Truist Financial Corp Cuts Holdings in Deere & Company $DE

Truist Financial Corp lowered its position in Deere & Company (NYSE:DE) by 4.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 225,378 shares of the industrial products company’s stock after selling 10,891 shares during the period. Truist Financial Corp’s holdings in Deere & Company were worth $103,056,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Mid American Wealth Advisory Group Inc. acquired a new position in Deere & Company in the 2nd quarter worth about $25,000. Howard Hughes Medical Institute acquired a new stake in Deere & Company in the second quarter valued at approximately $27,000. Center for Financial Planning Inc. increased its position in shares of Deere & Company by 406.7% in the second quarter. Center for Financial Planning Inc. now owns 76 shares of the industrial products company’s stock valued at $39,000 after buying an additional 61 shares in the last quarter. Soundwatch Capital LLC acquired a new position in shares of Deere & Company during the 2nd quarter worth approximately $41,000. Finally, Lynch Asset Management Inc. purchased a new position in shares of Deere & Company during the 3rd quarter valued at approximately $46,000. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Price Performance

Shares of NYSE DE opened at $524.44 on Thursday. The firm has a 50-day simple moving average of $485.34 and a 200-day simple moving average of $482.00. The company has a quick ratio of 2.01, a current ratio of 2.22 and a debt-to-equity ratio of 1.68. The stock has a market capitalization of $142.16 billion, a price-to-earnings ratio of 28.33, a price-to-earnings-growth ratio of 2.07 and a beta of 1.00. Deere & Company has a 52 week low of $404.42 and a 52 week high of $533.78.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Wednesday, November 26th. The industrial products company reported $3.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.96 by ($0.03). The business had revenue of $12.39 billion for the quarter, compared to analysts’ expectations of $9.77 billion. Deere & Company had a net margin of 11.00% and a return on equity of 20.54%. The firm’s revenue was up 14.1% on a year-over-year basis. During the same period in the prior year, the company posted $4.55 EPS. On average, equities analysts predict that Deere & Company will post 19.32 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, February 9th. Stockholders of record on Wednesday, December 31st will be given a $1.62 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.2%. Deere & Company’s dividend payout ratio is 35.01%.

Insider Activity at Deere & Company

In related news, insider Cory J. Reed sold 12,000 shares of Deere & Company stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $510.00, for a total transaction of $6,120,000.00. Following the transaction, the insider owned 20,792 shares in the company, valued at approximately $10,603,920. This trade represents a 36.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO John C. May II sold 41,472 shares of the business’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $501.49, for a total value of $20,797,793.28. Following the transaction, the chief executive officer directly owned 117,970 shares in the company, valued at $59,160,775.30. This trade represents a 26.01% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 64,578 shares of company stock valued at $32,471,682. Insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

DE has been the subject of several recent analyst reports. Evercore ISI reissued a “positive” rating on shares of Deere & Company in a report on Friday, November 28th. Citigroup dropped their target price on shares of Deere & Company from $525.00 to $515.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 7th. JPMorgan Chase & Co. cut their target price on shares of Deere & Company from $480.00 to $460.00 and set a “neutral” rating for the company in a research note on Friday, December 19th. UBS Group reaffirmed a “buy” rating on shares of Deere & Company in a research note on Tuesday, November 25th. Finally, Wells Fargo & Company began coverage on Deere & Company in a report on Thursday, November 13th. They issued an “overweight” rating and a $543.00 price objective on the stock. Fifteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $524.20.

Deere & Company Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.