Deere & Company $DE Stock: Narwhal Capital Management Boosts Stake

Narwhal Capital Management grew its stake in shares of Deere & Company (NYSE:DE) by 167.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,720 shares of the industrial products company’s stock after buying an additional 1,077 shares during the period. Narwhal Capital Management’s holdings in Deere & Company were worth $1,155,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Triton Wealth Management PLLC bought a new stake in shares of Deere & Company during the third quarter valued at approximately $229,000. Csenge Advisory Group raised its stake in shares of Deere & Company by 52.6% in the third quarter. Csenge Advisory Group now owns 8,983 shares of the industrial products company’s stock valued at $6,033,000 after purchasing an additional 3,095 shares in the last quarter. Gen Wealth Partners Inc raised its stake in shares of Deere & Company by 11.7% in the third quarter. Gen Wealth Partners Inc now owns 2,018 shares of the industrial products company’s stock valued at $1,355,000 after purchasing an additional 211 shares in the last quarter. 71 West Capital Partners raised its stake in shares of Deere & Company by 13.9% in the third quarter. 71 West Capital Partners now owns 2,103 shares of the industrial products company’s stock valued at $1,412,000 after purchasing an additional 256 shares in the last quarter. Finally, Welch & Forbes LLC lifted its position in Deere & Company by 0.6% in the third quarter. Welch & Forbes LLC now owns 7,316 shares of the industrial products company’s stock worth $4,913,000 after purchasing an additional 47 shares during the period. Institutional investors own 68.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Bank of America lifted their price target on shares of Deere & Company from $667.00 to $715.00 in a research note on Thursday, September 24th. Truist Financial lowered their price target on shares of Deere & Company from $812.00 to $804.00 and set a “buy” rating on the stock in a report on Monday, August 24th. Evercore upgraded shares of Deere & Company from an “in-line” rating to an “outperform” rating and set a $813.00 price objective for the company in a research note on Wednesday, September 2nd. CICC Research started coverage on shares of Deere & Company in a report on Sunday, September 13th. They set an “outperform” rating for the company. Finally, Seaport Research Partners set a $570.00 price objective on shares of Deere & Company in a report on Friday, August 14th. Seventeen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $688.10.

Deere & Company News Roundup

Here are the key news stories impacting Deere & Company this week:

• Positive Sentiment: ETF activity showed net interest in Deere: 36 ETFs added shares while 11 reduced holdings, and Capital Group Growth reported buying $87.4 million of Deere stock. ETF buying report Capital Group Growth report
• Neutral Sentiment: Deere added former Ernst & Young U.S. CEO Julie Boland to its board, bringing finance and governance experience. The related analysis said the shares were about 2% below its fair-value estimate, suggesting limited valuation cushion. Board and valuation analysis
• Negative Sentiment: Deere plans to end production at two Iowa plants and shift some work to other U.S. facilities and Brazil, while also moving production from Illinois and Louisiana. The company says the multiyear restructuring is intended to match capacity with demand; the closures and production shifts may nevertheless raise concerns about demand and the execution of the reorganization. Iowa plant closure report Production realignment report

Deere & Company Trading Down 0.6%

DE stock opened at $686.83 on Wednesday. Deere & Company has a 1-year low of $455.90 and a 1-year high of $721.22. The firm has a market cap of $185.18 billion, a P/E ratio of 38.16, a P/E/G ratio of 1.96 and a beta of 0.89. The business’s 50 day moving average is $668.81 and its 200-day moving average is $609.76. The company has a current ratio of 2.10, a quick ratio of 1.89 and a debt-to-equity ratio of 1.45.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.69 by $0.41. The business had revenue of $12.61 billion during the quarter, compared to analysts’ expectations of $10.81 billion. Deere & Company had a return on equity of 18.10% and a net margin of 10.16%. Deere & Company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.75 EPS. Equities analysts anticipate that Deere & Company will post 18.11 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 9th. Shareholders of record on Wednesday, September 30th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Wednesday, September 30th. Deere & Company’s dividend payout ratio is 36.00%.

About Deere & Company

Deere & Company, commonly known as John Deere, manufactures and distributes equipment and technology for agriculture, construction, forestry, and lawn care. Its products include tractors, combines, planting and spraying equipment, construction machinery, forestry equipment, and turf-care products, along with related parts and services. The company also provides precision agriculture technologies designed to help customers monitor and manage equipment and field operations. Through its Financial Services business, Deere offers financing and leasing options for equipment and related products.