Savoie Capital LLC Buys Shares of 6,000 Deere & Company (NYSE:DE)

Savoie Capital LLC bought a new position in Deere & Company (NYSE:DE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,000 shares of the industrial products company’s stock, valued at approximately $2,242,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in DE. Tompkins Financial Corp increased its holdings in Deere & Company by 2.6% in the 1st quarter. Tompkins Financial Corp now owns 981 shares of the industrial products company’s stock worth $403,000 after purchasing an additional 25 shares in the last quarter. Field & Main Bank raised its holdings in Deere & Company by 0.7% in the 1st quarter. Field & Main Bank now owns 4,050 shares of the industrial products company’s stock valued at $1,663,000 after buying an additional 27 shares during the last quarter. Range Financial Group LLC boosted its position in Deere & Company by 5.2% during the 1st quarter. Range Financial Group LLC now owns 548 shares of the industrial products company’s stock worth $225,000 after buying an additional 27 shares during the period. Cooper Financial Group boosted its position in Deere & Company by 2.4% during the 1st quarter. Cooper Financial Group now owns 1,146 shares of the industrial products company’s stock worth $471,000 after buying an additional 27 shares during the period. Finally, First Foundation Advisors grew its holdings in Deere & Company by 2.3% during the 1st quarter. First Foundation Advisors now owns 1,249 shares of the industrial products company’s stock worth $513,000 after acquiring an additional 28 shares during the last quarter. Institutional investors own 68.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on DE. Morgan Stanley cut their price target on shares of Deere & Company from $450.00 to $425.00 and set an “overweight” rating on the stock in a report on Monday, August 26th. Citigroup reduced their price target on Deere & Company from $395.00 to $370.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 13th. Raymond James initiated coverage on Deere & Company in a research report on Friday, June 28th. They set an “outperform” rating and a $420.00 price objective for the company. Oppenheimer reduced their target price on Deere & Company from $465.00 to $448.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Finally, Evercore ISI raised their price target on shares of Deere & Company from $371.00 to $378.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Thirteen investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Deere & Company currently has a consensus rating of “Hold” and a consensus price target of $410.50.

Deere & Company Stock Performance

Shares of Deere & Company stock opened at $408.83 on Tuesday. The business has a 50-day simple moving average of $376.98 and a 200 day simple moving average of $383.12. Deere & Company has a one year low of $340.20 and a one year high of $417.46. The company has a debt-to-equity ratio of 1.85, a current ratio of 2.07 and a quick ratio of 1.87. The firm has a market capitalization of $112.66 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.29 and a beta of 0.92.

Deere & Company (NYSE:DE) last released its quarterly earnings data on Thursday, August 15th. The industrial products company reported $6.29 EPS for the quarter, beating the consensus estimate of $5.63 by $0.66. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The firm had revenue of $11.39 billion during the quarter, compared to the consensus estimate of $10.94 billion. During the same quarter in the previous year, the company posted $10.20 earnings per share. The company’s quarterly revenue was down 20.3% on a year-over-year basis. On average, research analysts anticipate that Deere & Company will post 25.07 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The firm 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 $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend is Monday, September 30th. Deere & Company’s dividend payout ratio (DPR) is 17.70%.

Deere & 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.