Granite Harbor Advisors Inc. Acquires 116 Shares of Deere & Company $DE

Granite Harbor Advisors Inc. lifted its stake in Deere & Company (NYSE:DE) by 22.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 631 shares of the industrial products company’s stock after acquiring an additional 116 shares during the quarter. Granite Harbor Advisors Inc.’s holdings in Deere & Company were worth $296,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in DE. Hughes Financial Services LLC purchased a new stake in shares of Deere & Company in the first quarter worth $29,000. Cornerstone Planning Group LLC increased its stake in Deere & Company by 116.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company’s stock worth $31,000 after buying an additional 36 shares in the last quarter. Orion Capital Management LLC purchased a new stake in shares of Deere & Company during the fourth quarter worth about $34,000. Mascagni Wealth Management Inc. bought a new stake in Deere & Company during the 4th quarter valued at approximately $39,000. Finally, Dogwood Wealth Management LLC purchased a new position in Deere & Company in the 4th quarter worth approximately $42,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Stock Performance

Shares of Deere & Company stock opened at $488.68 on Monday. The firm’s fifty day simple moving average is $511.18 and its 200-day simple moving average is $490.04. Deere & Company has a 12 month low of $371.16 and a 12 month high of $533.78. The stock has a market capitalization of $132.35 billion, a price-to-earnings ratio of 25.55, a PEG ratio of 3.10 and a beta of 1.06. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.19 and a quick ratio of 1.98.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 earnings per share for the quarter, topping analysts’ consensus estimates of $4.62 by $0.13. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%. The firm had revenue of $10.36 billion for the quarter, compared to analyst estimates of $10.33 billion. During the same quarter in the prior year, the company posted $6.29 earnings per share. Deere & Company’s quarterly revenue was down 9.0% on a year-over-year basis. As a group, equities analysts forecast that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Monday, June 30th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, June 30th. Deere & Company’s payout ratio is 33.87%.

Wall Street Analyst Weigh In

Several brokerages have commented on DE. BMO Capital Markets reiterated a “market perform” rating and issued a $460.00 price target (up previously from $425.00) on shares of Deere & Company in a research note on Wednesday, May 21st. Oppenheimer raised their price target on Deere & Company from $560.00 to $566.00 and gave the company an “outperform” rating in a report on Friday. Barclays upped their price objective on Deere & Company from $475.00 to $530.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Truist Financial cut their target price on shares of Deere & Company from $619.00 to $602.00 and set a “buy” rating for the company in a report on Friday. Finally, JPMorgan Chase & Co. upped their target price on shares of Deere & Company from $490.00 to $540.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Deere & Company has an average rating of “Hold” and a consensus target price of $521.47.

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.