Joule Financial LLC Acquires New Shares in Deere & Company (NYSE:DE)

Joule Financial LLC bought a new position in shares of Deere & Company (NYSE:DE - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,330 shares of the industrial products company's stock, valued at approximately $497,000. Deere & Company makes up 1.3% of Joule Financial LLC's portfolio, making the stock its 28th largest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DE. Harbour Trust & Investment Management Co raised its position in shares of Deere & Company by 1.5% in the 2nd quarter. Harbour Trust & Investment Management Co now owns 27,615 shares of the industrial products company's stock worth $10,318,000 after acquiring an additional 420 shares in the last quarter. RMR Wealth Builders raised its holdings in Deere & Company by 26.5% in the second quarter. RMR Wealth Builders now owns 2,984 shares of the industrial products company's stock worth $1,115,000 after purchasing an additional 625 shares in the last quarter. Courier Capital LLC lifted its position in shares of Deere & Company by 4.8% during the second quarter. Courier Capital LLC now owns 698 shares of the industrial products company's stock valued at $261,000 after buying an additional 32 shares during the last quarter. Fortis Capital Management LLC purchased a new stake in shares of Deere & Company during the second quarter valued at about $3,228,000. Finally, Rockland Trust Co. boosted its holdings in shares of Deere & Company by 9.9% in the 2nd quarter. Rockland Trust Co. now owns 888 shares of the industrial products company's stock valued at $332,000 after buying an additional 80 shares in the last quarter. 68.58% of the stock is currently owned by institutional investors.

Insider Transactions at Deere & Company

In related news, insider Cory J. Reed sold 13,370 shares of Deere & Company stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the transaction, the insider now owns 41,642 shares in the company, valued at $15,725,268.46. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.26% of the company's stock.

Deere & Company Price Performance

Deere & Company stock traded down $0.46 during midday trading on Thursday, reaching $376.59. The company had a trading volume of 1,068,880 shares, compared to its average volume of 1,542,161. 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 has a 12-month low of $340.20 and a 12-month high of $423.35. The company has a market capitalization of $103.78 billion, a P/E ratio of 11.35, a P/E/G ratio of 1.59 and a beta of 0.93. The firm's fifty day simple moving average is $367.84 and its 200-day simple moving average is $380.05.

Deere & Company (NYSE:DE - Get Free Report) last posted its quarterly earnings data on Thursday, August 15th. The industrial products company reported $6.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.66. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. The company had revenue of $11.39 billion for the quarter, compared to analysts' expectations of $10.94 billion. During the same period in the previous year, the firm posted $10.20 EPS. Deere & Company's revenue was down 20.3% compared to the same quarter last year. As a group, equities analysts anticipate that Deere & Company will post 25.41 EPS for the current year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 8th. Investors of record on Friday, June 28th were issued a $1.47 dividend. This represents a $5.88 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Friday, June 28th. Deere & Company's payout ratio is 17.70%.

Analyst Ratings Changes

A number of equities research analysts recently commented on DE shares. Daiwa Capital Markets increased their target price on shares of Deere & Company from $400.00 to $420.00 and gave the company an "overweight" rating in a research report on Wednesday, May 15th. Deutsche Bank Aktiengesellschaft decreased their price objective on Deere & Company from $402.00 to $389.00 and set a "hold" rating for the company in a report on Thursday, August 8th. DA Davidson dropped their target price on Deere & Company from $483.00 to $465.00 and set a "buy" rating on the stock in a research note on Monday, May 20th. Hsbc Global Res lowered Deere & Company from a "strong-buy" rating to a "hold" rating in a research report on Monday. Finally, Truist Financial reissued a "buy" rating and issued a $443.00 price target (up previously from $439.00) on shares of Deere & Company in a report on Friday, August 16th. Fourteen investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, Deere & Company has an average rating of "Hold" and a consensus price target of $415.50.

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.

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