Summit Asset Management LLC Purchases 100 Shares of Deere & Company (NYSE:DE)

Summit Asset Management LLC grew its stake in shares of Deere & Company (NYSE:DE) by 3.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,300 shares of the industrial products company’s stock after buying an additional 100 shares during the period. Summit Asset Management LLC’s holdings in Deere & Company were worth $1,398,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in Deere & Company by 32.0% in the third quarter. Wellington Management Group LLP now owns 7,352,465 shares of the industrial products company’s stock worth $3,068,404,000 after acquiring an additional 1,782,984 shares during the period. FMR LLC grew its stake in shares of Deere & Company by 27.8% during the 3rd quarter. FMR LLC now owns 4,542,013 shares of the industrial products company’s stock valued at $1,895,518,000 after acquiring an additional 988,380 shares during the period. Pathway Financial Advisers LLC lifted its holdings in Deere & Company by 53,338.6% in the 3rd quarter. Pathway Financial Advisers LLC now owns 854,484 shares of the industrial products company’s stock worth $356,602,000 after purchasing an additional 852,885 shares in the last quarter. Stockbridge Partners LLC lifted its holdings in Deere & Company by 157.5% in the 3rd quarter. Stockbridge Partners LLC now owns 884,237 shares of the industrial products company’s stock worth $369,019,000 after purchasing an additional 540,874 shares in the last quarter. Finally, Strategic Wealth Investment Group LLC purchased a new stake in shares of Deere & Company during the 4th quarter worth approximately $148,359,000. 68.58% of the stock is currently owned by institutional investors.

Deere & Company Stock Down 1.2 %

NYSE:DE opened at $489.98 on Friday. The company has a current ratio of 2.22, a quick ratio of 1.98 and a debt-to-equity ratio of 1.94. The stock has a 50 day moving average of $452.07 and a 200-day moving average of $421.43. The firm has a market capitalization of $133.45 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 2.14 and a beta of 0.98. Deere & Company has a 52 week low of $340.20 and a 52 week high of $515.05.

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

Deere & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 10th. Stockholders of record on Tuesday, December 31st were given a $1.62 dividend. This is an increase from Deere & Company’s previous quarterly dividend of $1.47. This represents a $6.48 annualized dividend and a dividend yield of 1.32%. The ex-dividend date was Tuesday, December 31st. Deere & Company’s dividend payout ratio (DPR) is currently 28.72%.

Insider Activity

In other Deere & Company news, insider Rajesh Kalathur sold 24,580 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $500.61, for a total transaction of $12,304,993.80. Following the completion of the transaction, the insider now owns 74,878 shares in the company, valued at $37,484,675.58. This trade represents a 24.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

DE has been the topic of several analyst reports. Morgan Stanley boosted their target price on Deere & Company from $401.00 to $450.00 and gave the company an “overweight” rating in a research report on Monday, November 25th. JPMorgan Chase & Co. upped their price objective on Deere & Company from $470.00 to $500.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Citigroup upped their price objective on Deere & Company from $430.00 to $480.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Truist Financial reissued a “buy” rating and set a $546.00 price target (down previously from $550.00) on shares of Deere & Company in a research report on Friday, February 14th. Finally, Evercore ISI increased their price target on Deere & Company from $437.00 to $455.00 and gave the stock an “in-line” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $454.65.

Deere & Company Company Profile

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.