Deere & Company (NYSE:DE) Position Trimmed by Sovereign Financial Group Inc.

Sovereign Financial Group Inc. lessened its holdings in shares of Deere & Company (NYSE:DE) by 6.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,273 shares of the industrial products company’s stock after selling 85 shares during the quarter. Sovereign Financial Group Inc.’s holdings in Deere & Company were worth $509,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Pinnacle Associates Ltd. grew its stake in shares of Deere & Company by 21.3% in the 4th quarter. Pinnacle Associates Ltd. now owns 5,355 shares of the industrial products company’s stock valued at $2,141,000 after buying an additional 939 shares in the last quarter. Penserra Capital Management LLC grew its stake in shares of Deere & Company by 2.4% in the 3rd quarter. Penserra Capital Management LLC now owns 236,696 shares of the industrial products company’s stock valued at $89,322,000 after buying an additional 5,485 shares in the last quarter. New Mexico Educational Retirement Board lifted its holdings in Deere & Company by 6.9% in the 3rd quarter. New Mexico Educational Retirement Board now owns 14,002 shares of the industrial products company’s stock worth $5,284,000 after purchasing an additional 900 shares during the last quarter. Summit Asset Management LLC lifted its holdings in Deere & Company by 24.1% in the 4th quarter. Summit Asset Management LLC now owns 1,030 shares of the industrial products company’s stock worth $412,000 after purchasing an additional 200 shares during the last quarter. Finally, Centric Wealth Management acquired a new stake in Deere & Company in the 3rd quarter worth approximately $2,640,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on DE shares. Evercore ISI upped their price target on Deere & Company from $381.00 to $387.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. Truist Financial initiated coverage on Deere & Company in a research report on Thursday, March 14th. They set a “buy” rating and a $494.00 price objective on the stock. Morgan Stanley initiated coverage on Deere & Company in a research report on Monday, January 8th. They issued an “overweight” rating and a $430.00 price target on the stock. Wells Fargo & Company lowered their price target on Deere & Company from $445.00 to $425.00 and set an “overweight” rating on the stock in a research report on Friday, February 16th. Finally, Stifel Nicolaus lowered their price target on Deere & Company from $435.00 to $425.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $433.28.

Deere & Company Stock Performance

NYSE DE traded up $3.73 on Tuesday, reaching $405.57. 930,852 shares of the stock were exchanged, compared to its average volume of 1,461,198. The company has a current ratio of 2.05, a quick ratio of 1.81 and a debt-to-equity ratio of 1.81. Deere & Company has a one year low of $345.55 and a one year high of $450.00. The firm has a market capitalization of $112.89 billion, a PE ratio of 11.81, a PEG ratio of 1.51 and a beta of 1.04. The company’s 50-day simple moving average is $393.13 and its two-hundred day simple moving average is $384.23.

Deere & Company (NYSE:DE) last released its quarterly earnings data on Thursday, February 15th. The industrial products company reported $6.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $1.04. The firm had revenue of $10.49 billion for the quarter, compared to analysts’ expectations of $10.30 billion. Deere & Company had a net margin of 16.38% and a return on equity of 44.60%. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same quarter last year, the business posted $6.55 earnings per share. Analysts expect that Deere & Company will post 27.37 EPS for the current fiscal year.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 8th. Stockholders of record on Friday, March 29th will be given a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Wednesday, March 27th. Deere & Company’s dividend payout ratio is currently 17.12%.

About Deere & Company

Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.