Deere & Company (NYSE:DE) was the target of a large drop in short interest in December. As of December 31st, there was short interest totalling 4,800,000 shares, a drop of 6.6% from the December 15th total of 5,140,000 shares. Approximately 1.5% of the company’s stock are short sold. Based on an average trading volume of 1,790,000 shares, the days-to-cover ratio is currently 2.7 days.
In other news, insider James M. Field sold 12,637 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $180.00, for a total transaction of $2,274,660.00. Following the completion of the sale, the insider now owns 113,858 shares in the company, valued at approximately $20,494,440. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Samuel R. Allen sold 114,253 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $178.30, for a total value of $20,371,309.90. Following the sale, the chairman now owns 423,497 shares of the company’s stock, valued at approximately $75,509,515.10. The disclosure for this sale can be found here. Insiders have sold a total of 152,228 shares of company stock worth $26,934,906 in the last ninety days. Insiders own 0.71% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Nuveen Asset Management LLC lifted its stake in Deere & Company by 20,513.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,147,721 shares of the industrial products company’s stock worth $521,609,000 after purchasing an additional 3,132,451 shares in the last quarter. Invesco Ltd. raised its position in shares of Deere & Company by 12.1% during the 2nd quarter. Invesco Ltd. now owns 1,923,679 shares of the industrial products company’s stock valued at $318,773,000 after buying an additional 207,541 shares during the period. Parametric Portfolio Associates LLC raised its position in shares of Deere & Company by 1.5% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,030,943 shares of the industrial products company’s stock valued at $173,900,000 after buying an additional 15,559 shares during the period. California Public Employees Retirement System raised its position in shares of Deere & Company by 38.6% during the 3rd quarter. California Public Employees Retirement System now owns 696,095 shares of the industrial products company’s stock valued at $117,417,000 after buying an additional 193,930 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Deere & Company by 0.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 649,925 shares of the industrial products company’s stock valued at $107,699,000 after buying an additional 2,598 shares during the period. 67.53% of the stock is currently owned by institutional investors.
Deere & Company (NYSE:DE) last announced its quarterly earnings results on Wednesday, November 27th. The industrial products company reported $2.14 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.01. The company had revenue of $8.70 billion for the quarter, compared to the consensus estimate of $8.41 billion. Deere & Company had a return on equity of 27.11% and a net margin of 8.29%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the firm earned $2.30 EPS. On average, equities analysts anticipate that Deere & Company will post 9.44 EPS for the current year.
The business 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 $0.76 per share. This represents a $3.04 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend is Monday, December 30th. Deere & Company’s dividend payout ratio is currently 30.58%.
Several analysts have recently commented on the company. JPMorgan Chase & Co. reiterated a “sell” rating and set a $140.00 price objective on shares of Deere & Company in a report on Monday, November 25th. Wells Fargo & Co increased their price objective on Deere & Company from $177.00 to $185.00 and gave the company an “equal weight” rating in a report on Tuesday. Citigroup decreased their price objective on Deere & Company from $200.00 to $195.00 and set a “buy” rating for the company in a report on Monday, December 2nd. Barclays set a $180.00 price objective on Deere & Company and gave the company a “buy” rating in a report on Tuesday, October 15th. Finally, Robert W. Baird set a $178.00 target price on Deere & Company and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the stock. Deere & Company currently has an average rating of “Hold” and a consensus target price of $172.79.
About Deere & Company
Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.
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