Deere & Company (NYSE:DE) PT Lowered to $370.00 at Citigroup

Deere & Company (NYSE:DE) had its price target cut by equities researchers at Citigroup from $395.00 to $370.00 in a research report issued on Tuesday. The firm currently has a “neutral” rating on the industrial products company’s stock. Citigroup’s price objective would suggest a potential downside of 2.07% from the stock’s previous close.

DE has been the topic of a number of other reports. TD Cowen boosted their price objective on Deere & Company from $383.00 to $390.00 and gave the company a “hold” rating in a research note on Friday, May 17th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Deere & Company from $402.00 to $389.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Stifel Nicolaus raised their price target on shares of Deere & Company from $425.00 to $450.00 and gave the company a “buy” rating in a report on Friday, May 17th. Morgan Stanley increased their price objective on Deere & Company from $430.00 to $450.00 in a research report on Wednesday, May 15th. Finally, JPMorgan Chase & Co. dropped their price objective on Deere & Company from $375.00 to $360.00 and set a “neutral” rating for the company in a research note on Tuesday. Twelve investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $422.78.

Deere & Company Stock Performance

Deere & Company stock traded up $26.53 during mid-day trading on Tuesday, reaching $377.81. 2,000,926 shares of the company’s stock were exchanged, compared to its average volume of 1,538,569. The business’s fifty day simple moving average is $367.23 and its 200 day simple moving average is $380.75. The company has a quick ratio of 1.80, a current ratio of 2.01 and a debt-to-equity ratio of 1.81. Deere & Company has a one year low of $340.20 and a one year high of $435.73. The firm has a market capitalization of $104.11 billion, a PE ratio of 11.36, a P/E/G ratio of 1.59 and a beta of 0.93.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Thursday, August 15th. The industrial products company reported $6.29 EPS for the quarter, topping the consensus estimate of $5.94 by $0.35. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The business had revenue of $11.39 billion for the quarter, compared to analyst estimates of $10.94 billion. During the same quarter in the previous year, the firm posted $10.20 earnings per share. The company’s revenue for the quarter was down 20.3% on a year-over-year basis. On average, sell-side analysts expect that Deere & Company will post 25.41 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Cory J. Reed sold 13,370 shares of Deere & Company stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the sale, the insider now directly owns 41,642 shares in the company, valued at $15,725,268.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Harbor Investment Advisory LLC boosted its stake in Deere & Company by 27.4% during the 1st quarter. Harbor Investment Advisory LLC now owns 1,730 shares of the industrial products company’s stock valued at $710,000 after purchasing an additional 372 shares during the last quarter. Summit Asset Management LLC increased its holdings in Deere & Company by 24.1% in the 4th quarter. Summit Asset Management LLC now owns 1,030 shares of the industrial products company’s stock worth $412,000 after buying an additional 200 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Deere & Company by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,570,773 shares of the industrial products company’s stock worth $628,105,000 after buying an additional 31,074 shares in the last quarter. Brevan Howard Capital Management LP raised its position in Deere & Company by 857.9% in the 4th quarter. Brevan Howard Capital Management LP now owns 7,654 shares of the industrial products company’s stock worth $3,061,000 after buying an additional 6,855 shares during the last quarter. Finally, Aviance Capital Partners LLC bought a new position in Deere & Company during the 1st quarter valued at about $2,783,000. Institutional investors own 68.58% of the company’s stock.

About Deere & Company

Deere & Company engages in the manufacture and distribution of 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 large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, 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.