Magnetar Financial LLC Takes Position in Deere & Company $DE

Magnetar Financial LLC acquired a new position in shares of Deere & Company (NYSE:DE) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 16,765 shares of the industrial products company’s stock, valued at approximately $7,666,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of Deere & Company by 39.1% during the 4th quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company’s stock valued at $1,927,000 after purchasing an additional 1,278 shares in the last quarter. Schnieders Capital Management LLC. increased its stake in Deere & Company by 7.8% during the 2nd quarter. Schnieders Capital Management LLC. now owns 2,076 shares of the industrial products company’s stock worth $1,056,000 after purchasing an additional 150 shares in the last quarter. Penserra Capital Management LLC increased its stake in Deere & Company by 11.1% during the 2nd quarter. Penserra Capital Management LLC now owns 1,366 shares of the industrial products company’s stock worth $694,000 after purchasing an additional 136 shares in the last quarter. AE Wealth Management LLC raised its holdings in Deere & Company by 3.6% during the 2nd quarter. AE Wealth Management LLC now owns 7,842 shares of the industrial products company’s stock worth $3,989,000 after buying an additional 269 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Deere & Company in the second quarter valued at approximately $2,399,000. 68.58% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Deere & Company

In other Deere & Company news, CEO John C. May II sold 41,472 shares of Deere & Company stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $501.49, for a total value of $20,797,793.28. Following the sale, the chief executive officer directly owned 117,970 shares in the company, valued at approximately $59,160,775.30. The trade was a 26.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Cory J. Reed sold 12,000 shares of the business’s stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $510.00, for a total transaction of $6,120,000.00. Following the sale, the insider directly owned 20,792 shares in the company, valued at $10,603,920. This trade represents a 36.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.29% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Deere & Company from a “sell” rating to a “hold” rating in a report on Saturday, February 7th. Robert W. Baird raised their price objective on shares of Deere & Company from $467.00 to $675.00 and gave the stock a “neutral” rating in a report on Friday, February 20th. DA Davidson boosted their price objective on shares of Deere & Company from $580.00 to $775.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Truist Financial upped their target price on shares of Deere & Company from $612.00 to $793.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Finally, Bank of America increased their target price on Deere & Company from $502.00 to $672.00 and gave the stock a “neutral” rating in a report on Friday, February 20th. Sixteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $644.70.

Deere & Company Trading Down 1.1%

NYSE:DE opened at $592.69 on Wednesday. The company has a market cap of $160.09 billion, a P/E ratio of 33.41, a price-to-earnings-growth ratio of 2.11 and a beta of 0.96. Deere & Company has a twelve month low of $404.42 and a twelve month high of $674.19. The business has a 50 day moving average price of $557.00 and a two-hundred day moving average price of $501.12. The company has a quick ratio of 1.96, a current ratio of 2.21 and a debt-to-equity ratio of 1.59.

Deere & Company (NYSE:DE) last posted its quarterly earnings data on Thursday, February 19th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.52. The company had revenue of $9.61 billion for the quarter, compared to the consensus estimate of $7.50 billion. Deere & Company had a net margin of 10.29% and a return on equity of 18.93%. The firm’s revenue was up 17.5% compared to the same quarter last year. During the same period last year, the company earned $3.19 earnings per share. As a group, analysts expect that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Investors of record on Tuesday, March 31st will be given a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $6.48 dividend on an annualized basis and a yield of 1.1%. Deere & Company’s dividend payout ratio (DPR) is 36.53%.

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.