Zacks Investment Research Upgrades Deere & Co. (DE) to “Buy”
Deere & Co. (NYSE:DE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $103.00 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 12.88% from the company’s current price.
According to Zacks, “For fiscal 2016, Deere anticipates net income to be about $1.35 billion. The company stands to gain from favorable trends, supported by increasing population and rising living standards. Focus on investments in new products and geographies also remain tailwinds. An increase in non-residential construction spending activity and improvement in political conditions in Brazil will lead to better results. Further, favorable raw material costs as well as lower research and development, and selling, administrative and general expenses will boost margins. Also, the company has a positive record of earnings surprises in recent quarters.”
Several other research firms have also recently commented on DE. Robert W. Baird cut Deere & Co. from an “outperform” rating to a “neutral” rating in a research note on Monday. RBC Capital Markets assumed coverage on Deere & Co. in a research note on Thursday, November 10th. They set an “outperform” rating for the company. Mizuho cut Deere & Co. from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 9th. Argus raised their target price on Deere & Co. from $90.00 to $98.00 and gave the stock a “buy” rating in a research note on Tuesday, August 23rd. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $101.00 target price on shares of Deere & Co. in a research note on Thursday, August 25th. Eight investment analysts have rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $84.60.
Deere & Co. (NYSE:DE) opened at 91.25 on Tuesday. The firm’s 50 day moving average price is $87.38 and its 200 day moving average price is $83.60. The firm has a market cap of $28.69 billion, a price-to-earnings ratio of 18.29 and a beta of 0.71. Deere & Co. has a 52-week low of $70.16 and a 52-week high of $92.99.
Deere & Co. (NYSE:DE) last released its earnings results on Friday, August 19th. The company reported $1.55 EPS for the quarter, topping the consensus estimate of $0.94 by $0.61. Deere & Co. had a return on equity of 22.73% and a net margin of 5.92%. The business earned $6.72 billion during the quarter. During the same period in the prior year, the business earned $1.53 EPS. The company’s revenue for the quarter was down 14.3% on a year-over-year basis. Equities research analysts anticipate that Deere & Co. will post $4.32 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Friday, September 30th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend was Wednesday, September 28th. Deere & Co.’s dividend payout ratio (DPR) is presently 48.10%.
Several institutional investors have recently made changes to their positions in DE. Hartford Financial Management Inc. boosted its position in shares of Deere & Co. by 5.2% in the third quarter. Hartford Financial Management Inc. now owns 1,210 shares of the company’s stock valued at $103,000 after buying an additional 60 shares during the period. Jolley Asset Management LLC raised its stake in Deere & Co. by 14.0% in the third quarter. Jolley Asset Management LLC now owns 1,225 shares of the company’s stock valued at $105,000 after buying an additional 150 shares in the last quarter. CWM LLC raised its stake in Deere & Co. by 94.6% in the third quarter. CWM LLC now owns 1,234 shares of the company’s stock valued at $105,000 after buying an additional 600 shares in the last quarter. Washington Trust Bank raised its stake in Deere & Co. by 59.0% in the second quarter. Washington Trust Bank now owns 1,240 shares of the company’s stock valued at $100,000 after buying an additional 460 shares in the last quarter. Finally, Cornerstone Advisors Inc. raised its stake in Deere & Co. by 6.0% in the third quarter. Cornerstone Advisors Inc. now owns 1,268 shares of the company’s stock valued at $108,000 after buying an additional 72 shares in the last quarter. Institutional investors own 70.56% of the company’s stock.
About Deere & Co.
Deere & Company is engaged in equipment operations and financial services. The Company operates through three business segments: agriculture and turf, construction and forestry, and financial services. The Company’s agriculture and turf segment primarily manufactures and distributes a full line of agriculture and turf equipment and related service parts.
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