Grove Bank & Trust Increases Position in Deere & Company (NYSE:DE)

Grove Bank & Trust grew its holdings in Deere & Company (NYSE:DE) by 2.6% during the 4th quarter, Holdings Channel.com reports. The fund owned 1,601 shares of the industrial products company’s stock after acquiring an additional 41 shares during the period. Grove Bank & Trust’s holdings in Deere & Company were worth $678,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Edgestream Partners L.P. purchased a new position in shares of Deere & Company during the second quarter valued at about $216,000. AE Wealth Management LLC grew its holdings in Deere & Company by 35.0% during the 2nd quarter. AE Wealth Management LLC now owns 7,245 shares of the industrial products company’s stock valued at $2,707,000 after buying an additional 1,877 shares in the last quarter. Pacer Advisors Inc. increased its stake in Deere & Company by 2.3% in the 2nd quarter. Pacer Advisors Inc. now owns 18,573 shares of the industrial products company’s stock worth $6,939,000 after acquiring an additional 417 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Deere & Company by 5.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 31,298 shares of the industrial products company’s stock valued at $11,694,000 after acquiring an additional 1,740 shares during the last quarter. Finally, ProShare Advisors LLC grew its holdings in shares of Deere & Company by 6.0% in the second quarter. ProShare Advisors LLC now owns 36,191 shares of the industrial products company’s stock valued at $13,522,000 after purchasing an additional 2,034 shares in the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Price Performance

NYSE DE opened at $456.57 on Monday. The company has a market cap of $124.35 billion, a PE ratio of 17.83, a P/E/G ratio of 1.74 and a beta of 0.98. The firm’s 50 day moving average price is $431.48 and its 200-day moving average price is $402.25. The company has a debt-to-equity ratio of 1.89, a quick ratio of 1.90 and a current ratio of 2.09. Deere & Company has a 52-week low of $340.20 and a 52-week high of $469.39.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, November 21st. The industrial products company reported $4.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.89 by $0.66. The business had revenue of $9.28 billion for the quarter, compared to analysts’ expectations of $9.20 billion. Deere & Company had a return on equity of 31.32% and a net margin of 13.73%. The business’s revenue for the quarter was down 32.8% on a year-over-year basis. During the same quarter last year, the firm earned $8.26 EPS. Sell-side analysts forecast that Deere & Company will post 19.57 EPS for the current fiscal year.

Deere & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.42%. This is a positive change from Deere & Company’s previous quarterly dividend of $1.47. The ex-dividend date is Tuesday, December 31st. Deere & Company’s dividend payout ratio is presently 25.31%.

Analyst Ratings Changes

Several research firms have commented on DE. Jefferies Financial Group lowered shares of Deere & Company from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research report on Friday, December 6th. Truist Financial boosted their price objective on Deere & Company from $538.00 to $550.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Barclays raised their price objective on Deere & Company from $400.00 to $475.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. UBS Group boosted their target price on Deere & Company from $404.00 to $462.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Finally, Citigroup dropped their price objective on shares of Deere & Company from $470.00 to $430.00 and set a “neutral” rating for the company in a research note on Tuesday, January 14th. Eleven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $442.83.

About Deere & Company

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.