Cornerstone Advisors LLC Buys Shares of 25,164 Deere & Company $DE

Cornerstone Advisors LLC purchased a new position in shares of Deere & Company (NYSE:DE) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 25,164 shares of the industrial products company’s stock, valued at approximately $15,962,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cary Street Partners Financial LLC increased its position in Deere & Company by 11.8% in the 4th quarter. Cary Street Partners Financial LLC now owns 10,312 shares of the industrial products company’s stock valued at $4,801,000 after acquiring an additional 1,086 shares during the period. Baxter Bros Inc. acquired a new position in shares of Deere & Company during the second quarter worth $1,707,000. Global Retirement Partners LLC bought a new stake in shares of Deere & Company in the second quarter worth $3,890,000. Spectrum Financial Alliance Ltd LLC grew its stake in shares of Deere & Company by 55.8% in the fourth quarter. Spectrum Financial Alliance Ltd LLC now owns 85,351 shares of the industrial products company’s stock worth $39,737,000 after purchasing an additional 30,553 shares during the last quarter. Finally, Westpac Banking Corp increased its holdings in Deere & Company by 78.6% in the fourth quarter. Westpac Banking Corp now owns 6,925 shares of the industrial products company’s stock valued at $3,224,000 after purchasing an additional 3,047 shares during the period. Institutional investors and hedge funds own 68.58% of the company’s stock.

Deere & Company Price Performance

DE stock opened at $600.08 on Tuesday. The firm has a market cap of $161.99 billion, a price-to-earnings ratio of 34.00, a PEG ratio of 2.57 and a beta of 0.90. The company has a quick ratio of 1.95, a current ratio of 2.18 and a debt-to-equity ratio of 1.54. Deere & Company has a 12-month low of $433.00 and a 12-month high of $674.19. The company’s fifty day simple moving average is $603.76 and its 200 day simple moving average is $588.84.

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

Deere & Company Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on DE. Weiss Ratings raised Deere & Company from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Seaport Research Partners set a $570.00 price target on Deere & Company in a research note on Friday. Citigroup raised their price objective on Deere & Company from $575.00 to $610.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Robert W. Baird cut their price objective on Deere & Company from $580.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, May 22nd. Finally, Bank of America reduced their target price on Deere & Company from $672.00 to $607.50 and set a “neutral” rating on the stock in a report on Friday, May 22nd. Fourteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, Deere & Company currently has an average rating of “Moderate Buy” and a consensus target price 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.