Piper Jaffray Cos. Upgrades Deere & Co. (DE) to Neutral
Deere & Co. (NYSE:DE) was upgraded by analysts at Piper Jaffray Cos. from an “underweight” rating to a “neutral” rating in a research report issued on Monday. The brokerage currently has a $100.00 target price on the stock, up from their prior target price of $70.00. Piper Jaffray Cos.’s target price points to a potential downside of 0.35% from the company’s current price.
DE has been the topic of several other research reports. Citigroup Inc. cut their price objective on Deere & Co. from $100.00 to $87.00 and set a “buy” rating on the stock in a research note on Monday, August 22nd. TheStreet upgraded Deere & Co. from a “hold” rating to a “buy” rating in a research note on Wednesday, November 23rd. Barclays PLC upped their price objective on Deere & Co. from $63.00 to $68.00 and gave the company an “underweight” rating in a research note on Wednesday, October 12th. Oppenheimer Holdings Inc. cut Deere & Co. from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 27th. Finally, Credit Suisse Group AG upped their target price on Deere & Co. from $87.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, August 22nd. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $90.24.
Deere & Co. (NYSE:DE) opened at 100.35 on Monday. Deere & Co. has a 12-month low of $70.16 and a 12-month high of $104.83. The stock has a market cap of $31.59 billion, a P/E ratio of 20.86 and a beta of 0.71. The stock has a 50 day moving average price of $89.83 and a 200-day moving average price of $84.32.
Deere & Co. (NYSE:DE) last announced its quarterly earnings data on Wednesday, November 23rd. 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 21.54% and a net margin of 5.72%. The firm had revenue of $6.52 billion for the quarter. During the same quarter in the previous year, the company earned $1.08 EPS. The company’s quarterly revenue was down 4.8% compared to the same quarter last year. On average, equities analysts expect that Deere & Co. will post $4.32 earnings per share for the current year.
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In other news, insider Max A. Guinn sold 36,402 shares of the company’s stock in a transaction on Friday, November 25th. The shares were sold at an average price of $102.94, for a total value of $3,747,221.88. Following the transaction, the insider now directly owns 55,427 shares of the company’s stock, valued at $5,705,655.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John C. May II sold 18,614 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 28,926 shares in the company, valued at $2,790,201.96. The disclosure for this sale can be found here. 0.75% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Commerzbank Aktiengesellschaft FI increased its position in Deere & Co. by 505.3% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 451,229 shares of the company’s stock valued at $36,568,000 after buying an additional 376,688 shares during the last quarter. Pastel & Associes SA acquired a new position in Deere & Co. during the second quarter valued at approximately $12,030,000. Nuance Investments LLC increased its position in Deere & Co. by 6.6% in the second quarter. Nuance Investments LLC now owns 501,626 shares of the company’s stock valued at $40,652,000 after buying an additional 31,111 shares during the last quarter. Quantbot Technologies LP increased its position in Deere & Co. by 599.0% in the second quarter. Quantbot Technologies LP now owns 34,029 shares of the company’s stock valued at $2,757,000 after buying an additional 29,161 shares during the last quarter. Finally, Cidel Asset Management Inc. increased its position in Deere & Co. by 6.2% in the second quarter. Cidel Asset Management Inc. now owns 125,909 shares of the company’s stock valued at $10,204,000 after buying an additional 7,379 shares during the last quarter. 71.68% of the stock is currently owned by institutional investors and hedge funds.
Deere & Co. Company Profile
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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