Deere & Company (NYSE:DE) Shares Acquired by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. boosted its stake in shares of Deere & Company (NYSE:DE) by 18.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,525 shares of the industrial products company’s stock after purchasing an additional 1,660 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Deere & Company were worth $4,209,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Pinnacle Associates Ltd. raised its stake in Deere & Company by 21.3% during the 4th quarter. Pinnacle Associates Ltd. now owns 5,355 shares of the industrial products company’s stock valued at $2,141,000 after acquiring an additional 939 shares in the last quarter. Penserra Capital Management LLC raised its stake in Deere & Company by 2.4% during the 3rd quarter. Penserra Capital Management LLC now owns 236,696 shares of the industrial products company’s stock valued at $89,322,000 after acquiring an additional 5,485 shares in the last quarter. New Mexico Educational Retirement Board raised its stake in Deere & Company by 6.9% during the 3rd quarter. New Mexico Educational Retirement Board now owns 14,002 shares of the industrial products company’s stock valued at $5,284,000 after acquiring an additional 900 shares in the last quarter. Centric Wealth Management bought a new stake in Deere & Company during the 3rd quarter valued at $2,640,000. Finally, Graham Capital Management L.P. raised its stake in Deere & Company by 483.3% during the 3rd quarter. Graham Capital Management L.P. now owns 17,500 shares of the industrial products company’s stock valued at $6,604,000 after acquiring an additional 14,500 shares in the last quarter. Institutional investors and hedge funds own 68.58% of the company’s stock.

Wall Street Analyst Weigh In

DE has been the topic of a number of research reports. Truist Financial initiated coverage on Deere & Company in a research note on Thursday, March 14th. They issued a “buy” rating and a $494.00 price objective on the stock. Citigroup dropped their price objective on Deere & Company from $450.00 to $435.00 and set a “buy” rating on the stock in a research note on Friday, February 16th. Wells Fargo & Company dropped their price objective on Deere & Company from $445.00 to $425.00 and set an “overweight” rating on the stock in a research note on Friday, February 16th. JPMorgan Chase & Co. boosted their price objective on Deere & Company from $415.00 to $425.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Finally, Melius downgraded Deere & Company from a “buy” rating to a “hold” rating in a research note on Monday, January 8th. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $433.28.

Deere & Company Stock Performance

Shares of NYSE DE traded down $9.80 during trading hours on Tuesday, hitting $391.16. 351,137 shares of the company’s stock were exchanged, compared to its average volume of 1,451,585. Deere & Company has a 1-year low of $345.55 and a 1-year high of $450.00. The company has a debt-to-equity ratio of 1.81, a current ratio of 2.05 and a quick ratio of 1.81. The stock has a market capitalization of $108.88 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 1.48 and a beta of 1.04. The company’s 50-day moving average price is $388.66 and its 200-day moving average price is $383.65.

Deere & Company (NYSE:DE) last posted its quarterly earnings results on Thursday, February 15th. The industrial products company reported $6.23 EPS for the quarter, beating the consensus estimate of $5.19 by $1.04. The firm had revenue of $10.49 billion during the quarter, compared to analysts’ expectations of $10.30 billion. Deere & Company had a return on equity of 44.60% and a net margin of 16.38%. The company’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.55 EPS. On average, sell-side analysts expect that Deere & Company will post 27.37 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 8th. Stockholders of record on Friday, March 29th will be paid a $1.47 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $5.88 annualized dividend and a dividend yield of 1.50%. Deere & Company’s dividend payout ratio is currently 17.12%.

About Deere & Company

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.