OMERS Administration Boosts Stake in Deere & Company by 2.8%

OMERS Administration Corp has increased its holdings in Deere & Company by 2.8% during the second quarter of 2023. This move comes as the firm acquired an additional 400 shares, bringing its total to 14,612 shares. As of the latest filing with the Securities & Exchange Commission, OMERS’ stake in the industrial products company is valued at approximately $7,430,000.

Several other institutional investors have also adjusted their positions in Deere & Company. For instance, OLD National Bancorp IN raised its stake by 2.6%, now owning 24,000 shares worth $12,204,000 after acquiring 610 additional shares. Similarly, Providence Capital Advisors LLC grew its holdings by 2.1% and now possesses 14,639 shares valued at $6,871,000. Other notable changes include Bragg Financial Advisors Inc, which increased its position by 12.7%, now holding 7,213 shares valued at $3,386,000, and new investments from ASR Vermogensbeheer N.V. and United Asset Strategies Inc., worth $13,588,000 and $2,496,000, respectively. Currently, institutional investors hold approximately 68.58% of Deere’s stock.

Insider Activity and Stock Performance

In a separate development, CEO John C. May II sold 11,106 shares of Deere on November 25, 2023, at an average price of $500.08. The transaction totaled approximately $5,553,888.48 and reduced his ownership of the company to 112,453 shares, valued at around $56,235,496.24. This sale represents an 8.99% decrease in his holdings. The transaction details were disclosed in a filing with the SEC.

Deere’s stock opened at $465.95 on Monday, reflecting a decrease of 0.8%. The company’s 50-day moving average stands at $467.10, while the 200-day moving average is $490.48. Deere’s stock has experienced a one-year low of $403.01 and a high of $533.78. Its market capitalization is approximately $125.96 billion, with a price-to-earnings ratio of 24.36 and a beta of 1.04.

Recent Financial Results

Deere & Company recently reported its quarterly earnings on November 26, 2023. The company posted earnings per share (EPS) of $3.93, falling short of the consensus estimate of $3.96 by $0.03. Revenue for the quarter reached $12.39 billion, significantly surpassing expectations of $9.77 billion. The company achieved a net margin of 11.72% and a return on equity of 21.97%, with revenue up 14.1% year-over-year. Analysts forecast that Deere will post an EPS of $19.32 for the current year.

Deere & Company is a prominent manufacturer and distributor of equipment for agriculture, construction, forestry, and turf care. Its operations span several segments, including Agriculture and Turf, Construction and Forestry, and Financial Services. As investors and analysts keep a close eye on the company, further developments are expected in the coming quarters.