Deere & Company (NYSE:DE) Sees Significant Decrease in Short Interest

Deere & Company (NYSE:DE) was the recipient of a large decrease in short interest in the month of September. As of September 15th, there was short interest totalling 5,880,000 shares, a decrease of 10.5% from the August 15th total of 6,570,000 shares. Approximately 1.9% of the shares of the company are sold short. Based on an average daily volume of 2,000,000 shares, the short-interest ratio is currently 2.9 days.

Deere & Company stock traded up $2.42 during midday trading on Monday, hitting $168.68. The stock had a trading volume of 1,753,145 shares, compared to its average volume of 1,806,423. The firm’s fifty day moving average is $156.51 and its two-hundred day moving average is $157.69. The company has a market capitalization of $52.40 billion, a PE ratio of 17.96, a P/E/G ratio of 2.38 and a beta of 1.15. Deere & Company has a 52-week low of $128.32 and a 52-week high of $171.22. The company has a current ratio of 1.99, a quick ratio of 1.73 and a debt-to-equity ratio of 2.38.

Deere & Company (NYSE:DE) last released its earnings results on Friday, August 16th. The industrial products company reported $2.71 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.80 by ($0.09). The firm had revenue of $8.97 billion during the quarter, compared to analysts’ expectations of $9.38 billion. Deere & Company had a return on equity of 27.75% and a net margin of 8.55%. The company’s revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.59 earnings per share. As a group, equities research analysts predict that Deere & Company will post 9.98 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Monday, September 30th will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 1.80%. The ex-dividend date is Friday, September 27th. Deere & Company’s dividend payout ratio is 32.37%.

DE has been the topic of several recent research reports. Barclays reiterated a “buy” rating and issued a $167.00 price objective on shares of Deere & Company in a research note on Monday, July 15th. Deutsche Bank lowered their price objective on shares of Deere & Company from $163.00 to $155.00 and set a “hold” rating on the stock in a research note on Wednesday, August 14th. Robert W. Baird reiterated an “outperform” rating and issued a $176.00 price objective (up previously from $161.00) on shares of Deere & Company in a research note on Monday. Credit Suisse Group reiterated an “outperform” rating and issued a $197.00 price objective (up previously from $176.00) on shares of Deere & Company in a research note on Monday, August 19th. Finally, Stephens initiated coverage on shares of Deere & Company in a research note on Wednesday, August 14th. They issued an “equal weight” rating and a $160.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. Deere & Company presently has an average rating of “Hold” and a consensus target price of $168.26.

In other news, COO John C. May II sold 5,228 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $170.00, for a total value of $888,760.00. Following the transaction, the chief operating officer now owns 49,310 shares in the company, valued at approximately $8,382,700. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.71% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. SRS Capital Advisors Inc. purchased a new stake in Deere & Company during the 2nd quarter valued at approximately $28,000. Arcus Capital Partners LLC purchased a new stake in Deere & Company during the 2nd quarter valued at approximately $33,000. Orrstown Financial Services Inc. grew its holdings in Deere & Company by 116.0% during the 2nd quarter. Orrstown Financial Services Inc. now owns 216 shares of the industrial products company’s stock valued at $36,000 after buying an additional 116 shares in the last quarter. Nelson Roberts Investment Advisors LLC grew its holdings in Deere & Company by 34.8% during the 2nd quarter. Nelson Roberts Investment Advisors LLC now owns 271 shares of the industrial products company’s stock valued at $45,000 after buying an additional 70 shares in the last quarter. Finally, Heritage Wealth Advisors purchased a new stake in Deere & Company during the 2nd quarter valued at approximately $47,000. 67.53% of the stock is owned by institutional investors.

About Deere & Company

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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