Old Port Advisors Trims Stake in Deere & Company (NYSE:DE)

Old Port Advisors lessened its position in Deere & Company (NYSE:DE) by 5.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 647 shares of the industrial products company’s stock after selling 35 shares during the quarter. Old Port Advisors’ holdings in Deere & Company were worth $266,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. True Wealth Design LLC grew its position in shares of Deere & Company by 1,180.0% in the 4th quarter. True Wealth Design LLC now owns 64 shares of the industrial products company’s stock worth $26,000 after buying an additional 59 shares during the period. Pineridge Advisors LLC increased its stake in shares of Deere & Company by 725.0% during the first quarter. Pineridge Advisors LLC now owns 66 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Rakuten Securities Inc. purchased a new position in shares of Deere & Company during the fourth quarter valued at approximately $28,000. Naples Money Management LLC bought a new stake in shares of Deere & Company in the 4th quarter worth approximately $29,000. Finally, Private Wealth Management Group LLC purchased a new stake in shares of Deere & Company in the 4th quarter worth approximately $29,000. 68.58% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Cory J. Reed sold 13,370 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the completion of the transaction, the insider now directly owns 41,642 shares of the company’s stock, valued at $15,725,268.46. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.26% of the company’s stock.

Deere & Company Price Performance

Shares of DE traded down $4.16 during mid-day trading on Friday, reaching $353.75. The stock had a trading volume of 2,820,703 shares, compared to its average volume of 1,566,937. The firm has a market cap of $97.48 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 1.59 and a beta of 0.93. Deere & Company has a 12 month low of $345.93 and a 12 month high of $441.46. The business has a fifty day moving average of $370.86 and a 200 day moving average of $382.93. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.80 and a current ratio of 2.01.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, May 16th. The industrial products company reported $8.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.86 by $0.67. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. The company had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $13.29 billion. During the same quarter last year, the company earned $9.65 EPS. The firm’s quarterly revenue was down 15.4% on a year-over-year basis. Equities analysts predict that Deere & Company will post 25.41 EPS for the current year.

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Shareholders of record on Friday, June 28th will be issued a $1.47 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.88 dividend on an annualized basis and a yield of 1.66%. Deere & Company’s dividend payout ratio is currently 17.70%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Morgan Stanley boosted their target price on Deere & Company from $430.00 to $450.00 in a report on Wednesday, May 15th. JPMorgan Chase & Co. dropped their target price on shares of Deere & Company from $385.00 to $375.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. TD Cowen lifted their target price on Deere & Company from $383.00 to $390.00 and gave the stock a “hold” rating in a report on Friday, May 17th. Truist Financial lowered their price target on Deere & Company from $460.00 to $439.00 and set a “buy” rating on the stock in a report on Tuesday, July 2nd. Finally, Oppenheimer reduced their price objective on Deere & Company from $465.00 to $448.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $426.71.

Deere & Company Profile

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.