Deere & Co. (DE) Raised to Neutral at Longbow Research
Deere & Co. (NYSE:DE) was upgraded by Longbow Research from an “underperform” rating to a “neutral” rating in a note issued to investors on Friday.
DE has been the subject of several other reports. Wells Fargo & Co. upgraded Deere & Co. from a “market perform” rating to an “outperform” rating in a research note on Monday, October 10th. Clarkson Capital upgraded Deere & Co. from a “neutral” rating to a “buy” rating in a research note on Tuesday, October 18th. Barclays PLC upped their price target on Deere & Co. from $63.00 to $68.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 12th. Argus upped their price target 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, Jefferies Group dropped their price target on Deere & Co. from $90.00 to $85.00 and set a “hold” rating for the company in a research note on Thursday, August 25th. Eight investment analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the stock. Deere & Co. currently has a consensus rating of “Hold” and an average target price of $85.54.
Shares of Deere & Co. (NYSE:DE) opened at 102.17 on Friday. The company’s 50-day moving average price is $88.69 and its 200 day moving average price is $84.01. Deere & Co. has a 1-year low of $70.16 and a 1-year high of $102.50. The stock has a market cap of $32.12 billion, a PE ratio of 20.47 and a beta of 0.71.
Deere & Co. (NYSE:DE) last released its earnings results on Wednesday, November 23rd. The company reported $0.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.50. The firm earned $6.52 billion during the quarter. Deere & Co. had a return on equity of 22.73% and a net margin of 5.92%. The business’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 earnings per share. Equities analysts forecast that Deere & Co. will post $4.32 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Friday, September 30th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.35%. The ex-dividend date was Wednesday, September 28th. Deere & Co.’s dividend payout ratio is currently 48.10%.
In related news, insider John C. May II sold 18,614 shares of the firm’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 value of $1,795,506.44. Following the sale, the insider now directly owns 28,926 shares in the company, valued at approximately $2,790,201.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.75% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its stake in Deere & Co. by 37.2% in the second quarter. FMR LLC now owns 9,139,259 shares of the company’s stock valued at $740,647,000 after buying an additional 2,477,175 shares in the last quarter. First Eagle Investment Management LLC boosted its stake in Deere & Co. by 20.4% in the third quarter. First Eagle Investment Management LLC now owns 6,325,129 shares of the company’s stock valued at $539,850,000 after buying an additional 1,072,390 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its stake in Deere & Co. by 1,983.4% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,005,965 shares of the company’s stock valued at $85,859,000 after buying an additional 957,680 shares in the last quarter. Generation Investment Management LLP boosted its stake in Deere & Co. by 12.8% in the third quarter. Generation Investment Management LLP now owns 6,838,253 shares of the company’s stock valued at $583,645,000 after buying an additional 775,827 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in Deere & Co. by 5,429.8% in the second quarter. Mackenzie Financial Corp now owns 764,161 shares of the company’s stock valued at $61,928,000 after buying an additional 750,342 shares in the last quarter. Hedge funds and other institutional investors own 70.14% of the company’s stock.
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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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