Canvas Wealth Advisors LLC Decreases Stock Position in Deere & Company (NYSE:DE)

Canvas Wealth Advisors LLC lessened its stake in Deere & Company (NYSE:DE) by 5.7% in the first quarter, Holdings Channel reports. The fund owned 450 shares of the industrial products company’s stock after selling 27 shares during the quarter. Canvas Wealth Advisors LLC’s holdings in Deere & Company were worth $205,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of DE. Orion Capital Management LLC purchased a new position in Deere & Company in the 4th quarter worth approximately $34,000. Mascagni Wealth Management Inc. purchased a new position in Deere & Company in the 4th quarter worth approximately $39,000. Dogwood Wealth Management LLC purchased a new position in Deere & Company in the 4th quarter worth approximately $42,000. Wood Tarver Financial Group LLC purchased a new position in Deere & Company in the 4th quarter worth approximately $43,000. Finally, Halbert Hargrove Global Advisors LLC purchased a new position in Deere & Company in the 4th quarter worth approximately $48,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Stock Performance

Shares of DE opened at $513.46 on Friday. The business’s fifty day moving average price is $500.54 and its 200 day moving average price is $472.74. Deere & Company has a 12-month low of $340.20 and a 12-month high of $533.78. The stock has a market capitalization of $139.06 billion, a PE ratio of 24.84, a price-to-earnings-growth ratio of 3.23 and a beta of 1.09. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.11 and a quick ratio of 1.89.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share for the quarter, topping the consensus estimate of $5.72 by $0.92. Deere & Company had a return on equity of 24.39% and a net margin of 12.40%. The firm had revenue of $11.17 billion for the quarter, compared to analyst estimates of $10.80 billion. During the same period last year, the company earned $8.53 earnings per share. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. Equities research analysts forecast that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Announces Dividend

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 $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend is Monday, June 30th. Deere & Company’s dividend payout ratio is presently 31.35%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on DE shares. Argus set a $510.00 price target on Deere & Company in a report on Friday, March 7th. Truist Financial increased their target price on Deere & Company from $546.00 to $619.00 and gave the company a “buy” rating in a research note on Friday, May 16th. The Goldman Sachs Group reiterated a “buy” rating on shares of Deere & Company in a research note on Thursday, May 15th. DA Davidson reiterated a “buy” rating and set a $542.00 target price on shares of Deere & Company in a research note on Friday, May 16th. Finally, Melius Research upgraded Deere & Company from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 6th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $515.19.

Deere & Company Profile

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.