Is it a Good Move to Invest in Deere & Co. (DE)?

ClearBridge Investments, an investment management firm, published its “Large Cap Growth ESG Strategy” second quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Dividend Strategy outperformed its S&P 500 Index benchmark during the second quarter. On an absolute basis, the Strategy had gains in one of the 11 sectors in which it was invested for the quarter: the health care sector. The IT, financials and materials sectors, meanwhile, were the main detractors. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, ClearBridge Large Cap Growth ESG Strategy mentioned Deere & Company (NYSE:DE) and explained its insights for the company. Founded in 1837, Deere & Company (NYSE:DE) is a Moline, Illinois-based advanced products and services provider with a $104.9 billion market capitalization. Deere & Company (NYSE:DE) delivered a 0.12% return since the beginning of the year, while its 12-month returns are down by -6.42%. The stock closed at $343.31 per share on August 05, 2022.

Here is what ClearBridge Large Cap Growth ESG Strategy has to say about Deere & Company (NYSE:DE) in its Q2 2022 investor letter:

“In our engagements with farm equipment maker Deere (NYSE:DE), we have followed new technology as it has developed from early promise of environmental and social benefits to market reality. In March 2022, Deere’s Chairman & CEO and CFO met with ClearBridge’s investment team in our New York offices. While prior to the pandemic we had regularly hosted the company, this meeting was among the most interesting as the relatively new CEO outlined a bold plan that placed improved environmental stewardship squarely at the center of the company’s future.

Industrial farming, at its core, is not an especially environmentally friendly enterprise. Agronomic practices have improved over time, but fertilizer, herbicide and pesticide applications and water usage remain problematic. Deere believes its precision farming technology can drive down chemical and fertilizer volumes materially —possibly by as much as 70% — as sensors and cameras attached to tractors, sprayers and combines help determine the exact level of chemicals that might be required…” (Click here to see the full text)

Copyright: budabar / 123RF Stock Photo

Our calculations show that Deere & Company (NYSE:DE) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Deere & Company (NYSE:DE) was in 66 hedge fund portfolios at the end of the second quarter of 2022, compared to 61 funds in the previous quarter. Deere & Company (NYSE:DE) delivered a -9.05% return in the past 3 months.

In June 2022, we also shared another hedge fund’s views on Deere & Company (NYSE:DE) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

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

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