Summit Asset Management LLC Purchases Shares of 4,125 Deere & Company $DE

Summit Asset Management LLC purchased a new position in Deere & Company (NYSE:DE) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,125 shares of the industrial products company’s stock, valued at approximately $2,617,000.

A number of other large investors have also modified their holdings of DE. Cary Street Partners Financial LLC boosted its stake in shares of Deere & Company by 11.8% in the 4th quarter. Cary Street Partners Financial LLC now owns 10,312 shares of the industrial products company’s stock valued at $4,801,000 after buying an additional 1,086 shares during the period. Spectrum Financial Alliance Ltd LLC increased its stake in shares of Deere & Company by 55.8% during the fourth quarter. Spectrum Financial Alliance Ltd LLC now owns 85,351 shares of the industrial products company’s stock worth $39,737,000 after buying an additional 30,553 shares during the period. Westpac Banking Corp increased its stake in shares of Deere & Company by 78.6% during the fourth quarter. Westpac Banking Corp now owns 6,925 shares of the industrial products company’s stock worth $3,224,000 after buying an additional 3,047 shares during the period. Natixis Advisors LLC raised its holdings in Deere & Company by 13.4% in the fourth quarter. Natixis Advisors LLC now owns 388,595 shares of the industrial products company’s stock valued at $180,919,000 after acquiring an additional 45,782 shares in the last quarter. Finally, Vise Technologies Inc. lifted its stake in Deere & Company by 46.1% in the fourth quarter. Vise Technologies Inc. now owns 6,265 shares of the industrial products company’s stock worth $2,917,000 after acquiring an additional 1,977 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Price Performance

Shares of NYSE DE opened at $608.73 on Friday. The stock has a market cap of $164.32 billion, a P/E ratio of 34.49, a P/E/G ratio of 2.57 and a beta of 0.90. The stock has a 50 day moving average of $603.23 and a two-hundred day moving average of $587.77. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54. Deere & Company has a twelve month low of $433.00 and a twelve month high of $674.19.

Deere & Company (NYSE:DE) last posted its quarterly earnings data 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. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The company had revenue of $13.37 billion for the quarter, compared to analyst estimates of $11.55 billion. During the same period in the previous year, the business posted $6.64 earnings per share. Deere & Company’s quarterly revenue was up 5.4% on a year-over-year basis. On average, research analysts forecast that Deere & Company will post 18.26 earnings per share for the current year.

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Tuesday, June 30th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.1%. Deere & Company’s dividend payout ratio (DPR) is currently 36.71%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on DE shares. Oppenheimer reiterated an “outperform” rating and set a $680.00 price target (down from $715.00) on shares of Deere & Company in a report on Wednesday, May 27th. Raymond James Financial reduced their price objective on shares of Deere & Company from $765.00 to $700.00 and set an “outperform” rating on the stock in a report on Friday, May 22nd. DA Davidson reaffirmed a “buy” rating and set a $685.00 price objective on shares of Deere & Company in a research report on Friday, July 17th. Citigroup boosted their target price on shares of Deere & Company from $575.00 to $610.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Finally, Weiss Ratings raised Deere & Company from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, May 21st. Fourteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $641.98.

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.