Trust Co. of Vermont Reduces Stake in Deere & Company

Trust Co. of Vermont has reduced its stake in Deere & Company (NYSE:DE - Free Report) by 12.4% during the fourth quarter, based on its latest 13F filing with the Securities and Exchange Commission (SEC). As a result of selling 2,619 shares, the fund now holds 18,483 shares of the industrial product company's stock. Following this adjustment, Trust Co. of Vermont's holdings in Deere & Company are valued at approximately $7,831,000 according to their most recent SEC document.

In addition to Trust Co. of Vermont, other institutional investors have also varied their holdings in Deere & Company. For instance, Mattern Wealth Management LLC increased its share count by 1.3% during the third quarter, resulting in ownership of 1,884 shares worth $786,000 after buying an additional 25 shares in that quarter. Carret Asset Management LLC raised its stake by 0.3% in the same quarter and now owns 8,148 shares valued at $3,401,000, also after purchasing an extra 25 shares. Round Rock Advisors LLC added 2.0% to their position and possesses 1,252 shares worth $522,000, once again due to an additional 25 shares bought during the last quarter. Furthermore, Douglas Lane & Associates LLC grew its ownership by 4.7% in the fourth quarter, holding 557 shares valued at $236,000 following the purchase of 25 extra shares. Lastly, Centaurus Financial Inc. increased its stake by 2.3% in the second quarter, now owning 1,160 shares valued at $433,000 after adding 26 shares. Overall, institutional investors and hedge funds hold a significant 68.58% stake in Deere & Company.

Performance of Deere & Company Stock

On Friday, Deere & Company saw its stock price rise by $17.46, reaching $456.57. A total of 2,315,484 shares were traded, a considerable volume compared to the average of 906,286. The company has a market capitalization of $124.00 billion, a price-to-earnings (P/E) ratio of 17.83, and a price-to-earnings growth (PEG) ratio of 1.74. The stock has experienced a low of $340.20 and a high of $469.39 in the past year. It has a fifty-day moving average price of $430.22 and a two-hundred-day moving average price of $401.33. Financial metrics reveal a quick ratio of 1.90, a current ratio of 2.09, and a debt-to-equity ratio of 1.89.

Earnings Report and Dividends

Deere & Company last reported its earnings on November 21st, revealing earnings per share (EPS) of $4.55 for the quarter, surpassing the consensus estimate of $3.89 by $0.66. The company generated revenue of $9.28 billion, slightly exceeding the anticipated $9.20 billion. Despite this, the revenue figure represented a decrease of 32.8% compared to the same quarter last year when the EPS was $8.26. Analysts expect Deere & Company to achieve an EPS of 19.57 for the current fiscal year.

The firm has also announced an increase in its quarterly dividend, which will be distributed on February 10th, with investors recorded on December 31st eligible for a $1.62 dividend. This marked an increase from the previous dividend of $1.47, resulting in an annualized dividend of $6.48 and a dividend yield of 1.42%. The company's payout ratio currently stands at 25.31%.

Analyst Ratings and Predictions

Deere & Company has attracted attention from various research analysts. Citigroup has adjusted its target price down from $470.00 to $430.00, maintaining a "neutral" rating. Conversely, Truist Financial has raised their target price from $538.00 to $550.00, placing a "buy" rating on the company. Morgan Stanley also increased their target price from $401.00 to $450.00, issuing an "overweight" rating. Similarly, Oppenheimer raised their target from $448.00 to $477.00, while Barclays adjusted theirs from $400.00 to $475.00, both suggesting an "overweight" rating. Overall, 11 analysts have rated the stock as a hold, while 9 have assigned it a buy rating, resulting in a consensus rating of "Hold" and a target price of $442.83 across the board.

Overview of Deere & Company

Deere & Company specializes in the manufacturing and distribution of equipment for agriculture, construction, forestry, and turf care. It operates through different segments, notably Agriculture and Turf, Construction and Forestry, and Financial Services, with a strong focus on manufacturing and distributing a wide range of agricultural and turf equipment along with related service parts.

Deere, Investors, Stocks