Fred Alger Management LLC Reduces 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, Holdings Channel reports. The fund owned 1,298 shares of the industrial products company’s stock after selling 64 shares during the quarter. Fred Alger Management LLC’s holdings in Deere & Company were worth $542,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC grew its position in Deere & Company by 27.8% in the third quarter. FMR LLC now owns 4,542,013 shares of the industrial products company’s stock worth $1,895,518,000 after acquiring an additional 988,380 shares during the period. Legal & General Group Plc grew its holdings in shares of Deere & Company by 2.7% during the 2nd quarter. Legal & General Group Plc now owns 2,254,266 shares of the industrial products company’s stock worth $842,259,000 after purchasing an additional 60,255 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Deere & Company by 15.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,146,441 shares of the industrial products company’s stock worth $802,037,000 after purchasing an additional 279,627 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Deere & Company by 8.6% in the 3rd quarter. Fisher Asset Management LLC now owns 1,994,657 shares of the industrial products company’s stock valued at $832,431,000 after buying an additional 158,732 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Deere & Company by 5.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,731,801 shares of the industrial products company’s stock valued at $722,733,000 after buying an additional 85,401 shares during the last quarter. Institutional investors and hedge funds own 68.58% of the company’s stock.

Deere & Company Stock Performance

Shares of Deere & Company stock opened at $465.90 on Monday. The firm’s fifty day simple moving average is $413.25 and its 200-day simple moving average is $388.13. Deere & Company has a 12 month low of $340.20 and a 12 month high of $469.39. The stock has a market capitalization of $127.47 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 1.99 and a beta of 0.93. 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 (NYSE:DE) last released its quarterly earnings results on Thursday, November 21st. The industrial products company reported $4.55 EPS for the quarter, topping the consensus estimate of $3.90 by $0.65. Deere & Company had a return on equity of 31.32% and a net margin of 13.73%. The business had revenue of $9.28 billion during the quarter, compared to analysts’ expectations of $9.20 billion. During the same quarter in the prior year, the business earned $8.26 earnings per share. The company’s quarterly revenue was down 32.8% compared to the same quarter last year. As a group, equities analysts forecast that Deere & Company will post 19.52 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on DE shares. UBS Group boosted their price target on shares of Deere & Company from $404.00 to $462.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Truist Financial boosted their target price on Deere & Company from $496.00 to $538.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Oppenheimer raised their price target on Deere & Company from $448.00 to $477.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. HSBC downgraded Deere & Company from a “buy” rating to a “hold” rating in a report on Monday, August 19th. Finally, BMO Capital Markets began coverage on Deere & Company in a report on Friday, August 9th. They set a “market perform” rating and a $400.00 target price for the company. Twelve research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Deere & Company currently has a consensus rating of “Hold” and an average target price of $436.41.

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.