Deere & Company (DE) Rising After Analyst Upgrade, Major Price Target Hike

With general bullishness amongst the heavyweights, key hedge funds were breaking ground in Deere. Tide Point Capital, managed by Christopher A. Winham, initiated the most outsized call position in Deere & Company (NYSE:DE). Tide Point Capital had $46.2 million invested in the company at the end of the quarter. The fund also initiated a $34.6 million long position during the quarter. The other funds with new positions in the stock are Phill Gross and Robert Atchinson’s Adage Capital Management, Robert Bishop’s Impala Asset Management, and Israel Englander’s Millennium Management.

Let’s now review hedge fund activity in other stocks similar to Deere & Company (NYSE:DE). These stocks are Tyson Foods, Inc. (NYSE:TSN), Applied Materials, Inc. (NASDAQ:AMAT), Synchrony Financial (NYSE:SYF), and Public Service Enterprise Group Inc. (NYSE:PEG). This group of stocks’ market caps are similar to DE’s market cap.

As you can see these stocks had an average of 43 hedge funds with bullish positions and the average amount invested in these stocks was $1.80 billion. That figure was $3.47 billion in DE’s case. Synchrony Financial (NYSE:SYF) is the most popular stock in this table. On the other hand Public Service Enterprise Group Inc. (NYSE:PEG) is the least popular one with only 24 bullish hedge fund positions. Deere & Company (NYSE:DE) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard SYF might be a better candidate to consider a long position.

Disclosure: None