Deere & Company (NYSE:DE) Hits New 12-Month High – Here’s What Happened

Deere & Company (NYSE:DE)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $715.90 and last traded at $719.8070, with a volume of 101886 shares changing hands. The stock had previously closed at $703.12.

Wall Street Analysts Forecast Growth

Several research firms have commented on DE. Robert W. Baird raised Deere & Company from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $640.00 to $800.00 in a research note on Monday, August 31st. CICC Research began coverage on shares of Deere & Company in a research report on Sunday, September 13th. They set an “outperform” rating on the stock. Citigroup lifted their price target on Deere & Company from $610.00 to $650.00 and gave the stock a “neutral” rating in a research note on Friday, August 21st. Weiss Ratings raised Deere & Company from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday. Finally, Barclays upped their price objective on shares of Deere & Company from $640.00 to $675.00 and gave the company an “overweight” rating in a research note on Monday, August 24th. Seventeen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, Deere & Company currently has a consensus rating of “Moderate Buy” and an average target price of $680.73.

Deere & Company Stock Up 1.4%

The firm’s 50-day moving average price is $636.79 and its 200-day moving average price is $600.94. The company has a debt-to-equity ratio of 1.45, a current ratio of 2.10 and a quick ratio of 1.89. The company has a market cap of $192.29 billion, a price-to-earnings ratio of 39.79, a price-to-earnings-growth ratio of 2.82 and a beta of 0.90.

Deere & Company (NYSE:DE) last issued its quarterly earnings data on Thursday, August 20th. The industrial products company reported $5.10 EPS for the quarter, topping analysts’ consensus estimates of $4.69 by $0.41. Deere & Company had a return on equity of 18.10% and a net margin of 10.16%.The company had revenue of $12.61 billion for the quarter, compared to analysts’ expectations of $10.81 billion. During the same quarter in the previous year, the firm posted $4.75 earnings per share. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. Sell-side analysts forecast that Deere & Company will post 18.12 earnings per share for the current fiscal year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Wednesday, September 30th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $6.48 annualized dividend and a yield of 0.9%. Deere & Company’s payout ratio is 36.00%.

Institutional Trading of Deere & Company

Several large investors have recently bought and sold shares of DE. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of Deere & Company in the second quarter valued at about $27,000. Kilter Group LLC bought a new stake in shares of Deere & Company during the 2nd quarter worth about $29,000. Solstein Capital LLC acquired a new position in Deere & Company in the 2nd quarter valued at $30,000. Portus Wealth Advisors LLC bought a new position in shares of Deere & Company during the first quarter worth approximately $32,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Deere & Company during the 2nd quarter worth $32,000. Institutional investors and hedge funds own 68.58% of the company’s stock.

About Deere & Company

Deere & Company, operating under the John Deere brand, is a global manufacturer of agricultural, construction, forestry and turf-care equipment. Its products include tractors, combines, harvesters, planters, sprayers, loaders, excavators, skid steers, forestry machines, commercial mowing equipment and compact utility tractors. The company also develops precision agriculture and construction technologies, including machine guidance, automation, data-management and connected-equipment solutions.

Founded by blacksmith John Deere in 1837, the company has grown from its original steel plow business into a diversified equipment and technology provider.