Spirit of America Management Corp NY Reduces Holdings in Deere & Company (NYSE:DE)

Spirit of America Management Corp NY lowered its stake in shares of Deere & Company (NYSE:DE) by 5.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 5,760 shares of the industrial products company’s stock after selling 350 shares during the period. Spirit of America Management Corp NY’s holdings in Deere & Company were worth $2,441,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in DE. Livelsberger Financial Advisory purchased a new position in shares of Deere & Company during the 3rd quarter worth approximately $32,000. Modus Advisors LLC acquired a new stake in Deere & Company during the 4th quarter worth approximately $32,000. Synergy Asset Management LLC acquired a new stake in Deere & Company during the 4th quarter worth approximately $35,000. Continuum Advisory LLC lifted its holdings in Deere & Company by 155.8% during the 3rd quarter. Continuum Advisory LLC now owns 110 shares of the industrial products company’s stock worth $43,000 after buying an additional 67 shares in the last quarter. Finally, Darwin Wealth Management LLC acquired a new stake in Deere & Company during the 3rd quarter worth approximately $47,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Trading Up 1.2 %

NYSE DE opened at $472.72 on Wednesday. Deere & Company has a 12 month low of $340.20 and a 12 month high of $485.84. The company has a debt-to-equity ratio of 1.89, a current ratio of 2.09 and a quick ratio of 1.90. The company has a market capitalization of $128.75 billion, a price-to-earnings ratio of 18.47, a price-to-earnings-growth ratio of 2.94 and a beta of 0.98. The firm’s fifty day moving average price is $444.77 and its 200 day moving average price is $410.83.

Deere & Company (NYSE:DE) last issued its quarterly earnings data on Thursday, November 21st. The industrial products company reported $4.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.89 by $0.66. Deere & Company had a net margin of 13.73% and a return on equity of 31.32%. The company had revenue of $9.28 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same period last year, the firm posted $8.26 EPS. Deere & Company’s revenue for the quarter was down 32.8% on a year-over-year basis. On average, sell-side analysts expect that Deere & Company will post 19.38 earnings per share for the current fiscal year.

Deere & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.62 per share. This is an increase from Deere & Company’s previous quarterly dividend of $1.47. This represents a $6.48 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Tuesday, December 31st. Deere & Company’s dividend payout ratio (DPR) is presently 25.31%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on DE shares. Oppenheimer increased their target price on shares of Deere & Company from $477.00 to $507.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. Truist Financial increased their target price on shares of Deere & Company from $538.00 to $550.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. UBS Group increased their target price on shares of Deere & Company from $404.00 to $462.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Morgan Stanley raised their price objective on shares of Deere & Company from $401.00 to $450.00 and gave the company an “overweight” rating in a report on Monday, November 25th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Deere & Company from $450.00 to $470.00 and gave the company a “neutral” rating in a report on Wednesday, January 15th. Eleven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $444.50.

About Deere & Company

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.