Pinnacle Associates Ltd. Has $1.67 Million Holdings in Deere & Company (NYSE:DE)

Posted by Defense World Staff on Apr 6th, 2023

Pinnacle Associates Ltd. raised its stake in Deere & Company (NYSE:DE – Get Rating) by 16.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,785 shares of the industrial products company’s stock after acquiring an additional 526 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Deere & Company were worth $1,671,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Deere & Company by 1.0% in the third quarter. Vanguard Group Inc. now owns 22,093,821 shares of the industrial products company’s stock valued at $7,376,906,000 after buying an additional 208,053 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Deere & Company by 0.4% in the 2nd quarter. Legal & General Group Plc now owns 2,025,822 shares of the industrial products company’s stock valued at $606,673,000 after acquiring an additional 9,039 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of Deere & Company by 16.2% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,686,779 shares of the industrial products company’s stock valued at $563,198,000 after acquiring an additional 234,811 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Deere & Company by 2.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,348,614 shares of the industrial products company’s stock valued at $560,296,000 after acquiring an additional 29,757 shares in the last quarter. Finally, Baillie Gifford & Co. grew its position in Deere & Company by 0.9% during the 3rd quarter. Baillie Gifford & Co. now owns 1,347,049 shares of the industrial products company’s stock worth $449,766,000 after acquiring an additional 11,851 shares during the last quarter. 75.72% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Price Performance

Deere & Company stock opened at $373.82 on Thursday. The stock has a market capitalization of $110.77 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 1.10 and a beta of 1.04. Deere & Company has a 52-week low of $283.81 and a 52-week high of $448.40. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.76 and a current ratio of 2.07. The stock’s 50 day moving average price is $410.08 and its two-hundred day moving average price is $406.13.

Deere & Company (NYSE:DE – Get Rating) last issued its earnings results on Friday, February 17th. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.53 by $1.02. Deere & Company had a net margin of 14.71% and a return on equity of 41.17%. The business had revenue of $11.40 billion for the quarter, compared to analyst estimates of $11.14 billion. During the same period in the prior year, the firm earned $2.92 earnings per share. Deere & Company’s revenue was up 33.7% on a year-over-year basis. On average, equities analysts predict that Deere & Company will post 30.58 earnings per share for the current year.

Deere & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 8th. Stockholders of record on Friday, March 31st will be paid a $1.25 dividend. The ex-dividend date of this dividend is Thursday, March 30th. This is an increase from Deere & Company’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a dividend yield of 1.34%. Deere & Company’s dividend payout ratio (DPR) is currently 18.55%.

Analyst Ratings Changes

Several equities analysts have commented on the company. Robert W. Baird increased their target price on Deere & Company from $470.00 to $512.00 and gave the company an “outperform” rating in a research report on Friday, February 17th. Morgan Stanley raised their price objective on shares of Deere & Company from $522.00 to $537.00 and gave the company an “overweight” rating in a report on Tuesday, February 21st. Sanford C. Bernstein boosted their target price on shares of Deere & Company from $364.00 to $398.00 and gave the stock a “market perform” rating in a report on Tuesday, February 21st. StockNews.com began coverage on shares of Deere & Company in a research report on Thursday, March 16th. They issued a “buy” rating for the company. Finally, Wells Fargo & Company lifted their price target on shares of Deere & Company from $485.00 to $510.00 and gave the stock an “overweight” rating in a report on Monday, February 20th. Eight equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $459.86.

Deere & Company Profile

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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.

Pinnacle Associates Ltd. Has $1.67 Million Holdings in Deere & Company (NYSE:DE)

Deere & Company Price Performance

Deere & Company Increases Dividend

Analyst Ratings Changes

Deere & Company Profile

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