Deere & Company (NYSE:DE) Reaches New 12-Month High Following Analyst Upgrade

Deere & Company (NYSE:DE)’s stock price hit a new 52-week high on Wednesday after Oppenheimer raised their price target on the stock from $477.00 to $507.00. Oppenheimer currently has an outperform rating on the stock. Deere & Company traded as high as $485.84 and last traded at $480.59, with a volume of 1642397 shares. The stock had previously closed at $484.15.

A number of other brokerages have also recently issued reports on DE. JPMorgan Chase & Co. lifted their target price on Deere & Company from $450.00 to $470.00 and gave the stock a “neutral” rating in a report on Wednesday, January 15th. Morgan Stanley boosted their price objective on Deere & Company from $401.00 to $450.00 and gave the stock an “overweight” rating in a report on Monday, November 25th. Truist Financial raised their target price on shares of Deere & Company from $538.00 to $550.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Barclays boosted their price target on shares of Deere & Company from $400.00 to $475.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, Citigroup decreased their price objective on shares of Deere & Company from $470.00 to $430.00 and set a “neutral” rating for the company in a research note on Tuesday, January 14th. Eleven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $444.50.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Everence Capital Management Inc. grew its holdings in Deere & Company by 148.3% during the fourth quarter. Everence Capital Management Inc. now owns 12,223 shares of the industrial products company’s stock valued at $5,179,000 after purchasing an additional 7,300 shares during the last quarter. Stockbridge Partners LLC grew its stake in Deere & Company by 157.5% in the 3rd quarter. Stockbridge Partners LLC now owns 884,237 shares of the industrial products company’s stock valued at $369,019,000 after buying an additional 540,874 shares during the last quarter. Toronto Dominion Bank raised its holdings in Deere & Company by 1.5% in the 3rd quarter. Toronto Dominion Bank now owns 86,952 shares of the industrial products company’s stock worth $36,288,000 after acquiring an additional 1,291 shares during the period. Chase Investment Counsel Corp boosted its holdings in Deere & Company by 53.8% during the third quarter. Chase Investment Counsel Corp now owns 4,000 shares of the industrial products company’s stock valued at $1,669,000 after acquiring an additional 1,400 shares during the period. Finally, Czech National Bank increased its stake in shares of Deere & Company by 5.7% in the fourth quarter. Czech National Bank now owns 55,170 shares of the industrial products company’s stock worth $23,376,000 after purchasing an additional 2,964 shares during the period. Institutional investors and hedge funds own 68.58% of the company’s stock.

Deere & Company Stock Down 0.7 %

The firm has a 50-day moving average of $440.14 and a two-hundred day moving average of $407.30. The firm has a market cap of $130.89 billion, a price-to-earnings ratio of 18.77, a PEG ratio of 2.84 and a beta of 0.98. The company has a current ratio of 2.09, a quick ratio of 1.90 and a debt-to-equity ratio of 1.89.

Deere & Company (NYSE:DE) last posted its quarterly earnings data on Thursday, November 21st. The industrial products company reported $4.55 earnings per share for the quarter, beating the consensus estimate of $3.89 by $0.66. The company had revenue of $9.28 billion during the quarter, compared to analysts’ expectations of $9.20 billion. Deere & Company had a return on equity of 31.32% and a net margin of 13.73%. Deere & Company’s revenue for the quarter was down 32.8% compared to the same quarter last year. During the same period in the prior year, the business earned $8.26 earnings per share. As a group, sell-side analysts predict that Deere & Company will post 19.34 earnings per share for the current fiscal year.

Deere & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 10th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.62 per share. This is an increase from Deere & Company’s previous quarterly dividend of $1.47. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.48 annualized dividend and a dividend yield of 1.35%. Deere & Company’s payout ratio is presently 25.31%.

Deere & Company Company Profile

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.