Summa Corp. Takes $249,000 Position in Deere & Company $DE

Summa Corp. bought a new position in shares of Deere & Company (NYSE:DE) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 490 shares of the industrial products company’s stock, valued at approximately $249,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Nuveen LLC bought a new stake in shares of Deere & Company during the first quarter valued at approximately $571,073,000. Voya Investment Management LLC lifted its stake in shares of Deere & Company by 97.1% during the 1st quarter. Voya Investment Management LLC now owns 733,871 shares of the industrial products company’s stock valued at $344,442,000 after buying an additional 361,526 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Deere & Company by 4.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,876,013 shares of the industrial products company’s stock worth $3,227,258,000 after purchasing an additional 286,253 shares in the last quarter. Invesco Ltd. lifted its stake in Deere & Company by 23.4% in the 1st quarter. Invesco Ltd. now owns 1,353,255 shares of the industrial products company’s stock worth $635,150,000 after purchasing an additional 256,806 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of Deere & Company by 874.8% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 243,914 shares of the industrial products company’s stock worth $124,028,000 after buying an additional 218,893 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Trading Down 2.1%

Shares of DE stock opened at $446.76 on Friday. Deere & Company has a fifty-two week low of $387.03 and a fifty-two week high of $533.78. The company has a 50 day moving average price of $479.15 and a 200 day moving average price of $488.39. 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 capitalization of $120.77 billion, a P/E ratio of 23.35, a price-to-earnings-growth ratio of 2.87 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.62 by $0.13. The company had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.33 billion. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The firm’s quarterly revenue was down 9.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.29 earnings per share. Equities research analysts predict that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be given a $1.62 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $6.48 annualized dividend and a yield of 1.5%. Deere & Company’s dividend payout ratio is 33.87%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Oppenheimer cut their price target on shares of Deere & Company from $566.00 to $512.00 and set an “outperform” rating on the stock in a report on Thursday, September 18th. Truist Financial raised their price target on shares of Deere & Company from $602.00 to $609.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. cut their price objective on shares of Deere & Company from $500.00 to $495.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 2nd. Wolfe Research dropped their price target on shares of Deere & Company from $550.00 to $520.00 and set an “outperform” rating on the stock in a research report on Friday, October 3rd. Finally, Robert W. Baird dropped their price target on shares of Deere & Company from $520.00 to $488.00 and set a “neutral” rating on the stock in a research report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Deere & Company has a consensus rating of “Moderate Buy” and a consensus target price of $513.88.

Deere & Company 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.