Zacks: Brokerages Anticipate Deere & Company (NYSE:DE) Will Post Quarterly Sales of $10.05 Billion

Wall Street brokerages expect that Deere & Company (NYSE:DE) will post $10.05 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Deere & Company’s earnings, with the lowest sales estimate coming in at $9.30 billion and the highest estimate coming in at $10.49 billion. Deere & Company posted sales of $7.86 billion in the same quarter last year, which would indicate a positive year over year growth rate of 27.9%. The business is scheduled to report its next quarterly earnings report on Friday, August 20th.

According to Zacks, analysts expect that Deere & Company will report full year sales of $39.21 billion for the current year, with estimates ranging from $37.52 billion to $39.85 billion. For the next year, analysts expect that the firm will post sales of $43.55 billion, with estimates ranging from $40.39 billion to $45.25 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Deere & Company.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, May 20th. The industrial products company reported $5.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.44 by $1.24. Deere & Company had a return on equity of 33.31% and a net margin of 11.51%. The company had revenue of $11 billion for the quarter, compared to the consensus estimate of $10.27 billion. During the same quarter in the prior year, the business earned $2.11 EPS. Deere & Company’s revenue was up 33.7% on a year-over-year basis.

DE has been the topic of several recent research reports. Wolfe Research initiated coverage on Deere & Company in a report on Monday, April 19th. They set an “outperform” rating and a $425.00 price target on the stock. Robert W. Baird upped their price target on Deere & Company from $375.00 to $425.00 and gave the stock an “outperform” rating in a report on Thursday, May 13th. Citigroup increased their price objective on Deere & Company from $400.00 to $415.00 and gave the company a “buy” rating in a report on Friday, May 14th. Deutsche Bank Aktiengesellschaft increased their price objective on Deere & Company from $360.00 to $402.00 and gave the company a “hold” rating in a report on Tuesday, April 13th. Finally, Jefferies Financial Group increased their price objective on Deere & Company from $400.00 to $450.00 and gave the company a “buy” rating in a report on Tuesday, May 25th. Five analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Deere & Company currently has a consensus rating of “Buy” and a consensus target price of $352.22.

In other news, CEO John C. May II sold 39,336 shares of the stock in a transaction that occurred on Wednesday, June 2nd. The stock was sold at an average price of $359.07, for a total transaction of $14,124,377.52. Following the completion of the transaction, the chief executive officer now directly owns 78,949 shares of the company’s stock, valued at approximately $28,348,217.43. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Tami A. Erwin bought 275 shares of the business’s stock in a transaction dated Wednesday, June 2nd. The shares were acquired at an average cost of $359.61 per share, with a total value of $98,892.75. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the company. Brand Asset Management Group Inc. purchased a new position in shares of Deere & Company during the 1st quarter worth approximately $27,000. Lloyd Advisory Services LLC. purchased a new position in Deere & Company in the 1st quarter valued at approximately $28,000. Norway Savings Bank increased its stake in Deere & Company by 300.0% in the 1st quarter. Norway Savings Bank now owns 80 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 60 shares in the last quarter. Sterling Investment Advisors Ltd. increased its stake in Deere & Company by 125.0% in the 1st quarter. Sterling Investment Advisors Ltd. now owns 81 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 45 shares in the last quarter. Finally, Robbins Farley LLC increased its stake in Deere & Company by 1,620.0% in the 1st quarter. Robbins Farley LLC now owns 86 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 81 shares in the last quarter. 66.56% of the stock is owned by institutional investors and hedge funds.

NYSE DE traded down $8.09 during trading hours on Friday, hitting $341.44. 2,229,637 shares of the company were exchanged, compared to its average volume of 1,754,236. The company’s 50 day simple moving average is $371.91. The company has a debt-to-equity ratio of 2.21, a quick ratio of 2.05 and a current ratio of 2.29. Deere & Company has a 52-week low of $148.12 and a 52-week high of $400.34. The firm has a market capitalization of $106.51 billion, a price-to-earnings ratio of 24.09, a price-to-earnings-growth ratio of 0.99 and a beta of 1.04.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 9th. Shareholders of record on Wednesday, June 30th will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Tuesday, June 29th. This represents a $3.60 dividend on an annualized basis and a yield of 1.05%. Deere & Company’s payout ratio is 41.43%.

About Deere & Company

Deere & Company, together with its subsidiaries, manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment provides various agriculture and turf equipment, and related service parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; tillage, seeding, and application equipment comprising sprayers, nutrient management, and soil preparation machinery; self-propelled forage harvesters and attachments, balers, and mowers; riding lawn equipment, golf course equipment, utility vehicles, and commercial mowing equipment along with associated implements; integrated agricultural solutions and precision technologies; and other outdoor power products.

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