Renaissance Technologies LLC Invests $55.46 Million in Deere & Company (NYSE:DE)

Renaissance Technologies LLC acquired a new position in Deere & Company (NYSE:DE) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 130,900 shares of the industrial products company’s stock, valued at approximately $55,462,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. FMR LLC boosted its holdings in shares of Deere & Company by 22.9% during the fourth quarter. FMR LLC now owns 5,581,408 shares of the industrial products company’s stock valued at $2,364,843,000 after acquiring an additional 1,039,395 shares during the period. Geode Capital Management LLC increased its stake in Deere & Company by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 5,305,571 shares of the industrial products company’s stock worth $2,247,216,000 after purchasing an additional 97,203 shares in the last quarter. Norges Bank purchased a new position in Deere & Company in the 4th quarter worth about $1,244,094,000. Fisher Asset Management LLC grew its stake in Deere & Company by 8.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,155,613 shares of the industrial products company’s stock valued at $913,334,000 after acquiring an additional 160,956 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Deere & Company by 5.5% during the 4th quarter. Bank of New York Mellon Corp now owns 2,063,898 shares of the industrial products company’s stock valued at $874,473,000 after acquiring an additional 107,544 shares in the last quarter. Institutional investors and hedge funds own 68.58% of the company’s stock.

Deere & Company Trading Up 9.9 %

Shares of DE stock opened at $453.75 on Thursday. The company has a quick ratio of 1.98, a current ratio of 2.22 and a debt-to-equity ratio of 1.94. The business has a 50-day moving average price of $471.63 and a two-hundred day moving average price of $442.69. Deere & Company has a 12-month low of $340.20 and a 12-month high of $515.05. The firm has a market cap of $123.15 billion, a P/E ratio of 20.11, a price-to-earnings-growth ratio of 2.14 and a beta of 1.00.

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

Deere & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 8th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.62 per share. The ex-dividend date is Monday, March 31st. This represents a $6.48 annualized dividend and a dividend yield of 1.43%. Deere & Company’s payout ratio is 28.72%.

Insider Transactions at Deere & Company

In other Deere & Company news, insider Rajesh Kalathur sold 24,580 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $500.61, for a total value of $12,304,993.80. Following the completion of the sale, the insider now owns 74,878 shares in the company, valued at approximately $37,484,675.58. This represents a 24.71 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.29% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

DE has been the subject of several recent research reports. Robert W. Baird reissued a “neutral” rating and issued a $501.00 price target on shares of Deere & Company in a research note on Monday, March 3rd. Oppenheimer upped their price target on Deere & Company from $477.00 to $507.00 and gave the company an “outperform” rating in a research report on Tuesday, January 28th. Truist Financial reaffirmed a “buy” rating and set a $546.00 price target (down previously from $550.00) on shares of Deere & Company in a research note on Friday, February 14th. JPMorgan Chase & Co. increased their target price on Deere & Company from $470.00 to $500.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Finally, Citigroup dropped their price target on Deere & Company from $480.00 to $450.00 and set a “neutral” rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $457.26.

Deere & Company 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.