Steele Capital Management Inc. Sells 28 Shares of Deere & Company (NYSE:DE)

Steele Capital Management Inc. cut its holdings in Deere & Company (NYSE:DE) by 0.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,817 shares of the industrial products company’s stock after selling 28 shares during the period. Steele Capital Management Inc.’s holdings in Deere & Company were worth $4,047,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in DE. True Wealth Design LLC increased its position in Deere & Company by 1,180.0% in the 4th quarter. True Wealth Design LLC now owns 64 shares of the industrial products company’s stock valued at $26,000 after buying an additional 59 shares in the last quarter. Rakuten Securities Inc. bought a new stake in Deere & Company in the 4th quarter valued at about $28,000. Naples Money Management LLC bought a new stake in Deere & Company in the 4th quarter valued at about $29,000. Private Wealth Management Group LLC bought a new stake in Deere & Company in the 4th quarter valued at about $29,000. Finally, Bfsg LLC bought a new stake in Deere & Company in the 4th quarter valued at about $30,000. 68.58% of the stock is owned by institutional investors.

Deere & Company Price Performance

Shares of Deere & Company stock traded down $12.86 during trading on Monday, hitting $360.77. The stock had a trading volume of 1,456,844 shares, compared to its average volume of 1,518,528. The firm has a market cap of $99.42 billion, a price-to-earnings ratio of 10.87, a P/E/G ratio of 1.50 and a beta of 0.93. Deere & Company has a 12 month low of $353.15 and a 12 month high of $450.00. The business’s 50-day moving average is $385.32 and its 200 day moving average is $387.29. The company has a current ratio of 2.01, a quick ratio of 1.80 and a debt-to-equity ratio of 1.81.

Deere & Company (NYSE:DE) last released its quarterly 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. The firm had revenue of $13.61 billion for the quarter, compared to analysts’ expectations of $13.29 billion. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The business’s quarterly revenue was down 15.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $9.65 earnings per share. As a group, sell-side analysts anticipate that Deere & Company will post 25.61 earnings per share for the current year.

Deere & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 8th. Investors of record on Friday, June 28th will be paid a $1.47 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.88 dividend on an annualized basis and a yield of 1.63%. Deere & Company’s dividend payout ratio is presently 17.70%.

Insider Activity at Deere & Company

In related news, insider Cory J. Reed sold 13,370 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $377.63, for a total value of $5,048,913.10. Following the transaction, the insider now owns 41,642 shares of the company’s stock, valued at $15,725,268.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.26% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Stifel Nicolaus boosted their price objective on Deere & Company from $425.00 to $450.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Citigroup assumed coverage on Deere & Company in a report on Wednesday, June 26th. They set a “neutral” rating and a $395.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on Deere & Company from $425.00 to $385.00 and set a “neutral” rating for the company in a report on Friday, May 17th. TD Cowen boosted their price objective on Deere & Company from $383.00 to $390.00 and gave the stock a “hold” rating in a report on Friday, May 17th. Finally, Truist Financial assumed coverage on Deere & Company in a report on Thursday, March 14th. They set a “buy” rating and a $494.00 price objective for the company. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Deere & Company currently has an average rating of “Hold” and an average target price of $430.55.

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.