Deere & Company (NYSE:DE) Sees Large Decrease in Short Interest
by Mitch Edgeman · The Markets DailyDeere & Company (NYSE:DE – Get Free Report) was the recipient of a significant decline in short interest during the month of February. As of February 27th, there was short interest totaling 4,991,541 shares, a decline of 21.3% from the February 12th total of 6,346,495 shares. Currently, 1.9% of the company’s stock are sold short. Based on an average daily trading volume, of 2,564,173 shares, the days-to-cover ratio is currently 1.9 days. Based on an average daily trading volume, of 2,564,173 shares, the days-to-cover ratio is currently 1.9 days. Currently, 1.9% of the company’s stock are sold short.
Insider Activity at Deere & Company
In other news, CEO John C. May II sold 41,472 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $501.49, for a total value of $20,797,793.28. Following the completion of the sale, the chief executive officer directly owned 117,970 shares in the company, valued at approximately $59,160,775.30. The trade was a 26.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Cory J. Reed sold 12,000 shares of Deere & Company stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $510.00, for a total transaction of $6,120,000.00. Following the completion of the transaction, the insider directly owned 20,792 shares of the company’s stock, valued at approximately $10,603,920. This represents a 36.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.29% of the company’s stock.
Hedge Funds Weigh In On Deere & Company
Several institutional investors and hedge funds have recently added to or reduced their stakes in DE. Brighton Jones LLC boosted its position in Deere & Company by 39.1% during the 4th quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company’s stock worth $1,927,000 after acquiring an additional 1,278 shares during the period. Schnieders Capital Management LLC. lifted its position in shares of Deere & Company by 7.8% in the second quarter. Schnieders Capital Management LLC. now owns 2,076 shares of the industrial products company’s stock worth $1,056,000 after purchasing an additional 150 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Deere & Company in the second quarter worth approximately $2,399,000. SBI Securities Co. Ltd. grew its position in Deere & Company by 2.5% during the second quarter. SBI Securities Co. Ltd. now owns 994 shares of the industrial products company’s stock valued at $505,000 after purchasing an additional 24 shares in the last quarter. Finally, Intrua Financial LLC grew its position in Deere & Company by 152.5% during the second quarter. Intrua Financial LLC now owns 1,442 shares of the industrial products company’s stock valued at $734,000 after purchasing an additional 871 shares in the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.
Deere & Company Trading Up 0.4%
Shares of Deere & Company stock traded up $2.07 on Tuesday, reaching $574.55. 1,448,229 shares of the company were exchanged, compared to its average volume of 1,656,278. Deere & Company has a fifty-two week low of $404.42 and a fifty-two week high of $674.19. The firm has a market capitalization of $155.19 billion, a price-to-earnings ratio of 32.39, a price-to-earnings-growth ratio of 2.02 and a beta of 0.96. The company has a current ratio of 2.21, a quick ratio of 1.96 and a debt-to-equity ratio of 1.59. The stock has a fifty day moving average price of $566.34 and a 200-day moving average price of $503.71.
Deere & Company (NYSE:DE – Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.52. The business had revenue of $9.61 billion during the quarter, compared to analyst estimates of $7.50 billion. Deere & Company had a return on equity of 18.93% and a net margin of 10.29%.Deere & Company’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter last year, the company posted $3.19 EPS. On average, analysts expect that Deere & Company will post 19.32 EPS for the current year.
Deere & Company Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Stockholders of record on Tuesday, March 31st will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, March 31st. Deere & Company’s dividend payout ratio (DPR) is 36.53%.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on DE shares. DA Davidson boosted their price objective on shares of Deere & Company from $580.00 to $775.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Oppenheimer restated an “outperform” rating and issued a $715.00 target price on shares of Deere & Company in a research note on Friday, February 20th. Wolfe Research upped their target price on Deere & Company from $520.00 to $550.00 and gave the company an “outperform” rating in a report on Friday, January 2nd. Wall Street Zen raised Deere & Company from a “sell” rating to a “hold” rating in a report on Saturday, February 7th. Finally, Robert W. Baird boosted their price objective on Deere & Company from $467.00 to $675.00 and gave the company a “neutral” rating in a research report on Friday, February 20th. Sixteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Deere & Company has a consensus rating of “Moderate Buy” and a consensus price target of $644.70.
About Deere & Company
Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.
The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.