Zacks Investment Research cut shares of Deere & Company (NYSE:DE) from a buy rating to a hold rating in a research note issued to investors on Monday, February 19th.
According to Zacks, “Deere’s top and bottom lines recorded year-over-year growth in first-quarter fiscal 2018. Earnings beat the Zacks Consensus Estimate, while revenues missed the Consensus mark. The company is poised to gain from the Wirtgen acquisition. The buyout is anticipated to add about 56% of its Construction & Forestry segment’s sales in fiscal 2018. Further, higher housing starts, improving oil and gas sector, and recovery in the dairy and livestock sectors in the EU28 region will stoke growth. The stock has also outperformed the industry over the past year. However, Deere’s agriculture business will be affected in fiscal 2018 due to high global grain and oil seed stocks-to-use ratios. Moreover, its results in the near term will be impacted by geopolitical risks EU28 region, the U.S. tax reform and elevated expenses.”
A number of other equities research analysts have also issued reports on the company. Royal Bank of Canada raised Deere & Company from a sector perform rating to an outperform rating and reduced their price target for the company from $190.00 to $155.00 in a research report on Wednesday, January 10th. Wells Fargo & Co reaffirmed an outperform rating and issued a $200.00 price target (up previously from $170.00) on shares of Deere & Company in a research report on Wednesday, January 10th. Barclays upgraded Deere & Company from a sector perform rating to an outperform rating and set a $171.00 price objective on the stock in a report on Wednesday, January 10th. Jefferies Group reiterated a hold rating and issued a $150.00 price objective on shares of Deere & Company in a report on Thursday, November 23rd. Finally, BMO Capital Markets increased their price objective on Deere & Company to $165.00 and gave the company an outperform rating in a report on Tuesday, November 28th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. Deere & Company currently has a consensus rating of Buy and an average price target of $172.07.
Shares of Deere & Company (NYSE DE) traded down $1.11 during trading on Monday, hitting $160.21. The stock had a trading volume of 2,243,023 shares, compared to its average volume of 2,880,000. Deere & Company has a twelve month low of $106.93 and a twelve month high of $175.26. The firm has a market cap of $51,790.00, a price-to-earnings ratio of 21.77, a PEG ratio of 2.10 and a beta of 0.76. The company has a current ratio of 1.98, a quick ratio of 1.69 and a debt-to-equity ratio of 2.85.
Deere & Company (NYSE:DE) last posted its earnings results on Friday, February 16th. The industrial products company reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.15. Deere & Company had a return on equity of 27.18% and a net margin of 4.57%. The firm had revenue of $5.97 billion for the quarter, compared to analyst estimates of $6.41 billion. During the same quarter in the prior year, the company earned $0.61 EPS. Deere & Company’s revenue was up 27.2% on a year-over-year basis. research analysts expect that Deere & Company will post 9.53 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 1st. Shareholders of record on Thursday, March 29th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend is Wednesday, March 28th. Deere & Company’s dividend payout ratio is presently 32.61%.
In related news, insider Jean H. Gilles sold 15,083 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $166.98, for a total value of $2,518,559.34. Following the completion of the sale, the insider now directly owns 69,089 shares of the company’s stock, valued at $11,536,481.22. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Samuel R. Allen sold 269,353 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $163.83, for a total value of $44,128,101.99. Following the completion of the sale, the chief executive officer now directly owns 361,166 shares of the company’s stock, valued at $59,169,825.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 380,397 shares of company stock worth $62,811,005. 0.74% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in the stock. LeJeune Puetz Investment Counsel LLC bought a new position in shares of Deere & Company during the fourth quarter valued at approximately $101,000. Icon Wealth Partners LLC bought a new position in shares of Deere & Company during the fourth quarter valued at approximately $110,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Deere & Company during the fourth quarter valued at approximately $122,000. Cerebellum GP LLC bought a new position in shares of Deere & Company during the fourth quarter valued at approximately $132,000. Finally, TCI Wealth Advisors Inc. grew its holdings in Deere & Company by 107.3% in the 4th quarter. TCI Wealth Advisors Inc. now owns 885 shares of the industrial products company’s stock worth $139,000 after buying an additional 458 shares in the last quarter. 67.37% of the stock is owned by hedge funds and other institutional investors.
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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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