Deere & Company (NYSE:DE – Get Rating)'s stock price hit a new 52-week low during trading on Wednesday . The company traded as low as $287.71 and last traded at $292.13, with a volume of 2147704 shares traded. The stock had previously closed at $301.63.
A number of brokerages have commented on DE. Wells Fargo & Company decreased their price objective on shares of Deere & Company from $455.00 to $410.00 and set an "overweight" rating on the stock in a report on Monday, May 23rd. BMO Capital Markets reaffirmed a "hold" rating and issued a $425.00 target price on shares of Deere & Company in a research note on Friday, May 20th. Robert W. Baird reduced their target price on shares of Deere & Company from $487.00 to $442.00 and set an "outperform" rating on the stock in a research note on Sunday, May 22nd. Oppenheimer reduced their target price on shares of Deere & Company from $446.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 23rd. Finally, JPMorgan Chase & Co. raised shares of Deere & Company from an "underweight" rating to a "neutral" rating and raised their target price for the company from $355.00 to $440.00 in a research note on Monday, March 28th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $429.06.
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The firm has a market capitalization of $89.29 billion, a price-to-earnings ratio of 15.24, a P/E/G ratio of 0.99 and a beta of 1.08. The business's 50-day moving average is $346.14 and its two-hundred day moving average is $372.22. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.76 and a current ratio of 2.07.
Deere & Company (NYSE:DE – Get Rating) last announced its quarterly earnings results on Friday, May 20th. The industrial products company reported $6.81 earnings per share for the quarter, beating analysts' consensus estimates of $6.71 by $0.10. The business had revenue of $12.03 billion for the quarter, compared to the consensus estimate of $13.16 billion. Deere & Company had a net
margin of 12.99% and a return on equity of 33.58%. Deere & Company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the company posted $5.68 EPS. Analysts forecast that Deere & Company will post 23.27 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 8th. Shareholders of record on Thursday, June 30th will be issued a dividend of $1.13 per share. This is an increase from Deere & Company's previous quarterly dividend of $1.05. This represents a $4.52 annualized dividend and a yield of 1.55%. The ex-dividend date is Wednesday, June 29th. Deere & Company's dividend payout ratio (DPR) is 23.58%.
In other Deere & Company news, insider John H. Stone sold 17,145 shares of the firm's stock in a transaction that occurred on Thursday, May 26th. The shares were sold at an average price of $4,321.07, for a total transaction of $74,084,745.15. Following the sale, the insider now directly owns 21,087 shares in the company, valued at approximately $91,118,403.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.24% of the company's stock.
A number of hedge funds have recently made changes to their positions in DE. Norges Bank acquired a new stake in shares of Deere & Company in the fourth quarter valued at approximately $959,748,000. Winslow Capital Management LLC acquired a new stake in shares of Deere & Company in the first quarter valued at approximately $371,078,000. Invesco Ltd. raised its holdings in shares of Deere & Company by 49.8% in the first quarter. Invesco Ltd. now owns 2,478,132 shares of the industrial products company's stock valued at $1,029,564,000 after purchasing an additional 823,367 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Deere & Company by 4.0% in the first quarter. BlackRock Inc. now owns 18,243,075 shares of the industrial products company's stock valued at $7,579,271,000 after purchasing an additional 706,609 shares during the last quarter. Finally, 1832 Asset Management L.P. raised its holdings in shares of Deere & Company by 396,988.8% in the first quarter. 1832 Asset Management L.P. now owns 603,575 shares of the industrial products company's stock valued at $247,319,000 after purchasing an additional 603,423 shares during the last quarter. Hedge funds and other institutional investors own 67.35% of the company's stock.
About Deere & Company (NYSE:DE)
Deere & Company manufactures and distributes various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides mid-size tractors, combines, cotton pickers and strippers, sugarcane harvesters, harvesting front-end equipment, sugarcane loaders, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.
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