Parsons Capital Management Inc. RI Sells 185 Shares of Deere & Company (NYSE:DE)

Parsons Capital Management Inc. RI lowered its position in Deere & Company (NYSE:DE) by 2.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 6,367 shares of the industrial products company’s stock after selling 185 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Deere & Company were worth $2,697,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Mount Yale Investment Advisors LLC grew its holdings in shares of Deere & Company by 73.8% in the fourth quarter. Mount Yale Investment Advisors LLC now owns 2,763 shares of the industrial products company’s stock worth $1,171,000 after acquiring an additional 1,173 shares during the period. Kavar Capital Partners Group LLC grew its holdings in Deere & Company by 1.6% during the fourth quarter. Kavar Capital Partners Group LLC now owns 9,726 shares of the industrial products company’s stock valued at $4,121,000 after purchasing an additional 151 shares during the period. Pacer Advisors Inc. grew its holdings in Deere & Company by 34.3% during the fourth quarter. Pacer Advisors Inc. now owns 25,516 shares of the industrial products company’s stock valued at $10,811,000 after purchasing an additional 6,518 shares during the period. Cornerstone Wealth Group LLC lifted its position in shares of Deere & Company by 5.5% in the fourth quarter. Cornerstone Wealth Group LLC now owns 2,348 shares of the industrial products company’s stock valued at $995,000 after acquiring an additional 122 shares in the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new position in shares of Deere & Company in the fourth quarter valued at about $3,771,000. Institutional investors own 68.58% of the company’s stock.

Wall Street Analyst Weigh In

DE has been the topic of several research analyst reports. Truist Financial boosted their price objective on Deere & Company from $538.00 to $550.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Jefferies Financial Group downgraded Deere & Company from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a research report on Friday, December 6th. Barclays upped their price objective on Deere & Company from $400.00 to $475.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. upped their target price on Deere & Company from $450.00 to $470.00 and gave the company a “neutral” rating in a research note on Wednesday, January 15th. Finally, UBS Group increased their price objective on Deere & Company from $404.00 to $462.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Eleven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $442.83.

Deere & Company Stock Performance

Shares of DE opened at $476.84 on Monday. The stock has a 50-day moving average of $438.55 and a two-hundred day moving average of $406.44. Deere & Company has a one year low of $340.20 and a one year high of $479.48. The company has a debt-to-equity ratio of 1.89, a quick ratio of 1.90 and a current ratio of 2.09. The stock has a market cap of $129.87 billion, a P/E ratio of 18.76, a P/E/G ratio of 2.84 and a beta of 0.98.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, November 21st. The industrial products company reported $4.55 EPS for the quarter, topping analysts’ consensus estimates of $3.89 by $0.66. Deere & Company had a return on equity of 31.32% and a net margin of 13.73%. The company had revenue of $9.28 billion during the quarter, compared to analysts’ expectations of $9.20 billion. During the same quarter in the previous year, the firm posted $8.26 EPS. The firm’s revenue was down 32.8% compared to the same quarter last year. As a group, research analysts predict that Deere & Company will post 19.34 EPS for the current year.

Deere & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.62 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.48 dividend on an annualized basis and a yield of 1.36%. This is a boost from Deere & Company’s previous quarterly dividend of $1.47. Deere & Company’s payout ratio is currently 25.31%.

Deere & Company Company Profile

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.