Deere & Company (NYSE:DE) Posts Quarterly Earnings Results

Deere & Company (NYSE:DE) issued its quarterly earnings data on Thursday. The industrial products company reported $6.29 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.66, RTT News reports. The firm had revenue of $11.39 billion during the quarter, compared to analyst estimates of $10.94 billion. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. The business’s quarterly revenue was down 20.3% compared to the same quarter last year. During the same quarter last year, the business posted $10.20 earnings per share.

Deere & Company Price Performance

NYSE:DE opened at $377.92 on Friday. Deere & Company has a 52 week low of $340.20 and a 52 week high of $425.42. The stock’s fifty day moving average is $367.47 and its two-hundred day moving average is $380.45. The company has a market capitalization of $104.14 billion, a P/E ratio of 11.38, a P/E/G ratio of 1.59 and a beta of 0.93. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 8th. Stockholders of record on Friday, June 28th were given a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Friday, June 28th. Deere & Company’s payout ratio is presently 17.70%.

Analyst Ratings Changes

Several analysts have recently issued reports on DE shares. Truist Financial reaffirmed a “buy” rating and set a $443.00 price objective (up from $439.00) on shares of Deere & Company in a report on Friday. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Deere & Company from $402.00 to $389.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Citigroup dropped their price objective on shares of Deere & Company from $395.00 to $370.00 and set a “neutral” rating for the company in a research note on Tuesday, August 13th. Raymond James started coverage on shares of Deere & Company in a research report on Friday, June 28th. They set an “outperform” rating and a $420.00 target price on the stock. Finally, Bank of America lifted their price target on Deere & Company from $400.00 to $410.00 and gave the stock a “neutral” rating in a research report on Friday. Thirteen analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $422.35.

Insider Activity at Deere & Company

In other news, insider Cory J. Reed sold 13,370 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $377.63, for a total value of $5,048,913.10. Following the transaction, the insider now directly owns 41,642 shares in the company, valued at approximately $15,725,268.46. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.26% of the stock is owned by insiders.

Deere & Company Company Profile

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.