Procyon Advisors LLC Decreases Holdings in Deere & Company (NYSE:DE)

Procyon Advisors LLC trimmed its stake in shares of Deere & Company (NYSE:DE) by 34.4% during the 1st quarter, HoldingsChannel.com reports. The firm owned 6,439 shares of the industrial products company’s stock after selling 3,370 shares during the quarter. Procyon Advisors LLC’s holdings in Deere & Company were worth $2,645,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of DE. Federated Hermes Inc. raised its position in shares of Deere & Company by 0.6% in the third quarter. Federated Hermes Inc. now owns 19,210 shares of the industrial products company’s stock valued at $7,249,000 after buying an additional 124 shares during the last quarter. Operose Advisors LLC acquired a new stake in Deere & Company during the third quarter worth about $92,000. O Shaughnessy Asset Management LLC increased its position in Deere & Company by 30.3% during the third quarter. O Shaughnessy Asset Management LLC now owns 15,297 shares of the industrial products company’s stock worth $5,773,000 after purchasing an additional 3,559 shares during the last quarter. Mutual Advisors LLC increased its position in Deere & Company by 3.6% during the third quarter. Mutual Advisors LLC now owns 4,783 shares of the industrial products company’s stock worth $1,805,000 after purchasing an additional 164 shares during the last quarter. Finally, Mather Group LLC. increased its position in Deere & Company by 12.3% during the third quarter. Mather Group LLC. now owns 2,194 shares of the industrial products company’s stock worth $828,000 after purchasing an additional 240 shares during the last quarter. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on DE shares. Stifel Nicolaus raised their price objective on shares of Deere & Company from $425.00 to $450.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Oppenheimer restated an “outperform” rating and set a $456.00 price objective on shares of Deere & Company in a research report on Thursday, May 16th. TD Cowen raised their price objective on shares of Deere & Company from $383.00 to $390.00 and gave the stock a “hold” rating in a research report on Friday, May 17th. JPMorgan Chase & Co. dropped their price target on shares of Deere & Company from $425.00 to $385.00 and set a “neutral” rating for the company in a research report on Friday, May 17th. Finally, Morgan Stanley lifted their price target on shares of Deere & Company from $430.00 to $450.00 in a research report on Wednesday, May 15th. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $430.55.

Insider Buying and Selling at Deere & Company

In other Deere & Company news, insider Cory J. Reed sold 13,370 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the sale, the insider now directly owns 41,642 shares in the company, valued at approximately $15,725,268.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.26% of the stock is currently owned by corporate insiders.

Deere & Company Stock Performance

Shares of Deere & Company stock opened at $376.70 on Friday. The firm’s fifty day simple moving average is $386.34 and its 200-day simple moving average is $387.01. The stock has a market capitalization of $103.81 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 1.51 and a beta of 0.98. Deere & Company has a 12 month low of $353.15 and a 12 month high of $450.00. The company has a debt-to-equity ratio of 1.81, a current ratio of 2.01 and a quick ratio of 1.80.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, May 16th. The industrial products company reported $8.53 EPS for the quarter, beating analysts’ consensus estimates of $7.86 by $0.67. The business had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $13.29 billion. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The company’s quarterly revenue was down 15.4% on a year-over-year basis. During the same period in the previous year, the company posted $9.65 EPS. As a group, equities analysts forecast that Deere & Company will post 25.61 earnings per share for the current year.

Deere & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Shareholders of record on Friday, June 28th will be paid a $1.47 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.88 annualized dividend and a yield of 1.56%. Deere & Company’s dividend payout ratio is currently 17.70%.

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.