Deere & Co. (DE) Issues Quarterly Earnings Results, Beats Estimates By $0.50 EPS
Deere & Co. (NYSE:DE) announced its earnings results on Wednesday. The company reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.50. Deere & Co. had a return on equity of 22.73% and a net margin of 5.92%. The company had revenue of $6.52 billion for the quarter, compared to analyst estimates of $5.38 billion. During the same period in the prior year, the company posted $1.08 EPS. The firm’s quarterly revenue was down 4.8% compared to the same quarter last year.
Shares of Deere & Co. (NYSE:DE) opened at 102.17 on Thursday. The firm has a market cap of $32.12 billion, a PE ratio of 20.47 and a beta of 0.71. The company has a 50 day moving average price of $88.69 and a 200 day moving average price of $84.01. Deere & Co. has a 12-month low of $70.16 and a 12-month high of $102.50.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Friday, September 30th were issued a $0.60 dividend. The ex-dividend date was Wednesday, September 28th. This represents a $2.40 annualized dividend and a dividend yield of 2.35%. Deere & Co.’s dividend payout ratio is presently 48.10%.
DE has been the topic of several recent analyst reports. Wells Fargo & Co. raised Deere & Co. from a “market perform” rating to an “outperform” rating in a research report on Monday, October 10th. Clarkson Capital raised Deere & Co. from a “neutral” rating to a “buy” rating in a report on Tuesday, October 18th. Barclays PLC increased their price objective on Deere & Co. from $63.00 to $68.00 and gave the company an “underweight” rating in a report on Wednesday, October 12th. Argus increased their price objective on Deere & Co. from $90.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, August 23rd. Finally, Jefferies Group cut their price objective on Deere & Co. from $90.00 to $85.00 and set a “hold” rating on the stock in a report on Thursday, August 25th. Eight investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $84.60.
In other Deere & Co. news, insider John C. May II sold 18,614 shares of the business’s stock in a transaction that occurred on Wednesday, November 23rd. The stock was sold at an average price of $96.46, for a total transaction of $1,795,506.44. Following the transaction, the insider now owns 28,926 shares in the company, valued at approximately $2,790,201.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.75% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Hartford Financial Management Inc. boosted its position in 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 last quarter. Jolley Asset Management LLC boosted its position 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 during the last quarter. CWM LLC boosted its position 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 during the last quarter. Washington Trust Bank boosted its position 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 during the last quarter. Finally, Cornerstone Advisors Inc. boosted its position 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 during the last quarter. Institutional investors own 70.14% 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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