First Eagle is Betting on Deere & Company (DE) Stock
First Eagle Investment Management recently released its Q3 2020 Investor Letter, a copy of which you can download here. The First Eagle Global Fund A Shares posted a return of 5.64% for the third quarter (without sales charge), underperforming its benchmark, the MSCI World Index which returned 7.93% in the same quarter. You should check out First Eagle's top 5 stock picks for investors to buy right now, which could be the biggest winners of this year.
In the said letter, First Eagle highlighted a few stocks and Deere & Co (NYSE:DE) is one of them. Deere & Co (NYSE:DE) engages in the manufacturing and distribution of equipment used in construction, forestry, agriculture, and turf care. Year-to-date, Deere & Co (NYSE:DE) stock gained 30.5% and on October 28th it had a closing price of $223.37. Here is what First Eagle said:
"Deere & Company manufactures and distributes equipment used in agriculture, construction, forestry and turf care in more than 30 countries. The company executed well in what has been a supportive environment for its products marked by strong pricing in agricultural commodities and robust crop yields. Notably, Deere successfully rolled out price increases in its Agriculture & Turf division, which improved its operating margins."
Earlier this week, we published an article revealing that Deere & Co (NYSE:DE) is one of the top 10 Robotics and Artificial Intelligence stocks to buy right now.
In Q2 2020, the number of bullish hedge fund positions on Deere & Co (NYSE:DE) stock decreased by about 27% from the previous quarter (see the chart here), so a number of other hedge fund managers don't believe in Deere's growth potential. Our calculations showed that Deere & Co (NYSE:DE) isn't ranked among the 30 most popular stocks among hedge funds.
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Video: Top 5 Stocks Among Hedge Funds
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Disclosure: None. This article is originally published at Insider Monkey.
