Fred Alger Management LLC Decreases Stake in Deere & Company (NYSE:DE)

Fred Alger Management LLC lessened its stake in shares of Deere & Company (NYSE:DE) by 4.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,298 shares of the industrial products company’s stock after selling 64 shares during the period. Fred Alger Management LLC’s holdings in Deere & Company were worth $542,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of DE. Fairscale Capital LLC acquired a new stake in shares of Deere & Company during the second quarter worth about $26,000. Livelsberger Financial Advisory acquired a new stake in Deere & Company during the 3rd quarter valued at approximately $32,000. Olistico Wealth LLC purchased a new stake in shares of Deere & Company in the 2nd quarter valued at $37,000. Centennial Bank AR increased its stake in shares of Deere & Company by 420.0% in the second quarter. Centennial Bank AR now owns 104 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 84 shares during the period. Finally, Briaud Financial Planning Inc raised its holdings in shares of Deere & Company by 73.5% during the second quarter. Briaud Financial Planning Inc now owns 118 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 50 shares during the last quarter. Institutional investors and hedge funds own 68.58% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on DE. Morgan Stanley upped their price target on shares of Deere & Company from $401.00 to $450.00 and gave the company an “overweight” rating in a report on Monday, November 25th. Citigroup boosted their price target on Deere & Company from $395.00 to $420.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. BMO Capital Markets began coverage on Deere & Company in a research report on Friday, August 9th. They issued a “market perform” rating and a $400.00 price objective on the stock. Barclays lifted their target price on shares of Deere & Company from $400.00 to $475.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, Evercore ISI increased their price target on shares of Deere & Company from $371.00 to $378.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Twelve equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $436.41.

Deere & Company Stock Performance

Shares of NYSE:DE opened at $465.90 on Monday. The company has a debt-to-equity ratio of 1.89, a current ratio of 2.09 and a quick ratio of 1.90. Deere & Company has a 1 year low of $340.20 and a 1 year high of $469.39. The firm has a market capitalization of $127.47 billion, a PE ratio of 18.20, a P/E/G ratio of 1.99 and a beta of 0.93. The business’s 50 day moving average price is $413.25 and its 200-day moving average price is $388.13.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, November 21st. The industrial products company reported $4.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.90 by $0.65. The company had revenue of $9.28 billion for the quarter, compared to analysts’ expectations of $9.20 billion. Deere & Company had a net margin of 13.73% and a return on equity of 31.32%. The firm’s quarterly revenue was down 32.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $8.26 EPS. As a group, equities research analysts expect that Deere & Company will post 19.52 earnings per share for the current fiscal year.

Deere & 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.