Short Interest in Deere & Company (NYSE:DE) Rises By 24.0%

Deere & Company (NYSE:DE) was the recipient of a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 7,737,900 shares, a growth of 24.0% from the April 30th total of 6,241,600 shares. Approximately 2.4% of the shares of the company are sold short. Based on an average daily volume of 1,930,000 shares, the short-interest ratio is currently 4.0 days.

A number of institutional investors and hedge funds have recently made changes to their positions in DE. Vanguard Group Inc boosted its position in shares of Deere & Company by 0.9% during the third quarter. Vanguard Group Inc now owns 22,698,615 shares of the industrial products company’s stock worth $3,412,282,000 after purchasing an additional 210,597 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Deere & Company in the 4th quarter valued at $47,000. Advisors Asset Management Inc. lifted its position in Deere & Company by 2.8% in the 4th quarter. Advisors Asset Management Inc. now owns 22,607 shares of the industrial products company’s stock valued at $3,372,000 after acquiring an additional 621 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in Deere & Company by 14,550.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 5,214,983 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 5,179,386 shares in the last quarter. Finally, Comerica Bank lifted its position in Deere & Company by 0.3% in the 4th quarter. Comerica Bank now owns 63,868 shares of the industrial products company’s stock valued at $10,250,000 after acquiring an additional 168 shares in the last quarter. 68.04% of the stock is owned by institutional investors and hedge funds.

Several equities analysts have recently weighed in on DE shares. Robert W. Baird set a $129.00 price objective on shares of Deere & Company and gave the stock a “hold” rating in a research note on Monday, May 20th. UBS Group began coverage on shares of Deere & Company in a report on Wednesday, May 15th. They issued a “neutral” rating for the company. Morgan Stanley reduced their target price on shares of Deere & Company from $192.00 to $158.00 and set an “overweight” rating for the company in a report on Monday, May 20th. Stifel Nicolaus reduced their target price on shares of Deere & Company from $180.00 to $171.00 and set a “buy” rating for the company in a report on Monday, May 20th. Finally, Berenberg Bank began coverage on shares of Deere & Company in a report on Thursday, May 9th. They issued a “hold” rating for the company. Two analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. Deere & Company has an average rating of “Hold” and a consensus target price of $165.00.

Deere & Company stock traded up $2.29 during midday trading on Thursday, hitting $162.23. The stock had a trading volume of 109,264 shares, compared to its average volume of 1,924,892. The company has a current ratio of 1.94, a quick ratio of 1.66 and a debt-to-equity ratio of 2.37. Deere & Company has a 52-week low of $128.32 and a 52-week high of $169.99. The firm has a market capitalization of $50.52 billion, a price-to-earnings ratio of 17.28, a P/E/G ratio of 1.51 and a beta of 1.02.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Friday, May 17th. The industrial products company reported $3.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.57 by ($0.05). Deere & Company had a net margin of 8.52% and a return on equity of 28.76%. The company had revenue of $10.27 billion for the quarter, compared to analysts’ expectations of $10.19 billion. During the same period last year, the business earned $3.14 earnings per share. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, analysts predict that Deere & Company will post 10.27 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Friday, June 28th will be issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, June 27th. Deere & Company’s dividend payout ratio (DPR) is currently 32.37%.

Deere & Company Company Profile

Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.

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