Deere & Company (NYSE:DE) Short Interest Up 6.7% in May

Deere & Company (NYSE:DEGet Free Report) was the target of a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 3,820,000 shares, an increase of 6.7% from the May 15th total of 3,580,000 shares. Based on an average daily trading volume, of 1,400,000 shares, the short-interest ratio is currently 2.7 days. Currently, 1.5% of the company’s shares are short sold.

Hedge Funds Weigh In On Deere & Company

Institutional investors have recently made changes to their positions in the stock. Pinnacle Associates Ltd. grew its holdings in shares of 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 purchasing an additional 939 shares during the last quarter. Penserra Capital Management LLC grew its holdings in Deere & Company by 2.4% in the 3rd quarter. Penserra Capital Management LLC now owns 236,696 shares of the industrial products company’s stock worth $89,322,000 after acquiring an additional 5,485 shares during the last quarter. Summit Asset Management LLC grew its holdings in Deere & Company by 24.1% in the 4th quarter. Summit Asset Management LLC now owns 1,030 shares of the industrial products company’s stock worth $412,000 after acquiring an additional 200 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Deere & Company by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,570,773 shares of the industrial products company’s stock worth $628,105,000 after acquiring an additional 31,074 shares during the last quarter. Finally, Brevan Howard Capital Management LP grew its holdings in Deere & Company by 857.9% in the 4th quarter. Brevan Howard Capital Management LP now owns 7,654 shares of the industrial products company’s stock worth $3,061,000 after acquiring an additional 6,855 shares during the last quarter. Institutional investors own 68.58% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Daiwa Capital Markets boosted their target price on shares of Deere & Company from $400.00 to $420.00 and gave the company an “overweight” rating in a report on Wednesday, May 15th. DA Davidson dropped their price objective on shares of Deere & Company from $483.00 to $465.00 and set a “buy” rating on the stock in a report on Monday, May 20th. TD Cowen upped their price objective on shares of Deere & Company from $383.00 to $390.00 and gave the company a “hold” rating in a report on Friday, May 17th. Truist Financial started coverage on shares of Deere & Company in a report on Thursday, March 14th. They set a “buy” rating and a $494.00 price objective on the stock. Finally, Morgan Stanley boosted their target price on shares of Deere & Company from $430.00 to $450.00 in a research report on Wednesday, May 15th. Ten investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $433.36.

Read Our Latest Report on Deere & Company

Deere & Company Price Performance

NYSE DE traded up $3.54 on Wednesday, hitting $382.76. The stock had a trading volume of 1,211,963 shares, compared to its average volume of 1,323,093. Deere & Company has a 52-week low of $353.15 and a 52-week high of $450.00. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.80 and a current ratio of 2.01. The company has a market capitalization of $105.48 billion, a price-to-earnings ratio of 11.53, a price-to-earnings-growth ratio of 1.52 and a beta of 0.98. The firm has a 50-day moving average of $389.19 and a 200-day moving average of $386.61.

Deere & Company (NYSE:DEGet Free Report) last issued its quarterly earnings results on Thursday, May 16th. The industrial products company reported $8.53 EPS for the quarter, topping analysts’ consensus estimates of $7.86 by $0.67. The firm had revenue of $13.61 billion for the quarter, compared to analyst estimates of $13.29 billion. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The business’s revenue for the quarter was down 15.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $9.65 EPS. Equities analysts expect that Deere & Company will post 25.61 EPS for the current year.

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Friday, June 28th will be issued a $1.47 dividend. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Friday, June 28th. Deere & Company’s payout ratio is 17.70%.

About Deere & Company

(Get Free Report)

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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