Narwhal Capital Management Cuts Stake in Deere & Company (NYSE:DE)

Narwhal Capital Management cut its holdings in Deere & Company (NYSE:DE) by 75.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,944 shares of the industrial products company’s stock after selling 6,001 shares during the quarter. Narwhal Capital Management’s holdings in Deere & Company were worth $726,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. True Wealth Design LLC increased its holdings in shares of 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 valued at $26,000 after purchasing an additional 59 shares during the period. Pineridge Advisors LLC lifted its stake in shares of Deere & Company by 725.0% in the first quarter. Pineridge Advisors LLC now owns 66 shares of the industrial products company’s stock worth $27,000 after buying an additional 58 shares in the last quarter. Private Wealth Management Group LLC acquired a new position in shares of Deere & Company during the 4th quarter valued at about $29,000. Livelsberger Financial Advisory purchased a new position in Deere & Company in the fourth quarter worth approximately $30,000. Finally, Spartan Planning & Wealth Management purchased a new position in Deere & Company during the fourth quarter worth about $33,000. 68.58% of the stock is currently owned by institutional investors.

Insider Activity at Deere & Company

In other Deere & Company news, insider Cory J. Reed sold 13,370 shares of Deere & Company stock in a transaction on Monday, June 24th. The shares were sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the completion of the sale, the insider now owns 41,642 shares of the company’s stock, valued at approximately $15,725,268.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.26% of the stock is currently owned by insiders.

Deere & Company Trading Down 0.5 %

Deere & Company stock opened at $381.85 on Friday. Deere & Company has a 52 week low of $340.20 and a 52 week high of $417.46. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.87 and a current ratio of 2.07. The firm has a market capitalization of $105.23 billion, a price-to-earnings ratio of 11.49, a P/E/G ratio of 1.28 and a beta of 0.92. The company has a 50 day moving average price of $369.04 and a 200 day moving average price of $380.35.

Deere & Company (NYSE:DE) last posted its quarterly earnings results on Thursday, August 15th. The industrial products company reported $6.29 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.66. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The firm had revenue of $11.39 billion for the quarter, compared to analyst estimates of $10.94 billion. During the same period in the previous year, the firm earned $10.20 earnings per share. Deere & Company’s quarterly revenue was down 20.3% on a year-over-year basis. Research analysts forecast that Deere & Company will post 25.09 EPS for the current year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Monday, September 30th will be issued a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Monday, September 30th. Deere & Company’s dividend payout ratio is currently 17.70%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Morgan Stanley cut their price target on Deere & Company from $450.00 to $425.00 and set an “overweight” rating on the stock in a report on Monday, August 26th. BMO Capital Markets initiated coverage on shares of Deere & Company in a research report on Friday, August 9th. They issued a “market perform” rating and a $400.00 price objective for the company. Stifel Nicolaus increased their target price on shares of Deere & Company from $425.00 to $450.00 and gave the company a “buy” rating in a report on Friday, May 17th. TD Cowen boosted their price objective on shares of Deere & Company from $383.00 to $390.00 and gave the stock a “hold” rating in a research report on Friday, May 17th. Finally, Truist Financial reiterated a “buy” rating and set a $443.00 target price (up previously from $439.00) on shares of Deere & Company in a report on Friday, August 16th. Fourteen analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $414.11.

Deere & Company Profile

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.