Deere & Company (NYSE:DE) PT Lowered to $370.00

Deere & Company (NYSE:DE) had its price target cut by analysts at Citigroup from $395.00 to $370.00 in a research report issued on Tuesday. The brokerage currently has a “neutral” rating on the industrial products company’s stock. Citigroup’s target price suggests a potential downside of 2.07% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Morgan Stanley upped their price target on Deere & Company from $430.00 to $450.00 in a research note on Wednesday, May 15th. TD Cowen raised their price target on shares of Deere & Company from $383.00 to $390.00 and gave the company a “hold” rating in a report on Friday, May 17th. JPMorgan Chase & Co. decreased their price objective on shares of Deere & Company from $375.00 to $360.00 and set a “neutral” rating for the company in a research note on Tuesday. Daiwa Capital Markets increased their price objective on shares of Deere & Company from $400.00 to $420.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 15th. Finally, Truist Financial reduced their target price on shares of Deere & Company from $460.00 to $439.00 and set a “buy” rating on the stock in a report on Tuesday, July 2nd. Twelve equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $422.78.

Deere & Company Trading Up 7.6 %

Shares of DE traded up $26.53 during mid-day trading on Tuesday, hitting $377.81. The company had a trading volume of 2,000,926 shares, compared to its average volume of 1,538,569. Deere & Company has a 1-year low of $340.20 and a 1-year high of $435.73. The business’s 50-day simple moving average is $367.23 and its 200-day simple moving average is $380.75. The stock has a market cap of $104.11 billion, a PE ratio of 11.36, a P/E/G ratio of 1.59 and a beta of 0.93. The company has a quick ratio of 1.80, a current ratio of 2.01 and a debt-to-equity ratio of 1.81.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Thursday, August 15th. The industrial products company reported $6.29 earnings per share for the quarter, beating analysts’ consensus estimates of $5.94 by $0.35. The company had revenue of $11.39 billion for the quarter, compared to analyst estimates of $10.94 billion. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. Deere & Company’s revenue for the quarter was down 20.3% on a year-over-year basis. During the same quarter last year, the business earned $10.20 EPS. Sell-side analysts forecast that Deere & Company will post 25.41 earnings per share for the current year.

Insider Activity

In other Deere & Company news, insider Cory J. Reed sold 13,370 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the transaction, the insider now owns 41,642 shares of the company’s stock, valued at approximately $15,725,268.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On Deere & Company

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DE. Vanguard Group Inc. lifted its stake in Deere & Company by 1.2% during the first quarter. Vanguard Group Inc. now owns 21,988,363 shares of the industrial products company’s stock valued at $9,031,500,000 after purchasing an additional 263,709 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Deere & Company by 0.5% during the 1st quarter. Janus Henderson Group PLC now owns 3,859,021 shares of the industrial products company’s stock valued at $1,585,028,000 after acquiring an additional 19,200 shares during the last quarter. Parnassus Investments LLC boosted its stake in shares of Deere & Company by 22.4% during the 4th quarter. Parnassus Investments LLC now owns 3,856,171 shares of the industrial products company’s stock worth $1,541,967,000 after acquiring an additional 705,771 shares in the last quarter. Norges Bank acquired a new position in shares of Deere & Company in the 4th quarter worth $1,248,036,000. Finally, Legal & General Group Plc raised its position in shares of Deere & Company by 2.7% during the second quarter. Legal & General Group Plc now owns 2,254,266 shares of the industrial products company’s stock worth $842,259,000 after purchasing an additional 60,255 shares during the period. 68.58% of the stock is owned by institutional investors.

About Deere & Company

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.