Warren Buffet Building up Stake in The Smart Farm Machinery Company John Deere
Warren Buffett's Berkshire Hathaway disclosed a 5% stake in agricultural equipment maker Deere & Co. and said it shed a $3.74 billion investment in Oil Company Exxon Mobil as oil prices plunged.
According to a U.S, the changes were among several that Berkshire made in its common stock investments in the fourth quarter, Securities and Exchange Commission filing detailing the conglomerate's domestic equity investments as of Dec. 31.
At year end, Berkshire began accumulating the bulk of its 17.1 million-share stake in Deere, worth $1.51 billion, in the third quarter of 2014, but had not previously disclosed it. The SEC often lets Buffett quietly accumulate large stakes to deter copycats.
Deere shares rose 1.2% in after-market trading.
Some investors consider it a vote of confidence by Buffett and try to copy him, so shares of companies often rise after Berkshire reveals new investments.