Does Deere & Company (DE) Have Long-Term Upside Potential?

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark, the Russell 1000 Value Index, in the fourth quarter. On an absolute basis, the strategy gained from 10 of the 11 sectors in which it was invested for the quarter. The industrials and financials sectors were the leading contributors while the real estate sector detracted from performance. Overall stock selection and sector allocation contributed to the strategy’s performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Large Cap Value Strategy highlighted stocks like Deere & Company (NYSE:DE) in the Q4 2022 investor letter. Headquartered in Moline, Illinois, Deere & Company (NYSE:DE) is a global manufacturer and distributor of various equipment. On February 22, 2023, Deere & Company (NYSE:DE) stock closed at $426.41 per share. One-month return of Deere & Company (NYSE:DE) was 1.24%, and its shares gained 24.40% of their value over the last 52 weeks. Deere & Company (NYSE:DE) has a market capitalization of $126.711 billion.

ClearBridge Large Cap Value Strategy made the following comment about Deere & Company (NYSE:DE) in its Q4 2022 investor letter:

“Our industrials holdings produced robust absolute returns for the quarter. While the ISM Manufacturing Index fell in November to contractionary levels, our industrial holdings have largely been able to maintain earnings due to strong competitive positions, historically large backlogs and company-specific drivers. For example, Deere & Company (NYSE:DE) continues to benefit from a strong upgrade cycle as record farmers’ income is driving broad and rapid adoption of the company’s precision agricultural equipment.”

Pixabay/Public Domain

Deere & Company (NYSE:DE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held Deere & Company (NYSE:DE) at the end of the fourth quarter which was 57 in the previous quarter.

We discussed Deere & Company (NYSE:DE) in another article and shared high growth dividend paying stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 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.