Family Legacy Inc. Makes New Investment in Deere & Company $DE

Family Legacy Inc. purchased a new position in Deere & Company (NYSE:DE) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 7,691 shares of the industrial products company’s stock, valued at approximately $4,879,000. Deere & Company accounts for 1.3% of Family Legacy Inc.’s investment portfolio, making the stock its 28th largest holding.

A number of other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Deere & Company by 39.1% in the 4th quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company’s stock worth $1,927,000 after acquiring an additional 1,278 shares in the last quarter. Schnieders Capital Management LLC. boosted its stake in Deere & Company by 7.8% during the second quarter. Schnieders Capital Management LLC. now owns 2,076 shares of the industrial products company’s stock worth $1,056,000 after acquiring an additional 150 shares in the last quarter. Jump Financial LLC purchased a new stake in Deere & Company in the second quarter worth about $2,153,000. NewEdge Advisors LLC increased its stake in shares of Deere & Company by 6.0% during the second quarter. NewEdge Advisors LLC now owns 18,758 shares of the industrial products company’s stock valued at $9,538,000 after purchasing an additional 1,067 shares in the last quarter. Finally, Main Street Financial Solutions LLC lifted its holdings in shares of Deere & Company by 6.7% during the second quarter. Main Street Financial Solutions LLC now owns 1,551 shares of the industrial products company’s stock valued at $789,000 after purchasing an additional 97 shares during the last quarter. Institutional investors own 68.58% of the company’s stock.

Deere & Company Price Performance

Shares of DE opened at $608.73 on Friday. The firm has a fifty day simple moving average of $603.23 and a two-hundred day simple moving average of $587.77. The firm has a market cap of $164.32 billion, a PE ratio of 34.49, a P/E/G ratio of 2.57 and a beta of 0.90. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54. Deere & Company has a 1-year low of $433.00 and a 1-year high of $674.19.

Deere & Company (NYSE:DE) last released its quarterly earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.70 by $0.85. The firm had revenue of $13.37 billion for the quarter, compared to the consensus estimate of $11.55 billion. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the business posted $6.64 EPS. On average, equities analysts anticipate that Deere & Company will post 18.26 EPS for the current year.

Deere & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Tuesday, June 30th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Tuesday, June 30th. Deere & Company’s payout ratio is currently 36.71%.

Analysts Set New Price Targets

A number of brokerages have issued reports on DE. Seaport Research Partners set a $570.00 price objective on Deere & Company in a research note on Friday. JPMorgan Chase & Co. cut their target price on Deere & Company from $590.00 to $570.00 and set a “neutral” rating on the stock in a research note on Friday. Wall Street Zen upgraded Deere & Company from a “sell” rating to a “hold” rating in a report on Sunday, July 5th. Bank of America lowered their price target on Deere & Company from $672.00 to $607.50 and set a “neutral” rating for the company in a research report on Friday, May 22nd. Finally, Weiss Ratings raised shares of Deere & Company from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Fourteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $641.98.

About Deere & Company

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.