Goldman Sachs Group, Inc. (The) upgraded shares of Deere & Company (NYSE:DE) from a buy rating to a conviction-buy rating in a research report released on Monday, August 7th. The firm currently has $129.75 target price on the industrial products company’s stock.
A number of other brokerages also recently issued reports on DE. BidaskClub downgraded Deere & from a strong-buy rating to a buy rating in a report on Tuesday, July 25th. Citigroup Inc. lifted their price target on Deere & from $145.00 to $150.00 and gave the stock a buy rating in a report on Friday, June 9th. Barclays PLC set a $100.00 price target on Deere & and gave the stock a sell rating in a report on Sunday, June 4th. Jefferies Group LLC reaffirmed a hold rating and set a $125.00 price target on shares of Deere & in a report on Thursday, July 6th. Finally, Credit Suisse Group set a $151.00 price target on Deere & and gave the stock a buy rating in a report on Saturday, June 3rd. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and ten have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $123.12.
Shares of Deere & (DE) traded down 5.38% during midday trading on Monday, hitting $117.31. The company had a trading volume of 11,364,628 shares. Deere & has a 12 month low of $80.35 and a 12 month high of $132.50. The company has a 50-day moving average of $126.94 and a 200 day moving average of $117.25. The firm has a market capitalization of $37.52 billion, a PE ratio of 21.12 and a beta of 0.67.
Deere & (NYSE:DE) last announced its quarterly earnings results on Friday, August 18th. The industrial products company reported $1.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.93 by $0.04. The company had revenue of $6.83 billion during the quarter, compared to the consensus estimate of $6.92 billion. Deere & had a return on equity of 24.85% and a net margin of 6.52%. Deere &’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.55 EPS. On average, analysts expect that Deere & will post $6.42 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Friday, June 30th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.05%. The ex-dividend date was Wednesday, June 28th. Deere &’s payout ratio is 43.24%.
In related news, insider Max A. Guinn sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $130.89, for a total value of $654,450.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Cory J. Reed sold 5,601 shares of the company’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $123.00, for a total value of $688,923.00. Following the completion of the sale, the insider now owns 10,568 shares in the company, valued at approximately $1,299,864. The disclosure for this sale can be found here. Insiders have sold a total of 118,524 shares of company stock worth $14,960,467 in the last quarter. 0.85% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Deere & by 2,432.6% in the first quarter. BlackRock Inc. now owns 16,715,452 shares of the industrial products company’s stock worth $1,819,643,000 after buying an additional 16,055,453 shares in the last quarter. Vanguard Group Inc. boosted its stake in Deere & by 8.2% in the first quarter. Vanguard Group Inc. now owns 20,440,278 shares of the industrial products company’s stock worth $2,225,128,000 after buying an additional 1,541,004 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Deere & by 1,010.7% in the second quarter. Janus Henderson Group PLC now owns 1,133,585 shares of the industrial products company’s stock worth $140,101,000 after buying an additional 1,031,528 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Deere & by 242.6% in the second quarter. Principal Financial Group Inc. now owns 1,450,533 shares of the industrial products company’s stock worth $179,271,000 after buying an additional 1,027,175 shares in the last quarter. Finally, Capital International Investors boosted its stake in Deere & by 14.4% in the second quarter. Capital International Investors now owns 6,506,943 shares of the industrial products company’s stock worth $804,193,000 after buying an additional 820,991 shares in the last quarter. Institutional investors and hedge funds own 67.91% of the company’s stock.
About Deere &
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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