Bill Gates’ Cascade Investment Buys Some Deere & Company (DE) Shares

Bill Gates' Cascade Investment, has reported in a newly amended filing that it has recently acquired 500,000 shares of Deere & Company (NYSE:DE). Following the acquisition, Mr. Gates owns over 30 million shares of the company, which represent 8.1% of the outstanding common stock. The aggregate purchasing price amounts to around $44.3 million.

The securities were purchased in two transactions a couple of days ago. In the first deal, Cascade bought a total of 368,713 shares, for a price of $88.37 apiece. The second transaction involved 131,287 shares, worth $88.91 each.

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Cascade Investments is a holding company controlled by Mr. Gates. Earlier, Bill & Melinda Gates Foundation, where Mr. Gates is a Co-Chairman and Trustee sold some Berkshire Hathaway Inc. (BRK.B) shares reducing the stake to 83.1 million shares of Class B; Cascade Investments also owns 6.1 million shares of Berkshire Hathaway Inc.

Deere & Company (NYSE:DE) is involved in agricultural, construction and forestry machinery. It also operates a financial services arm to finance sales and leases by its dealers.  Deere and Company develops, manufactures and sells agricultural and turf equipment as well as construction, earthmoving, material handling and forestry equipment. The company strongly believes in innovation and has recently developed an autonomous mower, called ‘Tango E5’. The mower is battery operated and requires minimal human handling. It is exhibited at the company’s John Deere Pavilion.

At the beginning of December, Deere & Company (NYSE:DE)'s board has approved the buyback of additional $8 billion worth of common stock, in addition to previously authorized amount of $5 billion. Overall, the company has bought back around $11 billion worth of stock since 2004, it said in a statement. The board also announced a quarterly dividend which amounts to $0.51 per share.

In the latest round of 13F filings, Warren Buffett’s Berkshire Hathaway held 3.98 million shares in Deere & Company (NYSE:DE) valued at approximately $324 million. Mario Gabelli's Gamco Investors owns 1.39 million shares worth $113 million, followed by Fpr Partners run by Bob Peck and Andy Raab with a holding worth $60 million. Fpr partners held 739K shares in Deere & Company at the end of the third quarter.

Disclosure: none

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