Graypoint LLC Cuts Stake in Deere & Company (NYSE:DE)

Graypoint LLC cut its stake in Deere & Company (NYSE:DE) by 3.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,377 shares of the industrial products company’s stock after selling 110 shares during the quarter. Graypoint LLC’s holdings in Deere & Company were worth $1,410,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Financial Enhancement Group LLC acquired a new stake in shares of Deere & Company during the third quarter valued at about $6,761,000. Forte Capital LLC ADV grew its stake in shares of Deere & Company by 6.3% during the third quarter. Forte Capital LLC ADV now owns 1,646 shares of the industrial products company’s stock valued at $687,000 after acquiring an additional 98 shares in the last quarter. Umpqua Bank grew its stake in shares of Deere & Company by 1.5% during the third quarter. Umpqua Bank now owns 4,879 shares of the industrial products company’s stock valued at $2,036,000 after acquiring an additional 71 shares in the last quarter. Armor Investment Advisors LLC grew its stake in shares of Deere & Company by 1.2% during the third quarter. Armor Investment Advisors LLC now owns 5,913 shares of the industrial products company’s stock valued at $2,468,000 after acquiring an additional 72 shares in the last quarter. Finally, Radnor Capital Management LLC acquired a new stake in shares of Deere & Company during the third quarter valued at about $243,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Stock Performance

DE opened at $411.16 on Friday. The business’s 50 day moving average is $402.27 and its 200-day moving average is $385.56. The stock has a market cap of $112.49 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 1.52 and a beta of 0.93. The company has a current ratio of 2.07, a quick ratio of 1.87 and a debt-to-equity ratio of 1.85. Deere & Company has a twelve month low of $340.20 and a twelve month high of $420.47.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, August 15th. The industrial products company reported $6.29 EPS for the quarter, topping the consensus estimate of $5.63 by $0.66. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The firm had revenue of $11.39 billion for the quarter, compared to analysts’ expectations of $10.94 billion. During the same quarter in the previous year, the company earned $10.20 earnings per share. The firm’s quarterly revenue was down 20.3% compared to the same quarter last year. On average, analysts predict that Deere & Company will post 25 earnings per share for the current year.

Deere & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Monday, September 30th will be given a $1.47 dividend. The ex-dividend date is Monday, September 30th. This represents a $5.88 annualized dividend and a yield of 1.43%. Deere & Company’s dividend payout ratio (DPR) is 20.06%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. BMO Capital Markets assumed coverage on Deere & Company in a research note on Friday, August 9th. They set a “market perform” rating and a $400.00 target price for the company. HSBC downgraded Deere & Company from a “buy” rating to a “hold” rating in a research note on Monday, August 19th. Citigroup lifted their price target on Deere & Company from $395.00 to $420.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Truist Financial lifted their price target on Deere & Company from $443.00 to $496.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Deere & Company from $402.00 to $389.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Twelve research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Deere & Company has an average rating of “Hold” and an average price target of $420.69.

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.