Sumitomo Mitsui Trust Holdings Inc. Decreases Stock Holdings in Deere & Company (NYSE:DE)

Sumitomo Mitsui Trust Holdings Inc. reduced its position in shares of Deere & Company (NYSE:DE) by 3.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 747,563 shares of the industrial products company’s stock after selling 29,488 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Deere & Company were worth $307,054,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. True Wealth Design LLC raised its stake in Deere & Company by 1,180.0% during the 4th 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. acquired a new stake in Deere & Company during the 4th quarter worth $28,000. Naples Money Management LLC acquired a new stake in Deere & Company during the 4th quarter worth $29,000. Private Wealth Management Group LLC acquired a new stake in Deere & Company during the 4th quarter worth $29,000. Finally, Bfsg LLC acquired a new stake in Deere & Company during the 4th quarter worth $30,000. 68.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on DE. Raymond James began coverage on shares of Deere & Company in a research note on Friday, June 28th. They set an “outperform” rating and a $420.00 price target on the stock. Truist Financial cut their price target on shares of Deere & Company from $460.00 to $439.00 and set a “buy” rating on the stock in a research note on Tuesday. Morgan Stanley lifted their price objective on shares of Deere & Company from $430.00 to $450.00 in a research note on Wednesday, May 15th. DA Davidson dropped their price objective on shares of Deere & Company from $483.00 to $465.00 and set a “buy” rating on the stock in a research note on Monday, May 20th. Finally, Stifel Nicolaus lifted their price objective on shares of Deere & Company from $425.00 to $450.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Deere & Company currently has a consensus rating of “Hold” and an average target price of $427.66.

Insiders Place Their Bets

In other 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 sale, the insider now directly owns 41,642 shares in the company, valued at $15,725,268.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.26% of the stock is currently owned by company insiders.

Deere & Company Trading Down 0.6 %

NYSE DE opened at $362.75 on Thursday. The stock has a market capitalization of $99.96 billion, a P/E ratio of 10.92, a P/E/G ratio of 1.50 and a beta of 0.93. Deere & Company has a 52-week low of $353.15 and a 52-week high of $450.00. The firm has a 50-day moving average price of $383.89 and a 200 day moving average price of $386.94. The company has a quick ratio of 1.80, a current ratio of 2.01 and a debt-to-equity ratio of 1.81.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, May 16th. The industrial products company reported $8.53 earnings per share for the quarter, topping the consensus estimate of $7.86 by $0.67. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The company had revenue of $13.61 billion for the quarter, compared to analyst estimates of $13.29 billion. During the same period in the prior year, the business posted $9.65 earnings per share. The firm’s revenue for the quarter was down 15.4% compared to the same quarter last year. Equities research analysts expect that Deere & Company will post 25.59 EPS for the current year.

Deere & Company Dividend Announcement

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

Deere & Company 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.