Xcel Wealth Management LLC Cuts Position in Deere & Company (NYSE:DE)

Xcel Wealth Management LLC lowered its stake in Deere & Company (NYSE:DE) by 1.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,525 shares of the industrial products company’s stock after selling 25 shares during the quarter. Xcel Wealth Management LLC’s holdings in Deere & Company were worth $636,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC raised its stake in Deere & Company by 153.4% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 15,077 shares of the industrial products company’s stock valued at $6,292,000 after acquiring an additional 9,128 shares in the last quarter. Mattern Wealth Management LLC grew its stake in shares of Deere & Company by 1.3% during the third quarter. Mattern Wealth Management LLC now owns 1,884 shares of the industrial products company’s stock worth $786,000 after buying an additional 25 shares during the last quarter. Fortis Group Advisors LLC increased its stake in Deere & Company by 357.8% in the third quarter. Fortis Group Advisors LLC now owns 618 shares of the industrial products company’s stock valued at $258,000 after purchasing an additional 483 shares in the last quarter. Calton & Associates Inc. bought a new stake in Deere & Company in the third quarter worth about $270,000. Finally, Ledyard National Bank increased its holdings in Deere & Company by 3.3% in the 3rd quarter. Ledyard National Bank now owns 1,231 shares of the industrial products company’s stock worth $514,000 after acquiring an additional 39 shares during the last quarter. Institutional investors and hedge funds own 68.58% of the company’s stock.

Deere & Company Stock Down 0.0 %

DE traded down $0.19 on Tuesday, hitting $406.77. 253,179 shares of the company were exchanged, compared to its average volume of 1,461,541. 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 stock’s fifty day moving average is $394.28 and its 200-day moving average is $385.26. The company has a market cap of $112.09 billion, a PE ratio of 12.13, a PEG ratio of 1.35 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 earnings results on Thursday, August 15th. The industrial products company reported $6.29 EPS for the quarter, beating the consensus estimate of $5.63 by $0.66. The company had revenue of $11.39 billion for the quarter, compared to the consensus estimate of $10.94 billion. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The firm’s revenue for the quarter was down 20.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.20 earnings per share. Equities research analysts predict that Deere & Company will post 25.03 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The business 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 dividend of $1.47 per share. The ex-dividend date is Monday, September 30th. This represents a $5.88 dividend on an annualized basis and a yield of 1.45%. Deere & Company’s payout ratio is 17.70%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Deere & Company from $360.00 to $420.00 and gave the stock a “neutral” rating in a report on Friday, October 11th. Oppenheimer lowered their target price on Deere & Company from $465.00 to $448.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Bank of America lifted their price target on shares of Deere & Company from $400.00 to $410.00 and gave the company a “neutral” rating in a report on Friday, August 16th. Evercore ISI increased their price target on Deere & Company from $371.00 to $378.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Finally, Truist Financial upped their price target on Deere & Company from $443.00 to $496.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Twelve analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $420.69.

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.