Zacks Investment Research upgraded shares of Deere & Company (NYSE:DE) from a hold rating to a buy rating in a report published on Tuesday morning. Zacks Investment Research currently has $178.00 target price on the industrial products company’s stock.
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. The Construction and Forestry segment is expected to be the primary growth driver for Deere. This is backed by positive conditions in residential and non-residential markets in the United States as well as an improved oil and gas sector. 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.”
Other equities research analysts also recently issued reports about the company. Wells Fargo & Co reaffirmed a buy rating and set a $170.00 price target on shares of Deere & Company in a report on Thursday, November 23rd. Deutsche Bank raised Deere & Company from a hold rating to a buy rating and increased their price target for the stock from $149.00 to $167.00 in a report on Thursday, November 23rd. BMO Capital Markets reaffirmed a buy rating and set a $150.00 price target on shares of Deere & Company in a report on Thursday, November 2nd. Stifel Nicolaus increased their price target on Deere & Company to $161.00 and gave the stock a buy rating in a report on Monday, November 27th. Finally, Argus reaffirmed a buy rating and set a $165.00 price target on shares of Deere & Company in a report on Monday, November 27th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the stock. Deere & Company has a consensus rating of Buy and an average price target of $156.23.
Shares of Deere & Company (DE) opened at $161.30 on Tuesday. The company has a current ratio of 2.12, a quick ratio of 1.95 and a debt-to-equity ratio of 2.71. Deere & Company has a fifty-two week low of $106.72 and a fifty-two week high of $171.96. The firm has a market capitalization of $51,465.76, a price-to-earnings ratio of 23.98, a P/E/G ratio of 2.38 and a beta of 0.75.
Deere & Company (NYSE:DE) last issued its quarterly earnings results on Wednesday, November 22nd. The industrial products company reported $1.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.10. Deere & Company had a return on equity of 26.31% and a net margin of 7.22%. The firm had revenue of $7.09 billion during the quarter, compared to the consensus estimate of $6.91 billion. During the same period last year, the company earned $0.90 earnings per share. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. analysts anticipate that Deere & Company will post 8.15 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Friday, December 29th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Thursday, December 28th. Deere & Company’s dividend payout ratio (DPR) is currently 36.14%.
In other news, insider Max A. Guinn sold 11,235 shares of the firm’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $168.68, for a total value of $1,895,119.80. Following the completion of the transaction, the insider now owns 39,406 shares in the company, valued at $6,647,004.08. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider James M. Field sold 22,095 shares of the firm’s stock in a transaction on Friday, January 12th. The shares were sold at an average price of $170.06, for a total value 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 three months, insiders sold 187,603 shares of company stock valued at $28,058,143. 0.74% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in DE. National Asset Management Inc. purchased a new position in shares of Deere & Company in the second quarter valued at $214,000. Verition Fund Management LLC increased its position in shares of Deere & Company by 73.8% in the second quarter. Verition Fund Management LLC now owns 5,681 shares of the industrial products company’s stock valued at $702,000 after buying an additional 2,412 shares in the last quarter. Colony Group LLC purchased a new position in shares of Deere & Company in the second quarter valued at $289,000. WINTON GROUP Ltd increased its position in shares of Deere & Company by 478.7% in the second quarter. WINTON GROUP Ltd now owns 91,430 shares of the industrial products company’s stock valued at $11,300,000 after buying an additional 75,631 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Deere & Company in the second quarter valued at $744,000. 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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