Procyon Advisors LLC Sells 2,586 Shares of Deere & Company $DE

Key Points

• Procyon Advisors LLC sold 2,586 shares of Deere & Company, reducing its stake by 39.8%, and now owns a total of 3,906 shares valued at approximately $1.99 million.
• Deere's latest earnings report showed an EPS of $4.75, surpassing analysts' estimates, although the company's revenue decreased by 9.0% year-over-year.
• The company declared a quarterly dividend of $1.62 per share, with a yield of 1.4%, set to be paid on November 10th to shareholders of record by September 30th.

Procyon Advisors LLC lessened its stake in Deere & Company (NYSE:DE - Free Report) by 39.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,906 shares of the industrial products company's stock after selling 2,586 shares during the quarter. Procyon Advisors LLC's holdings in Deere & Company were worth $1,986,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of DE. Activest Wealth Management lifted its stake in Deere & Company by 2,750.0% in the first quarter. Activest Wealth Management now owns 57 shares of the industrial products company's stock valued at $27,000 after purchasing an additional 55 shares during the last quarter. Hughes Financial Services LLC bought a new stake in shares of Deere & Company in the first quarter valued at $29,000. Cornerstone Planning Group LLC raised its stake in shares of Deere & Company by 116.1% in the first quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock valued at $31,000 after buying an additional 36 shares during the period. Livelsberger Financial Advisory bought a new stake in shares of Deere & Company in the second quarter valued at $39,000. Finally, Orion Capital Management LLC bought a new stake in shares of Deere & Company in the fourth quarter valued at $34,000. 68.58% of the stock is owned by institutional investors.

Deere & Company Price Performance

Shares of DE stock traded down $6.13 during trading on Friday, hitting $469.99. The company had a trading volume of 2,754,841 shares, compared to its average volume of 1,376,295. The company has a quick ratio of 1.98, a current ratio of 2.19 and a debt-to-equity ratio of 1.76. The stock's 50-day moving average is $494.07 and its two-hundred day moving average is $490.09. The stock has a market capitalization of $127.05 billion, a price-to-earnings ratio of 24.57, a price-to-earnings-growth ratio of 3.02 and a beta of 1.00. Deere & Company has a 52 week low of $387.03 and a 52 week high of $533.78.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.62 by $0.13. The business had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.33 billion. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. Deere & Company's revenue for the quarter was down 9.0% on a year-over-year basis. During the same period in the previous year, the business posted $6.29 earnings per share. As a group, analysts predict that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.48 annualized dividend and a yield of 1.4%. Deere & Company's payout ratio is 33.87%.

Analyst Ratings Changes

DE has been the topic of several research reports. Wall Street Zen upgraded Deere & Company from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Melius Research upgraded Deere & Company from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 6th. Truist Financial reduced their price target on Deere & Company from $619.00 to $602.00 and set a "buy" rating for the company in a research report on Friday, August 15th. JPMorgan Chase & Co. reduced their price target on Deere & Company from $500.00 to $495.00 and set a "neutral" rating for the company in a research report on Tuesday, September 2nd. Finally, Evercore ISI set a $491.00 price target on Deere & Company in a research report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $517.27.

Deere & Company 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.