Sumitomo Mitsui Trust Holdings Inc. Sells 29,488 Shares of Deere & Company (NYSE:DE)

Sumitomo Mitsui Trust Holdings Inc. trimmed its position in Deere & Company (NYSE:DE) by 3.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 747,563 shares of the industrial products company’s stock after selling 29,488 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.27% of Deere & Company worth $307,054,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. True Wealth Design LLC grew its position in Deere & Company by 1,180.0% in the fourth quarter. True Wealth Design LLC now owns 64 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 59 shares in the last quarter. Rakuten Securities Inc. purchased a new position in Deere & Company in the fourth quarter worth about $28,000. Naples Money Management LLC purchased a new position in Deere & Company in the fourth quarter worth about $29,000. Private Wealth Management Group LLC purchased a new position in shares of Deere & Company during the fourth quarter valued at approximately $29,000. Finally, Bfsg LLC purchased a new position in shares of Deere & Company during the fourth quarter valued at approximately $30,000. 68.58% of the stock is owned by institutional investors.

Deere & Company Stock Performance

Shares of DE stock opened at $362.75 on Thursday. The business’s fifty day simple moving average is $383.89 and its 200-day simple moving average is $386.94. The company has a market cap of $99.96 billion, a PE ratio of 10.92, a PEG ratio of 1.50 and a beta of 0.93. The company has a current ratio of 2.01, a quick ratio of 1.80 and a debt-to-equity ratio of 1.81. Deere & Company has a 12-month low of $353.15 and a 12-month 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, topping analysts’ consensus estimates of $7.86 by $0.67. The business had revenue of $13.61 billion for the quarter, compared to the consensus estimate of $13.29 billion. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. During the same period in the prior year, the firm posted $9.65 earnings per share. The business’s quarterly revenue was down 15.4% on a year-over-year basis. Analysts expect that Deere & Company will post 25.59 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 8th. Investors of record on Friday, June 28th will be given a $1.47 dividend. This represents a $5.88 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Friday, June 28th. Deere & Company’s payout ratio is 17.70%.

Insider Activity at Deere & Company

In related 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 value of $5,048,913.10. Following the transaction, the insider now directly owns 41,642 shares of the company’s stock, valued at approximately $15,725,268.46. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.26% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on DE shares. Citigroup started coverage on Deere & Company in a research report on Wednesday, June 26th. They set a “neutral” rating and a $395.00 target price for the company. Oppenheimer restated an “outperform” rating and set a $456.00 target price on shares of Deere & Company in a research report on Thursday, May 16th. Morgan Stanley boosted their target price on Deere & Company from $430.00 to $450.00 in a research report on Wednesday, May 15th. Truist Financial lowered their price target on Deere & Company from $460.00 to $439.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Raymond James began coverage on Deere & Company in a report on Friday, June 28th. They issued an “outperform” rating and a $420.00 price target for the company. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $427.66.

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.