Parsons Capital Management Inc. RI Reduces Stock Position in Deere & Company $DE

Parsons Capital Management Inc. RI lowered its stake in shares of Deere & Company (NYSE:DE) by 1.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 5,967 shares of the industrial products company’s stock after selling 105 shares during the period. Parsons Capital Management Inc. RI’s holdings in Deere & Company were worth $3,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Southland Equity Partners LLC raised its holdings in Deere & Company by 3.9% in the 2nd quarter. Southland Equity Partners LLC now owns 534 shares of the industrial products company’s stock worth $271,000 after acquiring an additional 20 shares during the last quarter. Chicago Partners Investment Group LLC raised its holdings in Deere & Company by 1.2% in the 1st quarter. Chicago Partners Investment Group LLC now owns 1,803 shares of the industrial products company’s stock worth $852,000 after acquiring an additional 21 shares during the last quarter. Tyler Stone Wealth Management raised its stake in Deere & Company by 1.7% during the 1st quarter. Tyler Stone Wealth Management now owns 1,230 shares of the industrial products company’s stock valued at $577,000 after buying an additional 21 shares during the last quarter. McLean Asset Management Corp raised its stake in Deere & Company by 4.0% during the 2nd quarter. McLean Asset Management Corp now owns 544 shares of the industrial products company’s stock valued at $283,000 after buying an additional 21 shares during the last quarter. Finally, Trilogy Capital Inc. raised its stake in Deere & Company by 1.3% during the 2nd quarter. Trilogy Capital Inc. now owns 1,692 shares of the industrial products company’s stock valued at $860,000 after buying an additional 21 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Evercore ISI set a $491.00 target price on shares of Deere & Company in a research note on Tuesday, August 19th. JPMorgan Chase & Co. decreased their target price on shares of Deere & Company from $500.00 to $495.00 and set a “neutral” rating for the company in a research note on Tuesday, September 2nd. Truist Financial decreased their target price on shares of Deere & Company from $619.00 to $602.00 and set a “buy” rating for the company in a research note on Friday, August 15th. Melius upgraded shares of Deere & Company from a “hold” rating to a “buy” rating in a research note on Friday, June 6th. Finally, Robert W. Baird decreased their target price on shares of Deere & Company from $520.00 to $488.00 and set a “neutral” rating for the company in a research note on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, Deere & Company has an average rating of “Moderate Buy” and a consensus price target of $518.06.

Deere & Company Trading Down 1.3%

Shares of DE stock opened at $451.43 on Thursday. Deere & Company has a 1 year low of $387.03 and a 1 year high of $533.78. The firm has a fifty day moving average price of $486.80 and a 200-day moving average price of $489.36. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.19 and a quick ratio of 1.98. The company has a market cap of $122.04 billion, a price-to-earnings ratio of 23.60, a PEG ratio of 2.94 and a beta of 1.03.

Deere & Company (NYSE:DE) last issued its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.62 by $0.13. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The firm had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.33 billion. During the same quarter in the previous year, the firm posted $6.29 EPS. The company’s revenue for the quarter was down 9.0% compared to the same quarter last year. As a group, equities analysts predict that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Investors of record on Tuesday, September 30th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.48 annualized dividend and a yield of 1.4%. Deere & Company’s dividend payout ratio is currently 33.87%.

Deere & Company Profile

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.