5 Best Heavy Equipment and Industrial Machinery Stocks to Buy

1. Deere & Company (NYSE:DE)

Number of Hedge Fund Holders: 63

On February 22, Deere & Company (NYSE:DE) declared a quarterly cash dividend of $1.25 per common shares, up 4.2% from the company’s prior dividend of $1.20. The common stock cash dividend is payable on May 8 to shareholders of record on March 31. As of April 28, the stock is offering a forward dividend yield of 1.32%.

On April 14, DA Davidson analyst Michael Shlisky maintained a Buy rating and his $520 price target on Deere & Company (NYSE:DE).

Deere & Company (NYSE:DE) was held by 38 hedge funds at the close of Q4 2022. These funds held positions worth $3.6 billion in the company. As of December 31, Bill & Melinda Gates Foundation Trust is the top investor in the company and has a stake worth $1.6 billion.

ClearBridge Investments 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.”

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