On September 19, 2023, Buckley Wealth Management LLC announced its recent acquisition of a new stake in Deere & Company (NYSE:DE), an industrial products company. According to the disclosure made with the Securities & Exchange Commission, the firm purchased 581 shares of Deere & Company’s stock during the second quarter, valuing at approximately $235,000.
Deere & Company recently released its quarterly earnings results on August 18th. The company reported an impressive earnings per share (EPS) of $10.20 for the quarter, surpassing analysts’ consensus estimates of $8.22 by a significant margin of $1.98. In addition to this outstanding performance, Deere & Company achieved a net margin of 16.36% and a return on equity of 46.15%. The company’s revenue for the quarter reached $14.28 billion, exceeding analyst estimates of $14.14 billion. Comparing these figures to the same period last year showcases consistent growth, with a revenue increase of 9.9%.
Industry experts predict that Deere & Company will continue its positive trajectory throughout the current year by posting an EPS of 33.9. Reputable research firms have recently offered their opinions on DE’s performance as well. Bank of America raised their price objective on Deere & Company from $455.00 to $484.00 in their research report released on August 20th.
Meanwhile, Robert W. Baird adjusted the price target from $512.00 to $445, acknowledging their assessment in May 2022 . Citigroup has increased their price objective on Deere & Company from $460.00 to $475 and affirmed a “buy” rating in their report published on July 18th.
Oppenheimer had slightly lowered their target price from $467 to $458 but remained optimistic about the stock’s potential with an “outperform” rating. Lastly, Canaccord Genuity Group initiated coverage on Deere & Company in June 2023, giving a “buy” rating and a price target of $530.00.
In summary, Deere & Company has recently attracted attention from investors and research firms due to its impressive financial performance. The acquisition of the stake by Buckley Wealth Management LLC further signifies the confidence in the company’s potential for growth. With an average rating of “Moderate Buy” and an average price target of $460.20, according to Bloomberg data, it appears that Deere & Company is positioned to continue its success in the industrial products sector.
Global Net Lease, Inc.
Updated on: 27/09/2023
Debt to equity ratio: Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Buy
DCF: Strong Buy
6:00 PM (UTC)
Date:26 September, 2023
|Analyst / firm||Rating|
Major Investors Increase Holdings in Deere & Company as Insider Trading Activities Take Place
As of the first quarter of 2023, a number of large investors have made significant adjustments to their holdings in Deere & Company, an industrial products company. University of Texas Texas AM Investment Management Co., for instance, increased its shares in the company by a whopping 1,475.0%. This rise in holdings resulted from their purchase of an additional 59 shares, bringing their total ownership to 63 shares valued at $26,000.
Worth Asset Management LLC also jumped on the bandwagon and acquired a new position in Deere & Company during the first quarter. This move involved purchasing shares worth $28,000. Lansing Street Advisors extended their support as well by boosting their stake in the company by 1,725.0%. With the addition of 69 shares in the last quarter, they now hold a total of 73 shares valued at $30,000.
Furthermore, Barrett & Company Inc., recognizing the potential value in Deere & Company’s stocks during this period, decided to make their own acquisition during the first quarter. Their purchase amounted to approximately $31,000. Additionally, 25 LLC made a move to invest in Deere & Company by purchasing new positions worth around $34,000.
Given these developments, it is noteworthy that hedge funds and other institutional investors remain heavily invested in Deere & Company’s stock. In fact, they own a sizable majority stake of approximately 66.27% of the company’s shares.
In related news regarding insider trading activities at Deere & Company; Cory J. Reed, an insider at the company sold a total of 4,680 shares on July 25th at an average price of $449.75 per share for a sum total transaction value reaching $2,104,830.00. After completing this sale transaction with SEC approval and disclosure filings accessible through the SEC’s website platform; Mr. Reed now maintains ownership of 36,563 shares valued at $16,444,209.25.
Another significant insider transaction occurred on June 22nd when CEO John C. May II sold a total of 52,967 shares for an average price of $416.02 per share, translating to a grand sum of $22,035,331.34. Following this sale, Mr. May’s remaining ownership stake in the company amounts to 109,126 shares valued at $45,398,598.52. Full details and disclosure for this transaction can also be found through the SEC website.
As for Deere & Company’s stock performance; it opened at $410.77 on September 19th after enjoying a sustained period where its price fluctuated between a low of $328.62 and a high of $450.00 over the previous 52-week period. The moving averages over the past 50 days and 200 days have been recorded as $417.81 and $398.87 respectively.
With regards to its financial standing; Deere & Company presently boasts a market capitalization amounting to approximately $118.30 billion along with an impressive price-to-earnings ratio of 12.14 which indicates favorable valuation in comparison to earnings per share figures observed in recent times.
Taking into consideration growth prospects; Deere & Company exhibits promising signs with its projected earnings growth relative to its current valuation represented by a PEG ratio of 0.93.
It should also be noted that Deere & Company possesses a beta value of 1.07 which suggests that it is slightly more volatile than the broader market average.
Furthermore, the company maintains solid liquidity ratios characterized by quick and current ratios standing at levels above unity with values recorded at 1.74 and 1.98 respectively for the most recent reporting period.
Lastly, it is worth mentioning that Deere & Company currently sustains a debt-to-equity ratio of 1.65 which demonstrates its reliance on borrowed funds to finance its operations.
In conclusion, through the adjustments made by major investors to their holdings in Deere & Company and the insider trading activities that have taken place, it is evident that the company has attracted significant attention from both institutional investors and insiders alike. The stock’s recent performance, financial standing, and growth potential further reinforce the positive sentiment surrounding Deere & Company within the market. Nonetheless, as with any investment, interested parties should conduct their own thorough analysis and evaluation of the company before making any investment decisions.