Pinnacle West Asset Management Inc. Boosts Stock Holdings in Deere & Company (NYSE:DE)

Pinnacle West Asset Management Inc. grew its position in Deere & Company (NYSE:DE) by 1.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,873 shares of the industrial products company’s stock after purchasing an additional 55 shares during the period. Deere & Company comprises about 1.2% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 28th largest position. Pinnacle West Asset Management Inc.’s holdings in Deere & Company were worth $1,616,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in DE. Oppenheimer Asset Management Inc. grew its stake in Deere & Company by 20.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 15,808 shares of the industrial products company’s stock valued at $5,906,000 after purchasing an additional 2,692 shares during the period. Aviance Capital Partners LLC bought a new position in Deere & Company during the first quarter valued at about $2,783,000. Royal Fund Management LLC increased its holdings in Deere & Company by 99.8% during the third quarter. Royal Fund Management LLC now owns 6,454 shares of the industrial products company’s stock worth $2,694,000 after buying an additional 3,223 shares during the last quarter. New Century Financial Group LLC bought a new stake in Deere & Company in the third quarter worth about $1,052,000. Finally, Manning & Napier Advisors LLC purchased a new position in Deere & Company in the second quarter valued at about $24,984,000. 68.58% of the stock is owned by institutional investors.

Deere & Company Price Performance

Shares of DE traded down $0.81 during trading hours on Thursday, reaching $407.83. 219,778 shares of the company’s stock traded hands, compared to its average volume of 1,455,553. Deere & Company has a 12 month low of $340.20 and a 12 month high of $420.47. The company has a current ratio of 2.07, a quick ratio of 1.87 and a debt-to-equity ratio of 1.85. The stock has a market cap of $112.39 billion, a PE ratio of 12.30, a price-to-earnings-growth ratio of 1.35 and a beta of 0.92. The firm’s 50 day simple moving average is $396.54 and its 200-day simple moving average is $385.38.

Deere & Company (NYSE:DE) last released its quarterly earnings results on Thursday, August 15th. The industrial products company reported $6.29 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.66. The business had revenue of $11.39 billion during the quarter, compared to analysts’ expectations of $10.94 billion. Deere & Company had a net margin of 14.69% and a return on equity of 36.71%. The business’s quarterly revenue was down 20.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $10.20 EPS. Equities analysts expect that Deere & Company will post 25.03 EPS for the current year.

Deere & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Monday, September 30th will be given a dividend of $1.47 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $5.88 dividend on an annualized basis and a yield of 1.44%. Deere & Company’s payout ratio is 17.70%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on DE. Oppenheimer reduced their price objective on Deere & Company from $465.00 to $448.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Evercore ISI increased their price target on Deere & Company from $371.00 to $378.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. boosted their price objective on Deere & Company from $360.00 to $420.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Truist Financial upped their price objective on shares of Deere & Company from $443.00 to $496.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Hsbc Global Res downgraded shares of Deere & Company from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 19th. Twelve equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $420.69.

Deere & Company Profile

Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.