Gabelli Funds LLC Cuts Stock Position in Deere & Company (NYSE:DE)

Gabelli Funds LLC trimmed its stake in Deere & Company (NYSE:DE) by 5.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 308,118 shares of the industrial products company’s stock after selling 19,317 shares during the quarter. Deere & Company accounts for 0.9% of Gabelli Funds LLC’s portfolio, making the stock its 16th biggest holding. Gabelli Funds LLC owned about 0.11% of Deere & Company worth $115,122,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of DE. True Wealth Design LLC raised its holdings 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 buying an additional 59 shares during the last quarter. Pineridge Advisors LLC boosted its stake in Deere & Company by 725.0% during the 1st quarter. Pineridge Advisors LLC now owns 66 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Livelsberger Financial Advisory purchased a new position in shares of Deere & Company in the fourth quarter worth $30,000. Spartan Planning & Wealth Management bought a new position in shares of Deere & Company during the fourth quarter valued at $33,000. Finally, Core Wealth Advisors Inc. raised its position in Deere & Company by 466.7% in the 4th quarter. Core Wealth Advisors Inc. now owns 85 shares of the industrial products company’s stock worth $34,000 after buying an additional 70 shares during the last quarter. 68.58% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Deere & Company news, insider Cory J. Reed sold 13,370 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were 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 in the company, valued at $15,725,268.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.26% of the stock is currently owned by insiders.

Deere & Company Trading Down 0.9 %

Shares of DE stock opened at $405.89 on Friday. The firm has a market capitalization of $111.85 billion, a P/E ratio of 12.22, a PEG ratio of 1.29 and a beta of 0.92. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $417.46. The stock’s fifty day moving average is $376.24 and its two-hundred day moving average is $382.77. 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 posted its quarterly earnings results 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. The business had revenue of $11.39 billion during the quarter, compared to analyst estimates of $10.94 billion. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The business’s revenue was down 20.3% compared to the same quarter last year. During the same period in the prior year, the business earned $10.20 earnings per share. Research analysts expect that Deere & Company will post 25.07 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on DE. Bank of America boosted their target price on shares of Deere & Company from $400.00 to $410.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. BMO Capital Markets began coverage on Deere & Company in a research report on Friday, August 9th. They set a “market perform” rating and a $400.00 price objective for the company. HSBC cut Deere & Company from a “buy” rating to a “hold” rating in a research report on Monday, August 19th. Truist Financial restated a “buy” rating and set a $443.00 target price (up from $439.00) on shares of Deere & Company in a research report on Friday, August 16th. Finally, Hsbc Global Res downgraded Deere & Company from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 19th. Fourteen investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Deere & Company currently has an average rating of “Hold” and an average price target of $409.88.

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.