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

Truist Financial Corp decreased its holdings in shares of Deere & Company (NYSE:DE) by 6.2% in the second quarter, HoldingsChannel reports. The fund owned 150,303 shares of the industrial products company’s stock after selling 9,882 shares during the quarter. Truist Financial Corp’s holdings in Deere & Company were worth $56,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Campbell & CO Investment Adviser LLC bought a new position in Deere & Company in the 4th quarter worth $603,000. Rafferty Asset Management LLC boosted its holdings in Deere & Company by 3.6% in the 4th quarter. Rafferty Asset Management LLC now owns 22,466 shares of the industrial products company’s stock worth $8,983,000 after buying an additional 774 shares during the period. Hudson Edge Investment Partners Inc. boosted its holdings in Deere & Company by 9.5% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 857 shares of the industrial products company’s stock worth $343,000 after buying an additional 74 shares during the period. First Trust Advisors LP boosted its holdings in Deere & Company by 22.3% in the 4th quarter. First Trust Advisors LP now owns 75,832 shares of the industrial products company’s stock worth $30,323,000 after buying an additional 13,833 shares during the period. Finally, Lake Street Advisors Group LLC bought a new position in Deere & Company in the 4th quarter worth $846,000. Institutional investors own 68.58% of the company’s stock.

Deere & Company Stock Down 0.2 %

Shares of NYSE DE opened at $416.47 on Wednesday. The firm’s 50-day moving average price is $381.16 and its 200-day moving average price is $384.65. The company has a current ratio of 2.07, a quick ratio of 1.87 and a debt-to-equity ratio of 1.85. The stock has a market capitalization of $114.77 billion, a price-to-earnings ratio of 12.54, a P/E/G ratio of 1.36 and a beta of 0.92. Deere & Company has a 12-month low of $340.20 and a 12-month high of $420.47.

Deere & Company (NYSE:DE) last posted 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 for the quarter, compared to analyst estimates of $10.94 billion. During the same period in the prior year, the company posted $10.20 EPS. The firm’s revenue for the quarter was down 20.3% on a year-over-year basis. On average, equities research analysts anticipate that Deere & Company will post 25.03 EPS for the current fiscal year.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Monday, September 30th will be paid 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 dividend payout ratio is currently 17.70%.

Analyst Upgrades and Downgrades

DE has been the subject of several recent analyst reports. BMO Capital Markets initiated coverage on shares of Deere & Company in a report on Friday, August 9th. They issued a “market perform” rating and a $400.00 target price for the company. Evercore ISI boosted their price target on shares of Deere & Company from $371.00 to $378.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Morgan Stanley decreased their price target on shares of Deere & Company from $450.00 to $425.00 and set an “overweight” rating on the stock in a research note on Monday, August 26th. Citigroup decreased their price target on shares of Deere & Company from $395.00 to $370.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 13th. Finally, Raymond James initiated coverage on shares of Deere & Company in a research note on Friday, June 28th. They issued an “outperform” rating and a $420.00 price target on the stock. Thirteen research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $410.50.

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.