Renaissance Technologies LLC Purchases New Shares in Deere & Company (NYSE:DE)

Renaissance Technologies LLC bought a new stake in Deere & Company (NYSE:DE) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 130,900 shares of the industrial products company’s stock, valued at approximately $55,462,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in DE. Pineridge Advisors LLC lifted its holdings in Deere & Company by 60.5% during the fourth quarter. Pineridge Advisors LLC now owns 69 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 26 shares in the last quarter. Modus Advisors LLC acquired a new stake in shares of Deere & Company in the fourth quarter valued at about $32,000. YANKCOM Partnership acquired a new position in shares of Deere & Company in the fourth quarter valued at approximately $34,000. Synergy Asset Management LLC acquired a new position in shares of Deere & Company in the fourth quarter valued at approximately $35,000. Finally, Sierra Ocean LLC acquired a new position in shares of Deere & Company in the fourth quarter valued at approximately $44,000. 68.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

DE has been the subject of several recent research reports. Truist Financial reiterated a “buy” rating and issued a $546.00 price target (down from $550.00) on shares of Deere & Company in a research note on Friday, February 14th. Robert W. Baird restated a “neutral” rating and issued a $501.00 price objective on shares of Deere & Company in a report on Monday, March 3rd. Argus set a $510.00 price target on Deere & Company in a report on Friday, March 7th. Oppenheimer increased their price objective on shares of Deere & Company from $477.00 to $507.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Deere & Company from $470.00 to $500.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Deere & Company has a consensus rating of “Hold” and a consensus target price of $457.26.

Insider Activity

In other news, insider Rajesh Kalathur sold 24,580 shares of Deere & Company stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $500.61, for a total value of $12,304,993.80. Following the transaction, the insider now directly owns 74,878 shares of the company’s stock, valued at $37,484,675.58. The trade was a 24.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.29% of the company’s stock.

Deere & Company Stock Performance

Shares of NYSE DE opened at $453.75 on Thursday. The company’s fifty day moving average price is $471.63 and its 200 day moving average price is $442.69. Deere & Company has a 1 year low of $340.20 and a 1 year high of $515.05. The company has a market capitalization of $123.15 billion, a PE ratio of 20.11, a price-to-earnings-growth ratio of 2.14 and a beta of 1.00. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.98 and a current ratio of 2.22.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, February 13th. The industrial products company reported $3.19 EPS for the quarter, beating analysts’ consensus estimates of $3.14 by $0.05. Deere & Company had a net margin of 12.94% and a return on equity of 27.31%. On average, research analysts predict that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 8th. Stockholders of record on Monday, March 31st will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend is Monday, March 31st. Deere & Company’s payout ratio is 28.72%.

About Deere & Company

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.