Is Deere & Company (DE) Well-Positioned for Growth?

Oakmark Funds, advised by Harris Associates, released its “Oakmark Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund returned 10.27% in the first quarter, compared to a 10.56% return for the S&P 500 Index. The fund has returned an average of 12.96% per year since its inception in August 1991 compared to the index return of 10.51% over the same period. The largest contributors to the fund for the quarter were financials and consumer discretionary and there were no detractors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Oakmark Fund featured stocks like Deere & Company (NYSE:DE) in the first quarter 2024 investor letter. Headquartered in Moline, Illinois, Deere & Company (NYSE:DE) manufactures and distributes various equipment. On April 5, 2024, Deere & Company (NYSE:DE) stock closed at $412.54 per share. One-month return of Deere & Company (NYSE:DE) was 10.00%, and its shares gained 9.33% of their value over the last 52 weeks. Deere & Company (NYSE:DE) has a market capitalization of $114.83 billion.

Oakmark Fund stated the following regarding Deere & Company (NYSE:DE) in its first quarter 2024 investor letter:

« Deere & Company (NYSE:DE) is a leading manufacturer of agricultural equipment with dominant market share in North America and Brazil. Despite its brand strength, technological capabilities and distribution advantages, the company’s stock price has recently fallen due to fears about a downturn in the agriculture business cycle. Longer term, world population and food demand are expected to increase annually yet land and labor devoted to agriculture are expected to decline. Deere seems well-positioned to benefit from this dynamic as farms will have to become more productive. We were pleased to purchase shares in Deere at a low double-digit multiple of our estimate of normal earnings power. »

New Innovative Agricultural Business IdeasNew Innovative Agricultural Business Ideas

New Innovative Agricultural Business Ideas

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Deere & Company (NYSE:DE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Deere & Company (NYSE:DE) was held by 54 hedge fund portfolios, compared to 55 in the previous quarter, according to our database.

We discussed Deere & Company (NYSE:DE) in another article and shared the list of best industrial machinery stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.

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