Bornite Capital Management LP Buys Shares of 20,000 Deere & Company (NYSE:DE)

Bornite Capital Management LP bought a new stake in shares of Deere & Company (NYSE:DE) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 20,000 shares of the industrial products company’s stock, valued at approximately $8,215,000. Deere & Company comprises approximately 1.4% of Bornite Capital Management LP’s portfolio, making the stock its 28th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Ascent Group LLC increased its position in shares of Deere & Company by 14.2% in the 1st quarter. Ascent Group LLC now owns 1,452 shares of the industrial products company’s stock valued at $596,000 after buying an additional 181 shares in the last quarter. Transcendent Capital Group LLC increased its position in shares of Deere & Company by 673.1% in the 1st quarter. Transcendent Capital Group LLC now owns 201 shares of the industrial products company’s stock valued at $83,000 after buying an additional 175 shares in the last quarter. Mount Yale Investment Advisors LLC increased its position in shares of Deere & Company by 43.1% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 1,965 shares of the industrial products company’s stock valued at $807,000 after buying an additional 592 shares in the last quarter. Aristides Capital LLC bought a new stake in shares of Deere & Company in the 1st quarter valued at $205,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Deere & Company by 8.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,470,159 shares of the industrial products company’s stock valued at $603,854,000 after buying an additional 114,116 shares in the last quarter. Institutional investors own 68.58% of the company’s stock.

Insider Transactions at Deere & Company

In other news, insider Cory J. Reed sold 13,370 shares of Deere & Company stock in a transaction on Monday, June 24th. The shares were 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 available through the SEC website. 0.26% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

DE has been the subject of a number of research analyst reports. Truist Financial reduced their target price on shares of Deere & Company from $460.00 to $439.00 and set a “buy” rating for the company in a research note on Tuesday, July 2nd. Citigroup initiated coverage on shares of Deere & Company in a research note on Wednesday, June 26th. They issued a “neutral” rating and a $395.00 target price for the company. DA Davidson reduced their target price on shares of Deere & Company from $483.00 to $465.00 and set a “buy” rating for the company in a research note on Monday, May 20th. JPMorgan Chase & Co. reduced their target price on shares of Deere & Company from $385.00 to $375.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Finally, Daiwa Capital Markets increased their price objective on shares of Deere & Company from $400.00 to $420.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 15th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Deere & Company presently has a consensus rating of “Hold” and an average price target of $426.71.

Deere & Company Stock Performance

Shares of DE traded down $9.73 during mid-day trading on Monday, hitting $376.82. 1,489,671 shares of the company’s stock were exchanged, compared to its average volume of 1,501,366. Deere & Company has a 52 week low of $345.93 and a 52 week high of $441.46. The stock’s 50-day simple moving average is $372.29 and its 200-day simple moving average is $383.53. The firm has a market cap of $103.84 billion, a price-to-earnings ratio of 11.34, a price-to-earnings-growth ratio of 1.57 and a beta of 0.93. The company has a quick ratio of 1.80, a current ratio of 2.01 and a debt-to-equity ratio of 1.81.

Deere & Company (NYSE:DE) last posted its quarterly earnings results on Thursday, May 16th. The industrial products company reported $8.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.86 by $0.67. The business 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 firm’s revenue for the quarter was down 15.4% on a year-over-year basis. During the same quarter last year, the business posted $9.65 EPS. On average, equities research analysts expect that Deere & Company will post 25.41 EPS for the current year.

Deere & Company Dividend Announcement

The firm 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 dividend of $1.47 per share. The ex-dividend date is Friday, June 28th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.56%. Deere & Company’s dividend payout ratio (DPR) 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.