Deere & Company (DE) Stock Rating Lowered by Zacks Investment Research
Zacks Investment Research lowered shares of Deere & Company (NYSE:DE) from a buy rating to a hold rating in a research report report published on Monday morning.
According to Zacks, “Deere is poised to gain from the Wirtgen acquisition. The buyout will aid Deere’s North America-centric construction business and also catapult it to the position of an industry leader in global road construction. The company expects that its disciplined cost management and continued investment in innovative technology and solutions will drive its near term results. Recovery in the dairy and livestock sectors will drive growth in the EU28 region. Further, Deere’s acquisition of Blue River Technology remains a tailwind. The stock has outperformed the industry in the last year. Its estimates have also been revised upward lately. However, Deere will bear the brunt of expected decline in agricultural production in Brazil, elevated expenses as well as geopolitical disruptions around the world.”
Several other brokerages have also recently issued reports on DE. Citigroup upped their target price on shares of Deere & Company from $165.00 to $200.00 and gave the company a buy rating in a report on Tuesday, January 16th. Barclays set a $176.00 target price on shares of Deere & Company and gave the company an overweight rating in a report on Wednesday, January 24th. Seaport Global Securities restated a hold rating on shares of Deere & Company in a report on Thursday, January 18th. ValuEngine upgraded shares of Deere & Company from a hold rating to a buy rating in a research note on Friday, February 2nd. Finally, Stifel Nicolaus reiterated a buy rating and set a $184.00 price target (up previously from $161.00) on shares of Deere & Company in a research note on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $156.23.
Deere & Company (NYSE:DE) last issued its earnings results on Wednesday, November 22nd. The industrial products company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.10. Deere & Company had a net margin of 7.22% and a return on equity of 26.31%. The business had revenue of $7.09 billion during the quarter, compared to analysts’ expectations of $6.91 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. sell-side analysts expect that Deere & Company will post 8.27 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Friday, December 29th were given a dividend of $0.60 per share. The ex-dividend date was Thursday, December 28th. This represents a $2.40 dividend on an annualized basis and a yield of 1.47%. Deere & Company’s payout ratio is currently 36.14%.
In other news, CFO Rajesh Kalathur sold 4,519 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $148.92, for a total value of $672,969.48. Following the completion of the transaction, the chief financial officer now owns 36,288 shares in the company, valued at approximately $5,404,008.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James M. Field sold 22,095 shares of the stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $170.06, for a total transaction of $3,757,475.70. Following the completion of the transaction, the insider now owns 95,832 shares of the company’s stock, valued at approximately $16,297,189.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 187,603 shares of company stock valued at $28,058,143. 0.74% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. LeJeune Puetz Investment Counsel LLC purchased a new position in shares of Deere & Company in the 4th quarter valued at about $101,000. Icon Wealth Partners LLC purchased a new position in shares of Deere & Company in the 4th quarter valued at about $110,000. Cerebellum GP LLC purchased a new position in shares of Deere & Company in the 4th quarter valued at about $132,000. TCI Wealth Advisors Inc. increased its holdings in shares of Deere & Company by 107.3% in the 4th quarter. TCI Wealth Advisors Inc. now owns 885 shares of the industrial products company’s stock valued at $139,000 after purchasing an additional 458 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC purchased a new position in shares of Deere & Company in the 3rd quarter valued at about $144,000. Institutional investors and hedge funds own 66.84% of the company’s stock.
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About Deere & Company
Deere & Company is engaged in equipment operations. The Company is engaged in providing financial services. The Company operates through three business segments: agriculture and turf, construction and forestry, and financial services. The agriculture and turf segment manufactures and distributes a line of agriculture and turf equipment and related service parts.
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