Estabrook Capital Management Sells 292 Shares of Deere & Company (NYSE:DE)

Estabrook Capital Management cut its position in shares of Deere & Company (NYSE:DE) by 14.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,690 shares of the industrial products company’s stock after selling 292 shares during the period. Estabrook Capital Management’s holdings in Deere & Company were worth $631,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of DE. Parnassus Investments LLC lifted its position in shares of Deere & Company by 22.4% in the fourth quarter. Parnassus Investments LLC now owns 3,856,171 shares of the industrial products company’s stock valued at $1,541,967,000 after buying an additional 705,771 shares during the last quarter. Swedbank AB bought a new stake in Deere & Company in the 1st quarter valued at $191,628,000. Mawer Investment Management Ltd. acquired a new stake in Deere & Company during the 2nd quarter valued at $166,937,000. Dimensional Fund Advisors LP boosted its position in Deere & Company by 15.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,146,441 shares of the industrial products company’s stock worth $802,037,000 after purchasing an additional 279,627 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Deere & Company by 1.2% in the first quarter. Vanguard Group Inc. now owns 21,988,363 shares of the industrial products company’s stock valued at $9,031,500,000 after purchasing an additional 263,709 shares during the last quarter. 68.58% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on DE shares. Bank of America raised their target price on shares of Deere & Company from $400.00 to $410.00 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Citigroup cut their price objective on shares of Deere & Company from $395.00 to $370.00 and set a “neutral” rating for the company in a research report on Tuesday, August 13th. Morgan Stanley decreased their target price on Deere & Company from $450.00 to $425.00 and set an “overweight” rating on the stock in a research report on Monday, August 26th. HSBC lowered Deere & Company from a “buy” rating to a “hold” rating in a research note on Monday, August 19th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $443.00 price objective (up from $439.00) on shares of Deere & Company in a report on Friday, August 16th. Fourteen research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Deere & Company presently has an average rating of “Hold” and a consensus target price of $409.88.

Deere & Company Price Performance

DE stock opened at $405.89 on Friday. The company’s 50-day moving average price is $376.24 and its two-hundred day moving average price is $382.77. The firm has a market cap of $111.85 billion, a P/E ratio of 12.22, a P/E/G ratio of 1.29 and a beta of 0.92. The company has a quick ratio of 1.87, a current ratio of 2.07 and a debt-to-equity ratio of 1.85. Deere & Company has a 12 month low of $340.20 and a 12 month high of $417.46.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Thursday, August 15th. The industrial products company reported $6.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.66. Deere & Company had a net margin of 14.69% and a return on equity of 36.71%. The business had revenue of $11.39 billion for the quarter, compared to analysts’ expectations of $10.94 billion. During the same period last year, the firm posted $10.20 earnings per share. The firm’s quarterly revenue was down 20.3% compared to the same quarter last year. On average, analysts anticipate that Deere & Company will post 25.07 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, September 30th will be issued a dividend of $1.47 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.45%. Deere & Company’s dividend payout ratio (DPR) is currently 17.70%.

Insider Buying and Selling

In other Deere & Company news, insider Cory J. Reed sold 13,370 shares of Deere & Company stock in a transaction dated 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 owns 41,642 shares in the company, valued at $15,725,268.46. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.26% of the stock is owned by corporate insiders.

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.