Summit Investment Advisors Inc. Reduces Stake in Deere & Company (NYSE:DE)

Summit Investment Advisors Inc. lessened its position in shares of Deere & Company (NYSE:DE) by 4.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,505 shares of the industrial products company’s stock after selling 116 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Deere & Company were worth $1,061,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Deere & Company in the 4th quarter worth approximately $1,244,094,000. FMR LLC raised its position in Deere & Company by 22.9% in the fourth quarter. FMR LLC now owns 5,581,408 shares of the industrial products company’s stock worth $2,364,843,000 after acquiring an additional 1,039,395 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Deere & Company during the 4th quarter worth $296,232,000. Proficio Capital Partners LLC grew its position in shares of Deere & Company by 52,200.3% during the 4th quarter. Proficio Capital Partners LLC now owns 530,848 shares of the industrial products company’s stock valued at $224,920,000 after acquiring an additional 529,833 shares during the period. Finally, Strategic Wealth Investment Group LLC purchased a new stake in shares of Deere & Company in the 4th quarter worth $148,359,000. Institutional investors own 68.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on DE shares. Robert W. Baird reissued a “neutral” rating and set a $501.00 price target on shares of Deere & Company in a report on Monday, March 3rd. Baird R W downgraded Deere & Company from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 3rd. Oppenheimer raised their target price on shares of Deere & Company from $477.00 to $507.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 28th. Truist Financial reiterated a “buy” rating and issued a $546.00 price target (down from $550.00) on shares of Deere & Company in a research report on Friday, February 14th. Finally, Morgan Stanley raised their price objective on shares of Deere & Company from $450.00 to $500.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $459.89.

Insider Buying and Selling

In other news, insider Rajesh Kalathur sold 24,580 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $500.61, for a total value of $12,304,993.80. Following the completion of the sale, the insider now directly owns 74,878 shares of the company’s stock, valued at $37,484,675.58. This trade represents a 24.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by company insiders.

Deere & Company Stock Performance

NYSE DE opened at $452.06 on Friday. The company has a debt-to-equity ratio of 1.94, a current ratio of 2.22 and a quick ratio of 1.98. Deere & Company has a 1-year low of $340.20 and a 1-year high of $515.05. The business has a 50 day simple moving average of $470.23 and a two-hundred day simple moving average of $444.28. The stock has a market capitalization of $122.70 billion, a PE ratio of 20.04, a P/E/G ratio of 2.14 and a beta of 1.00.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Thursday, February 13th. The industrial products company reported $3.19 earnings per share for the quarter, topping the consensus estimate of $3.14 by $0.05. Deere & Company had a net margin of 12.94% and a return on equity of 27.31%. On average, research analysts predict that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 8th. Stockholders of record on Monday, March 31st will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.43%. The ex-dividend date is Monday, March 31st. Deere & Company’s dividend payout ratio is 28.72%.

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.