Deere & Company (NYSE:DE) Sees Large Drop in Short Interest

Deere & Company (NYSE:DE) was the recipient of a large decrease in short interest in the month of July. As of July 15th, there was short interest totalling 3,220,000 shares, a decrease of 22.0% from the June 30th total of 4,130,000 shares. Based on an average daily volume of 1,510,000 shares, the short-interest ratio is currently 2.1 days. Approximately 1.3% of the shares of the company are sold short.

Insider Transactions at Deere & Company

In other news, insider Cory J. Reed sold 13,370 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $377.63, for a total value of $5,048,913.10. Following the transaction, the insider now owns 41,642 shares in the company, valued at approximately $15,725,268.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.26% of the company’s stock.

Institutional Investors Weigh In On Deere & Company

Several institutional investors have recently bought and sold shares of DE. True Wealth Design LLC boosted its stake in Deere & Company by 1,180.0% in the fourth quarter. True Wealth Design LLC now owns 64 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 59 shares in the last quarter. Pineridge Advisors LLC raised its holdings in shares of Deere & Company by 725.0% in the first quarter. Pineridge Advisors LLC now owns 66 shares of the industrial products company’s stock worth $27,000 after buying an additional 58 shares during the last quarter. Rakuten Securities Inc. purchased a new position in shares of Deere & Company in the fourth quarter worth $28,000. Naples Money Management LLC purchased a new position in shares of Deere & Company in the fourth quarter worth $29,000. Finally, Private Wealth Management Group LLC purchased a new position in shares of Deere & Company in the fourth quarter worth $29,000. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

DE has been the topic of several research analyst reports. Truist Financial lowered their target price on shares of Deere & Company from $460.00 to $439.00 and set a “buy” rating on the stock in a report on Tuesday, July 2nd. Oppenheimer dropped their price objective on shares of Deere & Company from $465.00 to $448.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Raymond James started coverage on shares of Deere & Company in a report on Friday, June 28th. They set an “outperform” rating and a $420.00 price objective for the company. Citigroup started coverage on shares of Deere & Company in a report on Wednesday, June 26th. They set a “neutral” rating and a $395.00 price objective for the company. Finally, Morgan Stanley increased their price objective on shares of Deere & Company from $430.00 to $450.00 in a report on Wednesday, May 15th. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $426.71.

Deere & Company Trading Down 1.3 %

Shares of NYSE:DE traded down $5.00 during trading on Tuesday, reaching $371.77. 2,251,182 shares of the company were exchanged, compared to its average volume of 1,506,654. The firm has a market capitalization of $102.45 billion, a PE ratio of 11.34, a P/E/G ratio of 1.57 and a beta of 0.93. The business’s fifty day simple moving average is $372.29 and its 200-day simple moving average is $383.53. Deere & Company has a 12-month low of $345.93 and a 12-month high of $441.46. The company has a debt-to-equity ratio of 1.81, a current ratio of 2.01 and a quick ratio of 1.80.

Deere & Company (NYSE:DE) last released its quarterly earnings data on Thursday, May 16th. The industrial products company reported $8.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.86 by $0.67. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The firm had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $13.29 billion. During the same period last year, the firm earned $9.65 earnings per share. The company’s quarterly revenue was down 15.4% on a year-over-year basis. On average, research analysts anticipate that Deere & Company will post 25.41 EPS for the current year.

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Friday, June 28th will be paid a dividend of $1.47 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.58%. Deere & Company’s dividend payout ratio is presently 17.70%.

Deere & Company 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.