Minneapolis Portfolio Management Group LLC Has $27.86 Million Stake in Deere & Company (NYSE:DE)

Minneapolis Portfolio Management Group LLC boosted its position in shares of Deere & Company (NYSE:DE) by 2.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 65,763 shares of the industrial products company’s stock after buying an additional 1,318 shares during the quarter. Deere & Company accounts for 3.7% of Minneapolis Portfolio Management Group LLC’s investment portfolio, making the stock its 12th biggest holding. Minneapolis Portfolio Management Group LLC’s holdings in Deere & Company were worth $27,864,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pineridge Advisors LLC raised its position in Deere & Company by 60.5% during the fourth quarter. Pineridge Advisors LLC now owns 69 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 26 shares in the last quarter. Modus Advisors LLC bought a new position in shares of Deere & Company in the fourth quarter valued at about $32,000. YANKCOM Partnership bought a new position in shares of Deere & Company in the fourth quarter valued at about $34,000. Synergy Asset Management LLC bought a new position in shares of Deere & Company in the fourth quarter valued at about $35,000. Finally, Sierra Ocean LLC bought a new position in shares of Deere & Company in the fourth quarter valued at about $44,000. 68.58% of the stock is owned by institutional investors.

Deere & Company Trading Down 1.1 %

DE opened at $471.90 on Monday. The company’s 50 day moving average is $473.25 and its 200-day moving average is $436.88. Deere & Company has a 1-year low of $340.20 and a 1-year high of $515.05. 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 company has a market cap of $128.08 billion, a P/E ratio of 20.92, a PEG ratio of 2.14 and a beta of 1.01.

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

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 8th. Stockholders of record on Monday, March 31st will be paid a $1.62 dividend. The ex-dividend date is Monday, March 31st. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.37%. Deere & Company’s payout ratio is currently 28.72%.

Insider Activity

In related news, insider Rajesh Kalathur sold 24,580 shares of Deere & Company stock in a transaction that occurred on 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 sale, the insider now directly owns 74,878 shares in the company, valued at $37,484,675.58. This trade represents a 24.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

DE has been the topic of several research analyst reports. Citigroup increased their price objective on shares of Deere & Company from $430.00 to $480.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. JPMorgan Chase & Co. raised their price target on shares of Deere & Company from $470.00 to $500.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Truist Financial reaffirmed a “buy” rating and set a $546.00 price target (down from $550.00) on shares of Deere & Company in a research report on Friday, February 14th. Argus set a $510.00 price target on shares of Deere & Company in a research report on Friday, March 7th. Finally, Morgan Stanley raised their price target on shares of Deere & Company from $401.00 to $450.00 and gave the stock an “overweight” rating in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $460.00.

Deere & 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.