Gibbs Wealth Management Makes New Investment in Deere & Company $DE

Gibbs Wealth Management bought a new position in shares of Deere & Company (NYSE:DE) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,201 shares of the industrial products company’s stock, valued at approximately $1,240,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in Deere & Company during the fourth quarter worth about $1,715,633,000. Capital World Investors increased its holdings in Deere & Company by 53.9% in the 4th quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company’s stock valued at $4,465,906,000 after buying an additional 3,358,264 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of Deere & Company by 1,725.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company’s stock valued at $932,870,000 after buying an additional 1,893,972 shares in the last quarter. M&T Bank Corp raised its position in shares of Deere & Company by 1,199.8% in the 4th quarter. M&T Bank Corp now owns 1,864,701 shares of the industrial products company’s stock valued at $868,149,000 after buying an additional 1,721,239 shares in the last quarter. Finally, Diamant Asset Management Inc. lifted its holdings in shares of Deere & Company by 56,230.0% during the 1st quarter. Diamant Asset Management Inc. now owns 610,617 shares of the industrial products company’s stock worth $343,961,000 after acquiring an additional 609,533 shares during the period. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on DE shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $752.00 price target on shares of Deere & Company in a research report on Monday, June 1st. Jefferies Financial Group upgraded Deere & Company from an “underperform” rating to a “hold” rating and set a $550.00 target price for the company in a research note on Wednesday, April 8th. JPMorgan Chase & Co. raised their target price on Deere & Company from $560.00 to $590.00 and gave the company a “neutral” rating in a report on Thursday, June 4th. Truist Financial lifted their price target on Deere & Company from $759.00 to $812.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Finally, Bank of America lowered their price target on Deere & Company from $672.00 to $607.50 and set a “neutral” rating for the company in a report on Friday, May 22nd. Fourteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $642.98.

Deere & Company Price Performance

Shares of DE opened at $610.38 on Friday. The company has a quick ratio of 1.95, a current ratio of 2.18 and a debt-to-equity ratio of 1.54. The stock has a market cap of $164.77 billion, a PE ratio of 34.58, a PEG ratio of 2.56 and a beta of 0.89. Deere & Company has a 12-month low of $433.00 and a 12-month high of $674.19. The business has a 50-day simple moving average of $583.73 and a two-hundred day simple moving average of $575.72.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Thursday, May 21st. The industrial products company reported $6.55 EPS for the quarter, beating analysts’ consensus estimates of $5.70 by $0.85. The firm had revenue of $13.37 billion for the quarter, compared to analyst estimates of $11.55 billion. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The business’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the firm posted $6.64 earnings per share. Analysts anticipate that Deere & Company will post 18.27 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, June 30th. Deere & Company’s payout ratio is presently 36.71%.

Deere & Company Company Profile

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.