Deere & Company (NYSE:DE) Hits New 12-Month High Following Analyst Upgrade

Deere & Company (NYSE:DE) reached a new 52-week high during trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $220.00 to $230.00. Wells Fargo & Company currently has an equal weight rating on the stock. Deere & Company traded as high as $220.92 and last traded at $220.00, with a volume of 3206 shares traded. The stock had previously closed at $218.33.

A number of other research analysts have also recently commented on DE. Barclays boosted their target price on shares of Deere & Company from $180.00 to $215.00 and gave the stock an “overweight” rating in a research report on Monday, August 24th. Jefferies Financial Group lifted their price target on shares of Deere & Company from $165.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Credit Suisse Group lifted their price target on shares of Deere & Company from $179.00 to $223.00 and gave the stock an “outperform” rating in a research note on Monday, August 24th. BofA Securities upgraded shares of Deere & Company from a “neutral” rating to a “buy” rating and set a $234.00 price target for the company in a research note on Monday, August 24th. Finally, Goldman Sachs Group lifted their price target on shares of Deere & Company from $182.00 to $209.00 in a research note on Tuesday, August 18th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $208.88.

In other news, insider Rajesh Kalathur sold 10,760 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $180.00, for a total transaction of $1,936,800.00. Following the completion of the transaction, the insider now owns 62,131 shares in the company, valued at $11,183,580. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Marc A. Howze sold 7,996 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $208.17, for a total transaction of $1,664,527.32. Following the transaction, the chief accounting officer now owns 22,440 shares of the company’s stock, valued at approximately $4,671,334.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 36,047 shares of company stock valued at $6,726,372. 0.70% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Ninety One UK Ltd lifted its holdings in Deere & Company by 28.8% in the second quarter. Ninety One UK Ltd now owns 54,811 shares of the industrial products company’s stock worth $8,614,000 after purchasing an additional 12,269 shares during the period. Handelsbanken Fonder AB acquired a new stake in Deere & Company in the second quarter worth about $11,490,000. Asset Dedication LLC lifted its holdings in Deere & Company by 115.3% in the second quarter. Asset Dedication LLC now owns 564 shares of the industrial products company’s stock worth $89,000 after purchasing an additional 302 shares during the period. Orion Portfolio Solutions LLC lifted its holdings in Deere & Company by 47.4% in the second quarter. Orion Portfolio Solutions LLC now owns 6,649 shares of the industrial products company’s stock worth $1,045,000 after purchasing an additional 2,139 shares during the period. Finally, WealthPLAN Partners LLC lifted its holdings in Deere & Company by 2.3% in the second quarter. WealthPLAN Partners LLC now owns 2,695 shares of the industrial products company’s stock worth $511,000 after purchasing an additional 60 shares during the period. Institutional investors and hedge funds own 67.77% of the company’s stock.

The firm has a market cap of $67.50 billion, a price-to-earnings ratio of 25.10, a P/E/G ratio of 3.56 and a beta of 0.99. The firm’s fifty day moving average is $198.55 and its two-hundred day moving average is $160.54. The company has a debt-to-equity ratio of 2.64, a current ratio of 2.26 and a quick ratio of 2.03.

Deere & Company (NYSE:DE) last posted its quarterly earnings data on Friday, August 21st. The industrial products company reported $2.57 earnings per share for the quarter, topping the consensus estimate of $1.26 by $1.31. The business had revenue of $7.86 billion during the quarter, compared to the consensus estimate of $6.70 billion. Deere & Company had a net margin of 7.61% and a return on equity of 22.24%. The company’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.71 earnings per share. On average, equities analysts forecast that Deere & Company will post 7.42 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Wednesday, September 30th will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 1.41%. The ex-dividend date is Tuesday, September 29th. Deere & Company’s payout ratio is currently 30.58%.

About Deere & Company (NYSE:DE)

Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.

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