Spirit of America Management Corp NY Lowers Position in Deere & Company (NYSE:DE)

Spirit of America Management Corp NY decreased its position in Deere & Company (NYSE:DE) by 5.7% during the 4th quarter, Holdings Channel reports. The fund owned 5,760 shares of the industrial products company’s stock after selling 350 shares during the quarter. Spirit of America Management Corp NY’s holdings in Deere & Company were worth $2,441,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in DE. Czech National Bank boosted its holdings in shares of Deere & Company by 5.8% in the third quarter. Czech National Bank now owns 52,206 shares of the industrial products company’s stock valued at $21,787,000 after acquiring an additional 2,875 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Deere & Company by 29.0% in the third quarter. GAMMA Investing LLC now owns 2,290 shares of the industrial products company’s stock valued at $956,000 after purchasing an additional 515 shares during the period. Miracle Mile Advisors LLC lifted its stake in shares of Deere & Company by 4.2% in the third quarter. Miracle Mile Advisors LLC now owns 4,112 shares of the industrial products company’s stock valued at $1,716,000 after purchasing an additional 167 shares during the period. Fulton Bank N.A. lifted its stake in shares of Deere & Company by 6.5% in the third quarter. Fulton Bank N.A. now owns 4,002 shares of the industrial products company’s stock valued at $1,670,000 after purchasing an additional 246 shares during the period. Finally, Ignite Planners LLC acquired a new stake in shares of Deere & Company in the third quarter valued at about $204,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Stock Performance

Shares of DE opened at $472.72 on Wednesday. The company has a debt-to-equity ratio of 1.89, a quick ratio of 1.90 and a current ratio of 2.09. The company has a market capitalization of $128.75 billion, a price-to-earnings ratio of 18.47, a PEG ratio of 2.94 and a beta of 0.98. The company’s 50 day simple moving average is $444.77 and its 200 day simple moving average is $410.83. Deere & Company has a 1 year low of $340.20 and a 1 year high of $485.84.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Thursday, November 21st. The industrial products company reported $4.55 earnings per share (EPS) for the quarter, beating 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 business had revenue of $9.28 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same quarter in the prior year, the firm posted $8.26 earnings per share. The company’s quarterly revenue was down 32.8% compared to the same quarter last year. On average, sell-side analysts predict that Deere & Company will post 19.38 EPS for the current year.

Deere & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 10th. Investors of record on Tuesday, December 31st will be given a dividend of $1.62 per share. This is a positive change from Deere & Company’s previous quarterly dividend of $1.47. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.48 annualized dividend and a yield of 1.37%. Deere & Company’s dividend payout ratio is 25.31%.

Wall Street Analyst Weigh In

DE has been the subject of several recent analyst reports. Truist Financial raised their price objective on shares of Deere & Company from $538.00 to $550.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. 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 research note on Monday, November 25th. Oppenheimer raised their price objective on shares of Deere & Company from $477.00 to $507.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Barclays lifted their target price on shares of Deere & Company from $400.00 to $475.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Deere & Company from $450.00 to $470.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 15th. Eleven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Deere & Company currently has an average rating of “Hold” and a consensus target price of $444.50.

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.