Short Interest in Deere & Company (NYSE:DE) Drops By 28.7%

Deere & Company (NYSE:DE) saw a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 2,730,000 shares, a drop of 28.7% from the September 15th total of 3,830,000 shares. Based on an average trading volume of 1,600,000 shares, the days-to-cover ratio is currently 1.7 days. Currently, 0.9% of the company’s shares are sold short.

In other Deere & Company news, CAO Marc A. Howze sold 7,996 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $208.17, for a total value of $1,664,527.32. Following the sale, the chief accounting officer now owns 22,440 shares of the company’s stock, valued at approximately $4,671,334.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rajesh Kalathur sold 10,760 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $180.00, for a total value of $1,936,800.00. Following the completion of the sale, the insider now directly owns 62,131 shares in the company, valued at approximately $11,183,580. The disclosure for this sale can be found here. Insiders have sold a total of 28,668 shares of company stock valued at $5,435,047 over the last 90 days. 0.70% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in DE. Public Employees Retirement Association of Colorado boosted its stake in shares of Deere & Company by 2.7% in the first quarter. Public Employees Retirement Association of Colorado now owns 56,684 shares of the industrial products company’s stock valued at $7,831,000 after buying an additional 1,480 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Deere & Company by 18.6% in the first quarter. Mackenzie Financial Corp now owns 6,058 shares of the industrial products company’s stock valued at $837,000 after buying an additional 950 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Deere & Company by 2.5% in the first quarter. Thrivent Financial for Lutherans now owns 16,367 shares of the industrial products company’s stock valued at $2,260,000 after buying an additional 392 shares in the last quarter. APG Asset Management N.V. purchased a new stake in shares of Deere & Company in the first quarter valued at approximately $25,433,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Deere & Company in the first quarter valued at approximately $1,309,000. Institutional investors own 67.77% of the company’s stock.

A number of equities research analysts have issued reports on the company. BMO Capital Markets increased their price target on Deere & Company from $150.00 to $235.00 and gave the company an “outperform” rating in a research report on Monday, August 17th. Morgan Stanley raised their target price on Deere & Company from $247.00 to $263.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Credit Suisse Group raised their target price on Deere & Company from $179.00 to $223.00 and gave the stock an “outperform” rating in a research report on Monday, August 24th. BofA Securities raised Deere & Company from a “neutral” rating to a “buy” rating and set a $234.00 target price on the stock in a research report on Monday, August 24th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Deere & Company from $217.00 to $227.00 and gave the stock a “hold” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $216.08.

NYSE:DE traded up $1.82 during mid-day trading on Friday, reaching $240.06. 1,652,689 shares of the stock were exchanged, compared to its average volume of 1,803,626. The company has a 50 day simple moving average of $220.30 and a 200-day simple moving average of $173.20. Deere & Company has a 1 year low of $106.14 and a 1 year high of $243.40. The stock has a market capitalization of $75.23 billion, a P/E ratio of 27.98, a P/E/G ratio of 3.84 and a beta of 0.92. The company has a quick ratio of 2.03, a current ratio of 2.26 and a debt-to-equity ratio of 2.64.

Deere & Company (NYSE:DE) last announced its earnings results on Friday, August 21st. The industrial products company reported $2.57 earnings per share for the quarter, beating the consensus estimate of $1.26 by $1.31. Deere & Company had a return on equity of 22.24% and a net margin of 7.61%. The company had revenue of $7.86 billion for the quarter, compared to the consensus estimate of $6.70 billion. During the same period last year, the business posted $2.71 EPS. The company’s revenue was down 12.4% on a year-over-year basis. As a group, research analysts predict that Deere & Company will post 7.54 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Wednesday, September 30th will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.04 annualized dividend and a dividend yield of 1.27%. Deere & Company’s dividend payout ratio (DPR) is currently 30.58%.

About Deere & Company

Deere & Company, together with its subsidiaries, 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 provides various agriculture and turf equipment, and related service 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; tillage, seeding, and application equipment comprising sprayers, nutrient management, and soil preparation machinery; self-propelled forage harvesters and attachments, balers, and mowers; riding lawn equipment and walk-behind mowers, golf course equipment, utility vehicles, and commercial mowing equipment along with associated implements; integrated agricultural management systems technology and solutions; and other outdoor power products.

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