in a research note on Friday, August 9th. They issued a “market perform” rating and a $400.00 price target for the company. Truist Financial boosted their price objective on shares of Deere & Company from $443.00 to $496.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Citigroup raised their target price on shares of Deere & Company from $395.00 to $420.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Twelve analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $420.69.

Read Our Latest Research Report on DE

Deere & Company Stock Performance

Deere & Company stock opened at $404.86 on Friday. Deere & Company has a twelve month low of $340.20 and a twelve month high of $420.47. 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 company has a market capitalization of $110.77 billion, a P/E ratio of 13.81, a PEG ratio of 1.35 and a beta of 0.92. The stock’s 50 day moving average is $400.47 and its 200 day moving average is $385.50.

Deere & Company (NYSE:DE – Get Free Report) last released its earnings results on Thursday, August 15th. The industrial products company reported $6.29 EPS for the quarter, topping the consensus estimate 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 company’s revenue for the quarter was down 20.3% compared to the same quarter last year. During the same period in the previous year, the company posted $10.20 earnings per share. On average, equities research analysts predict that Deere & Company will post 25.03 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Monday, September 30th will be paid a dividend of $1.47 per share. The ex-dividend date is Monday, September 30th. This represents a $5.88 dividend on an annualized basis and a yield of 1.45%. Deere & Company’s dividend payout ratio is currently 20.06%.

About Deere & Company

(Free Report)

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.

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