Analysts Issue Forecasts for Deere & Company’s FY2024 Earnings (NYSE:DE)

Deere & Company (NYSE:DE) – Investment analysts at Zacks Research lowered their FY2024 earnings estimates for shares of Deere & Company in a research note issued on Tuesday, September 3rd. Zacks Research analyst M. Das now forecasts that the industrial products company will earn $25.09 per share for the year, down from their previous estimate of $25.31. The consensus estimate for Deere & Company’s current full-year earnings is $25.09 per share.

Several other research firms have also commented on DE. TD Cowen boosted their price objective on shares of Deere & Company from $383.00 to $390.00 and gave the stock a “hold” rating in a research note on Friday, May 17th. Oppenheimer reduced their price objective on shares of Deere & Company from $465.00 to $448.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Evercore ISI boosted their price objective on shares of Deere & Company from $371.00 to $378.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. DA Davidson reduced their price objective on shares of Deere & Company from $483.00 to $465.00 and set a “buy” rating for the company in a research note on Monday, May 20th. Finally, Raymond James initiated coverage on shares of Deere & Company in a research note on Friday, June 28th. They set an “outperform” rating and a $420.00 price objective for the company. Fourteen investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $414.11.

Deere & Company Trading Down 2.1 %

NYSE DE opened at $383.69 on Friday. The company has a quick ratio of 1.87, a current ratio of 2.07 and a debt-to-equity ratio of 1.85. The firm has a market cap of $105.73 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 1.28 and a beta of 0.93. The company has a 50 day moving average price of $368.87 and a 200 day moving average price of $380.21. Deere & Company has a 52 week low of $340.20 and a 52 week high of $417.46.

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, topping the consensus estimate of $5.63 by $0.66. Deere & Company had a net margin of 14.69% and a return on equity of 36.71%. The firm had revenue of $11.39 billion during the quarter, compared to analysts’ expectations of $10.94 billion. During the same quarter in the prior year, the company earned $10.20 EPS. The company’s revenue was down 20.3% compared to the same quarter last year.

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, September 30th will be issued a $1.47 dividend. This represents a $5.88 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Monday, September 30th. Deere & Company’s dividend payout ratio (DPR) is currently 17.70%.

Insider Activity

In other news, insider Cory J. Reed sold 13,370 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $377.63, for a total value of $5,048,913.10. Following the sale, the insider now directly owns 41,642 shares of the company’s stock, valued at approximately $15,725,268.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On Deere & Company

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DE. Norges Bank purchased a new position in Deere & Company during the fourth quarter valued at $1,248,036,000. Parnassus Investments LLC lifted its holdings in Deere & Company by 22.4% during the fourth quarter. Parnassus Investments LLC now owns 3,856,171 shares of the industrial products company’s stock valued at $1,541,967,000 after purchasing an additional 705,771 shares in the last quarter. Swedbank AB purchased a new position in Deere & Company during the first quarter valued at $191,628,000. Mawer Investment Management Ltd. purchased a new position in Deere & Company during the second quarter valued at $166,937,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Deere & Company by 15.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,146,441 shares of the industrial products company’s stock valued at $802,037,000 after purchasing an additional 279,627 shares in the last quarter. 68.58% of the stock is owned by hedge funds and other 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.