BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Grows Position in Deere & Company (NYSE:DE)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Deere & Company (NYSE:DE) by 59.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 50,653 shares of the industrial products company’s stock after purchasing an additional 18,789 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Deere & Company were worth $18,925,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Tompkins Financial Corp lifted its stake in Deere & Company by 2.6% during the first quarter. Tompkins Financial Corp now owns 981 shares of the industrial products company’s stock valued at $403,000 after buying an additional 25 shares in the last quarter. Cooper Financial Group lifted its stake in Deere & Company by 2.4% during the first quarter. Cooper Financial Group now owns 1,146 shares of the industrial products company’s stock valued at $471,000 after buying an additional 27 shares in the last quarter. Range Financial Group LLC lifted its stake in Deere & Company by 5.2% during the first quarter. Range Financial Group LLC now owns 548 shares of the industrial products company’s stock valued at $225,000 after buying an additional 27 shares in the last quarter. Field & Main Bank lifted its stake in Deere & Company by 0.7% during the first 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 in the last quarter. Finally, First Foundation Advisors lifted its stake in Deere & Company by 2.3% during the first quarter. First Foundation Advisors now owns 1,249 shares of the industrial products company’s stock valued at $513,000 after buying an additional 28 shares in the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Morgan Stanley reduced their price objective on shares of Deere & Company from $450.00 to $425.00 and set an “overweight” rating for the company in a research note on Monday, August 26th. Truist Financial reissued a “buy” rating and issued a $443.00 price target (up from $439.00) on shares of Deere & Company in a research report on Friday, August 16th. Evercore ISI increased their price target on shares of Deere & Company from $371.00 to $378.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Citigroup reduced their price target on shares of Deere & Company from $395.00 to $370.00 and set a “neutral” rating for the company in a research report on Tuesday, August 13th. Finally, Raymond James assumed coverage on shares of Deere & Company in a research report on Friday, June 28th. They issued an “outperform” rating and a $420.00 price target for the company. Thirteen investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $410.50.

Deere & Company Price Performance

Shares of DE opened at $411.10 on Wednesday. The firm has a market cap of $113.29 billion, a PE ratio of 12.38, a PEG ratio of 1.29 and a beta of 0.92. The firm’s 50 day moving average price is $377.65 and its 200 day moving average price is $383.38. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.87 and a current ratio of 2.07. Deere & Company has a twelve month low of $340.20 and a twelve month high of $417.46.

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

Deere & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, September 30th will be given a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Monday, September 30th. Deere & Company’s dividend payout ratio is 17.70%.

Deere & Company 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.