Deere & Company (NYSE:DE) Shares Up 1%

Shares of Deere & Company (NYSE:DE) shot up 1% on Thursday . The stock traded as high as $391.82 and last traded at $391.37. 398,189 shares were traded during trading, a decline of 73% from the average session volume of 1,453,001 shares. The stock had previously closed at $387.50.

Analysts Set New Price Targets

Several research firms recently weighed in on DE. Melius cut Deere & Company from a “buy” rating to a “hold” rating in a research note on Monday, January 8th. Truist Financial began coverage on Deere & Company in a research note on Thursday, March 14th. They set a “buy” rating and a $494.00 target price for the company. Stifel Nicolaus decreased their target price on Deere & Company from $435.00 to $425.00 and set a “buy” rating for the company in a research note on Friday, February 16th. Wells Fargo & Company reduced their price objective on Deere & Company from $445.00 to $425.00 and set an “overweight” rating for the company in a research note on Friday, February 16th. Finally, Melius Research reiterated a “hold” rating on shares of Deere & Company in a research note on Monday, January 8th. Ten equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Deere & Company has a consensus rating of “Hold” and an average target price of $433.28.

Deere & Company Trading Up 2.4 %

The company has a quick ratio of 1.81, a current ratio of 2.05 and a debt-to-equity ratio of 1.81. The firm has a market cap of $110.47 billion, a price-to-earnings ratio of 11.40, a price-to-earnings-growth ratio of 1.47 and a beta of 1.04. The business has a 50 day moving average of $389.94 and a 200 day moving average of $383.76.

Deere & Company (NYSE:DE) last released its earnings results on Thursday, February 15th. The industrial products company reported $6.23 earnings per share for the quarter, topping the consensus estimate of $5.19 by $1.04. Deere & Company had a return on equity of 44.60% and a net margin of 16.38%. The firm had revenue of $10.49 billion for the quarter, compared to the consensus estimate of $10.30 billion. During the same period in the prior year, the business posted $6.55 earnings per share. The firm’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, research analysts forecast that Deere & Company will post 27.37 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 8th. Investors of record on Friday, March 29th will be given a dividend of $1.47 per share. The ex-dividend date is Wednesday, March 27th. This represents a $5.88 annualized dividend and a yield of 1.48%. Deere & Company’s dividend payout ratio (DPR) is presently 17.12%.

Hedge Funds Weigh In On Deere & Company

Large investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Deere & Company in the 4th quarter worth about $1,248,036,000. International Assets Investment Management LLC raised its holdings in shares of Deere & Company by 46,241.1% in the 4th quarter. International Assets Investment Management LLC now owns 840,627 shares of the industrial products company’s stock worth $336,142,000 after purchasing an additional 838,813 shares during the period. Parnassus Investments LLC raised its holdings in shares of Deere & Company by 22.4% in 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 purchasing an additional 705,771 shares during the period. FMR LLC raised its holdings in shares of Deere & Company by 6.6% in the 3rd quarter. FMR LLC now owns 4,374,282 shares of the industrial products company’s stock worth $1,650,767,000 after purchasing an additional 269,571 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Deere & Company by 11.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,595,945 shares of the industrial products company’s stock worth $638,167,000 after purchasing an additional 160,369 shares during the period. 68.58% of the stock is currently 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.