Trust Point Inc. Lowers Stock Position in Deere & Company (NYSE:DE)

Trust Point Inc. lessened its holdings in shares of Deere & Company (NYSE:DE) by 13.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,924 shares of the industrial products company’s stock after selling 461 shares during the quarter. Trust Point Inc.’s holdings in Deere & Company were worth $1,372,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Assenagon Asset Management S.A. raised its holdings in Deere & Company by 58.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company’s stock valued at $6,395,000 after acquiring an additional 5,053 shares in the last quarter. Spectrum Financial Alliance Ltd LLC raised its holdings in Deere & Company by 2.9% in the fourth quarter. Spectrum Financial Alliance Ltd LLC now owns 49,613 shares of the industrial products company’s stock valued at $21,021,000 after acquiring an additional 1,407 shares in the last quarter. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in Deere & Company in the fourth quarter valued at approximately $847,000. BankPlus Trust Department acquired a new stake in Deere & Company in the fourth quarter valued at approximately $1,127,000. Finally, Stenger Family Office LLC acquired a new stake in Deere & Company in the fourth quarter valued at approximately $3,144,000. Institutional investors and hedge funds own 68.58% of the company’s stock.

Deere & Company Stock Performance

NYSE:DE opened at $509.04 on Monday. The firm’s fifty day moving average price is $487.24 and its 200 day moving average price is $468.55. Deere & Company has a 1-year low of $340.20 and a 1-year high of $533.78. The company has a debt-to-equity ratio of 1.94, a current ratio of 2.22 and a quick ratio of 1.98. The firm has a market cap of $137.86 billion, a price-to-earnings ratio of 22.56, a price-to-earnings-growth ratio of 2.14 and a beta of 1.09.

Deere & Company (NYSE:DE) last released its earnings results on Thursday, May 15th. The industrial products company reported $6.64 EPS for the quarter, beating analysts’ consensus estimates of $5.72 by $0.92. Deere & Company had a return on equity of 27.31% and a net margin of 12.94%. The company had revenue of $11.17 billion during the quarter, compared to the consensus estimate of $10.80 billion. During the same quarter last year, the company earned $8.53 earnings per share. Deere & Company’s quarterly revenue was down 17.9% compared to the same quarter last year. On average, sell-side analysts expect that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Shareholders of record on Monday, June 30th will be given a dividend of $1.62 per share. The ex-dividend date is Monday, June 30th. This represents a $6.48 annualized dividend and a yield of 1.27%. Deere & Company’s payout ratio is currently 31.35%.

Wall Street Analyst Weigh In

Several brokerages have commented on DE. Oppenheimer increased their price target on shares of Deere & Company from $513.00 to $555.00 and gave the company an “outperform” rating in a research note on Friday, May 16th. Morgan Stanley increased their price target on shares of Deere & Company from $450.00 to $500.00 and gave the company an “overweight” rating in a research note on Wednesday, April 16th. Wall Street Zen lowered shares of Deere & Company from a “hold” rating to a “sell” rating in a research note on Friday, May 30th. Citigroup dropped their price target on shares of Deere & Company from $550.00 to $525.00 and set a “neutral” rating on the stock in a research note on Friday, May 30th. Finally, Truist Financial increased their price target on shares of Deere & Company from $546.00 to $619.00 and gave the company a “buy” rating in a research note on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $515.19.

About Deere & Company

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.