Truist Financial Corp Sells 9,882 Shares of Deere & Company (NYSE:DE)

Truist Financial Corp reduced its stake in shares of Deere & Company (NYSE:DE) by 6.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 150,303 shares of the industrial products company’s stock after selling 9,882 shares during the quarter. Truist Financial Corp owned 0.05% of Deere & Company worth $56,158,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of DE. Vanguard Group Inc. grew its stake 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 worth $9,031,500,000 after purchasing an additional 263,709 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Deere & Company by 0.5% in the first quarter. Janus Henderson Group PLC now owns 3,859,021 shares of the industrial products company’s stock worth $1,585,028,000 after purchasing an additional 19,200 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Deere & Company by 2.7% in the second quarter. Legal & General Group Plc now owns 2,254,266 shares of the industrial products company’s stock worth $842,259,000 after purchasing an additional 60,255 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Deere & Company by 15.0% in 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 last quarter. Finally, Fisher Asset Management LLC grew its stake in shares of Deere & Company by 11.3% in the fourth quarter. Fisher Asset Management LLC now owns 1,481,458 shares of the industrial products company’s stock worth $592,391,000 after purchasing an additional 150,713 shares during the last quarter. 68.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on DE shares. BMO Capital Markets started coverage on Deere & Company in a research note on Friday, August 9th. They issued a “market perform” rating and a $400.00 target price on the stock. HSBC cut Deere & Company from a “buy” rating to a “hold” rating in a research note on Monday, August 19th. Deutsche Bank Aktiengesellschaft cut their price objective on Deere & Company from $402.00 to $389.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Morgan Stanley cut their price objective 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. Finally, JPMorgan Chase & Co. cut their price objective on Deere & Company from $375.00 to $360.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 13th. Thirteen equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $410.50.

Deere & Company Price Performance

DE stock opened at $416.47 on Wednesday. The firm has a 50 day moving average price of $381.16 and a 200-day moving average price of $384.65. Deere & Company has a 52-week low of $340.20 and a 52-week high of $420.47. The firm has a market capitalization of $114.77 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.36 and a beta of 0.92. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.87 and a current ratio of 2.07.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Thursday, August 15th. The industrial products company reported $6.29 earnings per share for the quarter, topping 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 company had revenue of $11.39 billion during the quarter, compared to analyst estimates of $10.94 billion. During the same period in the previous year, the business earned $10.20 EPS. The firm’s revenue for the quarter was down 20.3% on a year-over-year basis. Equities research analysts forecast that Deere & Company will post 25.03 EPS for the current fiscal year.

Deere & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Monday, September 30th will be issued a $1.47 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $5.88 dividend on an annualized basis and a yield of 1.41%. Deere & Company’s payout ratio is currently 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.