Sierra Summit Advisors LLC Takes $13.10 Million Position in Deere & Company $DE

Sierra Summit Advisors LLC bought a new stake in Deere & Company (NYSE:DE) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 23,252 shares of the industrial products company’s stock, valued at approximately $13,098,000. Deere & Company makes up approximately 1.9% of Sierra Summit Advisors LLC’s investment portfolio, making the stock its 15th biggest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Optas LLC boosted its stake in Deere & Company by 8.4% during the first quarter. Optas LLC now owns 1,291 shares of the industrial products company’s stock worth $727,000 after buying an additional 100 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Deere & Company in the 1st quarter valued at $1,707,000. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in shares of Deere & Company by 58.9% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 61,436 shares of the industrial products company’s stock worth $34,607,000 after acquiring an additional 22,770 shares during the period. Elevation Point Wealth Partners LLC lifted its holdings in shares of Deere & Company by 173.8% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 5,336 shares of the industrial products company’s stock worth $3,010,000 after acquiring an additional 3,387 shares during the period. Finally, Sound Income Strategies LLC boosted its position in shares of Deere & Company by 3.5% during the 1st quarter. Sound Income Strategies LLC now owns 749 shares of the industrial products company’s stock valued at $427,000 after acquiring an additional 25 shares in the last quarter. 68.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on DE. Raymond James Financial lowered their target price on shares of Deere & Company from $765.00 to $700.00 and set an “outperform” rating on the stock in a research note on Friday, May 22nd. DA Davidson cut their price target on shares of Deere & Company from $775.00 to $685.00 and set a “buy” rating for the company in a research note on Friday, May 22nd. Barclays lifted their price objective on Deere & Company from $530.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, March 31st. Royal Bank Of Canada reissued an “outperform” rating and issued a $752.00 target price on shares of Deere & Company in a report on Monday, June 1st. Finally, JPMorgan Chase & Co. raised their target price on Deere & Company from $560.00 to $590.00 and gave the stock a “neutral” rating in a research report on Thursday, June 4th. Fourteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, Deere & Company presently has an average rating of “Moderate Buy” and a consensus price target of $642.23.

Deere & Company Trading Down 1.0%

Shares of Deere & Company stock opened at $621.09 on Friday. Deere & Company has a 12-month low of $433.00 and a 12-month high of $674.19. The stock has a market capitalization of $167.66 billion, a P/E ratio of 35.19, a price-to-earnings-growth ratio of 2.32 and a beta of 0.89. The company has a 50-day simple moving average of $577.59 and a 200 day simple moving average of $562.28. 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 (NYSE:DE) last released 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. The firm had revenue of $13.37 billion for the quarter, compared to analyst estimates of $11.55 billion. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the previous year, the business earned $6.64 earnings per share. Research analysts expect that Deere & Company will post 18.13 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Deere & Company’s payout ratio is presently 36.71%.

Deere & Company Profile

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.