SouthState Corp Decreases Holdings in Deere & Company (NYSE:DE)

SouthState Corp trimmed its stake in shares of Deere & Company (NYSE:DE) by 1.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,069 shares of the industrial products company’s stock after selling 32 shares during the period. SouthState Corp’s holdings in Deere & Company were worth $827,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of DE. Briaud Financial Planning Inc acquired a new stake in shares of Deere & Company in the third quarter valued at about $25,000. ZRC Wealth Management LLC acquired a new stake in Deere & Company during the fourth quarter worth about $28,000. Rakuten Securities Inc. acquired a new stake in Deere & Company during the fourth quarter worth about $28,000. Naples Money Management LLC acquired a new stake in Deere & Company during the fourth quarter worth about $29,000. Finally, Bfsg LLC acquired a new stake in Deere & Company during the fourth quarter worth about $30,000. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Stock Performance

DE traded up $4.91 during trading on Friday, hitting $400.87. The stock had a trading volume of 1,626,956 shares, compared to its average volume of 1,472,102. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.81 and a current ratio of 2.05. The firm has a market capitalization of $111.59 billion, a P/E ratio of 11.68, a PEG ratio of 1.46 and a beta of 1.04. The company’s 50-day moving average price is $390.73 and its 200 day moving average price is $383.84. Deere & Company has a twelve month low of $345.55 and a twelve month high of $450.00.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Thursday, February 15th. The industrial products company reported $6.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.19 by $1.04. The company had revenue of $10.49 billion for the quarter, compared to analysts’ expectations of $10.30 billion. Deere & Company had a net margin of 16.38% and a return on equity of 44.60%. Deere & Company’s revenue was down 8.0% compared to the same quarter last year. During the same period in the previous year, the company posted $6.55 EPS. On average, equities research analysts forecast that Deere & Company will post 27.37 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 8th. Investors of record on Friday, March 29th will be given a $1.47 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $5.88 annualized dividend and a dividend yield of 1.47%. Deere & Company’s dividend payout ratio is presently 17.12%.

Analysts Set New Price Targets

DE has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Deere & Company from $415.00 to $425.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Melius cut shares of Deere & Company from a “buy” rating to a “hold” rating in a research report on Monday, January 8th. Truist Financial assumed coverage on shares of Deere & Company in a research report on Thursday, March 14th. They set a “buy” rating and a $494.00 price target for the company. Evercore ISI lifted their price target on shares of Deere & Company from $381.00 to $387.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Deere & Company from $425.00 to $401.00 and set a “hold” rating for the company in a research report on Friday, February 16th. Ten 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.com, the stock presently has an average rating of “Hold” and a consensus target price of $433.28.

Deere & 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.