Procyon Advisors LLC Has $2.65 Million Stock Position in Deere & Company (NYSE:DE)

Procyon Advisors LLC cut its stake in shares of Deere & Company (NYSE:DE) by 34.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,439 shares of the industrial products company’s stock after selling 3,370 shares during the period. Procyon Advisors LLC’s holdings in Deere & Company were worth $2,645,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in DE. Federated Hermes Inc. lifted its holdings in Deere & Company by 0.6% during the third quarter. Federated Hermes Inc. now owns 19,210 shares of the industrial products company’s stock worth $7,249,000 after acquiring an additional 124 shares in the last quarter. Operose Advisors LLC bought a new position in Deere & Company during the third quarter worth about $92,000. O Shaughnessy Asset Management LLC lifted its holdings 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 acquiring an additional 3,559 shares in the last quarter. Mutual Advisors LLC lifted its holdings 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 acquiring an additional 164 shares in the last quarter. Finally, Mather Group LLC. lifted its holdings 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 acquiring an additional 240 shares in the last quarter. 68.58% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Deere & Company news, insider Cory J. Reed sold 13,370 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 41,642 shares in the company, valued at $15,725,268.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on DE shares. Truist Financial started coverage on Deere & Company in a report on Thursday, March 14th. They issued a “buy” rating and a $494.00 price target on the stock. Stifel Nicolaus boosted their price target on Deere & Company from $425.00 to $450.00 and gave the company a “buy” rating in a report on Friday, May 17th. Oppenheimer restated an “outperform” rating and issued a $456.00 price target on shares of Deere & Company in a report on Thursday, May 16th. Citigroup assumed coverage on Deere & Company in a research report on Wednesday. They issued a “neutral” rating and a $395.00 target price on the stock. Finally, JPMorgan Chase & Co. lowered their price target on Deere & Company from $425.00 to $385.00 and set a “neutral” rating on the stock in a research report on Friday, May 17th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $430.55.

Deere & Company Trading Up 0.1 %

Shares of DE stock opened at $376.70 on Friday. The company has a current ratio of 2.01, a quick ratio of 1.80 and a debt-to-equity ratio of 1.81. The stock has a market cap of $103.81 billion, a P/E ratio of 11.34, a price-to-earnings-growth ratio of 1.51 and a beta of 0.98. The stock has a 50 day simple moving average of $386.34 and a 200 day simple moving average of $387.01. Deere & Company has a 1 year low of $353.15 and a 1 year high of $450.00.

Deere & Company (NYSE:DE) last issued its quarterly 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. The business had revenue of $13.61 billion during the quarter, compared to analysts’ expectations of $13.29 billion. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. The firm’s revenue for the quarter was down 15.4% compared to the same quarter last year. During the same period in the previous year, the company posted $9.65 earnings per share. On average, research analysts predict that Deere & Company will post 25.61 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

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