Lipe & Dalton Decreases Position in Deere & Company (NYSE:DE)

Lipe & Dalton decreased its position in Deere & Company (NYSE:DE) by 1.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,774 shares of the industrial products company’s stock after selling 100 shares during the quarter. Deere & Company makes up 2.0% of Lipe & Dalton’s investment portfolio, making the stock its 18th largest position. Lipe & Dalton’s holdings in Deere & Company were worth $3,649,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Hughes Financial Services LLC purchased a new position in shares of Deere & Company during the first quarter valued at about $29,000. Cornerstone Planning Group LLC lifted its stake in shares of Deere & Company by 116.1% in the first quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company’s stock worth $31,000 after buying an additional 36 shares in the last quarter. Orion Capital Management LLC bought a new position in shares of Deere & Company in the fourth quarter worth approximately $34,000. Mascagni Wealth Management Inc. purchased a new position in shares of Deere & Company during the fourth quarter valued at approximately $39,000. Finally, Dogwood Wealth Management LLC purchased a new position in shares of Deere & Company during the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Stock Up 0.3%

NYSE DE traded up $1.56 during trading on Friday, reaching $500.70. 195,633 shares of the company’s stock traded hands, compared to its average volume of 1,340,869. Deere & Company has a 12-month low of $340.20 and a 12-month high of $533.78. The firm has a market cap of $135.60 billion, a price-to-earnings ratio of 24.22, a price-to-earnings-growth ratio of 3.22 and a beta of 1.08. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.11 and a quick ratio of 1.89. The company’s 50 day simple moving average is $512.70 and its two-hundred day simple moving average is $480.12.

Deere & Company (NYSE:DE) last released its quarterly earnings results on Thursday, May 15th. The industrial products company reported $6.64 earnings per share for the quarter, beating analysts’ consensus estimates of $5.72 by $0.92. The business had revenue of $11.17 billion for the quarter, compared to analysts’ expectations of $10.80 billion. Deere & Company had a net margin of 12.40% and a return on equity of 24.39%. The company’s revenue was down 17.9% compared to the same quarter last year. During the same period last year, the business earned $8.53 EPS. As a group, sell-side analysts forecast that Deere & Company will post 19.32 EPS for the current fiscal 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. This represents a $6.48 annualized dividend and a yield of 1.29%. The ex-dividend date is Monday, June 30th. Deere & Company’s dividend payout ratio is presently 31.35%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on DE shares. UBS Group reduced their target price on shares of Deere & Company from $462.00 to $440.00 and set a “neutral” rating for the company in a report on Monday, April 7th. Robert W. Baird increased their price objective on shares of Deere & Company from $501.00 to $514.00 and gave the stock a “neutral” rating in a research note on Friday, May 16th. Wall Street Zen lowered shares of Deere & Company from a “hold” rating to a “sell” rating in a research report on Friday, May 30th. Truist Financial increased their price objective on shares of Deere & Company from $546.00 to $619.00 and gave the company a “buy” rating in a research report on Friday, May 16th. Finally, Melius upgraded shares of Deere & Company from a “hold” rating to a “buy” rating in a research report 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 stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $515.50.

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.