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

Spirit of America Management Corp NY lessened its position in shares of Deere & Company (NYSE:DE) by 4.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,110 shares of the industrial products company’s stock after selling 300 shares during the period. Spirit of America Management Corp NY’s holdings in Deere & Company were worth $2,550,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC lifted its holdings in Deere & Company by 46,892.9% during the 3rd quarter. International Assets Investment Management LLC now owns 772,094 shares of the industrial products company’s stock worth $322,218,000 after purchasing an additional 770,451 shares in the last quarter. Swedbank AB purchased a new stake in Deere & Company during the 1st quarter worth about $191,628,000. Mawer Investment Management Ltd. purchased a new stake in Deere & Company during the 2nd quarter worth about $166,937,000. Dimensional Fund Advisors LP lifted its holdings in Deere & Company by 15.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,146,441 shares of the industrial products company’s stock worth $802,037,000 after purchasing an additional 279,627 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Deere & Company by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 21,988,363 shares of the industrial products company’s stock worth $9,031,500,000 after acquiring an additional 263,709 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft lowered their price target on Deere & Company from $402.00 to $389.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Truist Financial raised 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. Raymond James assumed coverage on Deere & Company in a report on Friday, June 28th. They issued an “outperform” rating and a $420.00 price target on the stock. Evercore ISI raised their price target on Deere & Company from $371.00 to $378.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Finally, Hsbc Global Res cut Deere & Company from a “strong-buy” rating to a “hold” rating in a report on Monday, August 19th. Twelve research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Deere & Company has a consensus rating of “Hold” and an average target price of $420.69.

Deere & Company Price Performance

Shares of Deere & Company stock opened at $411.03 on Friday. The company has a debt-to-equity ratio of 1.85, a current ratio of 2.07 and a quick ratio of 1.87. The business’s 50 day simple moving average is $396.54 and its two-hundred day simple moving average is $385.38. The stock has a market capitalization of $113.27 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 1.35 and a beta of 0.92. Deere & Company has a one year low of $340.20 and a one year high of $420.47.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Thursday, August 15th. The industrial products company reported $6.29 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.66. The business had revenue of $11.39 billion for the quarter, compared to analysts’ expectations of $10.94 billion. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The business’s quarterly revenue was down 20.3% on a year-over-year basis. During the same period in the previous year, the firm earned $10.20 EPS. Analysts forecast that Deere & Company will post 25.03 EPS for the current year.

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Monday, September 30th will be paid a $1.47 dividend. The ex-dividend date is Monday, September 30th. This represents a $5.88 dividend on an annualized basis and a yield of 1.43%. Deere & Company’s dividend payout ratio (DPR) is currently 17.70%.

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.