Grimes & Company Inc. Grows Stake in Deere & Company $DE

Grimes & Company Inc. boosted its position in shares of Deere & Company (NYSE:DE) by 38.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 653 shares of the industrial products company’s stock after purchasing an additional 182 shares during the quarter. Grimes & Company Inc.’s holdings in Deere & Company were worth $332,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Merit Financial Group LLC increased its holdings in shares of Deere & Company by 6.3% in the 2nd quarter. Merit Financial Group LLC now owns 9,494 shares of the industrial products company’s stock valued at $4,828,000 after acquiring an additional 566 shares during the period. Legacy Trust purchased a new position in shares of Deere & Company in the 2nd quarter valued at $209,000. Fortitude Advisory Group L.L.C. increased its holdings in shares of Deere & Company by 26.3% in the 2nd quarter. Fortitude Advisory Group L.L.C. now owns 1,681 shares of the industrial products company’s stock valued at $855,000 after acquiring an additional 350 shares during the period. Beacon Financial Advisory LLC increased its holdings in shares of Deere & Company by 6.0% in the 2nd quarter. Beacon Financial Advisory LLC now owns 582 shares of the industrial products company’s stock valued at $296,000 after acquiring an additional 33 shares during the period. Finally, Simplicity Wealth LLC increased its holdings in shares of Deere & Company by 166.0% in the 2nd quarter. Simplicity Wealth LLC now owns 2,822 shares of the industrial products company’s stock valued at $1,435,000 after acquiring an additional 1,761 shares during the period. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Stock Performance

Shares of DE opened at $461.08 on Wednesday. The stock has a 50-day moving average of $482.54 and a two-hundred day moving average of $488.94. Deere & Company has a one year low of $387.03 and a one year high of $533.78. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19. The stock has a market cap of $124.64 billion, a P/E ratio of 24.10, a P/E/G ratio of 2.94 and a beta of 1.02.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, August 14th. The industrial products company reported $4.75 EPS 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 company had revenue of $10.36 billion during the quarter, compared to analysts’ expectations of $10.33 billion. During the same quarter in the previous year, the firm posted $6.29 EPS. The firm’s revenue was down 9.0% compared to the same quarter last year. As a group, research analysts predict that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.4%. Deere & Company’s payout ratio is currently 33.87%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on DE shares. Wolfe Research cut their price target on Deere & Company from $550.00 to $520.00 and set an “outperform” rating on the stock in a report on Friday, October 3rd. Truist Financial cut their price target on Deere & Company from $619.00 to $602.00 and set a “buy” rating on the stock in a report on Friday, August 15th. Daiwa Capital Markets lowered their price objective on Deere & Company from $565.00 to $530.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. Robert W. Baird lowered their price objective on Deere & Company from $520.00 to $488.00 and set a “neutral” rating for the company in a research report on Friday, August 15th. Finally, DA Davidson lowered their price objective on Deere & Company from $595.00 to $580.00 and set a “buy” rating for the company in a research report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $518.18.

Deere & Company Profile

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.