Deere & Company (NYSE:DE) Reaches New 52-Week High – Still a Buy?

Shares of Deere & Company (NYSE:DE) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $469.99 and last traded at $469.99, with a volume of 578 shares. The stock had previously closed at $465.90.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft lowered their target price on Deere & Company from $402.00 to $389.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Oppenheimer lifted their price objective on Deere & Company from $448.00 to $477.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Truist Financial boosted their price target on Deere & Company from $496.00 to $538.00 and gave the company a “buy” rating in a report on Friday, November 22nd. HSBC lowered shares of Deere & Company from a “buy” rating to a “hold” rating in a report on Monday, August 19th. Finally, Barclays boosted their target price on Deere & Company from $400.00 to $475.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Twelve equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $436.41.

Deere & Company Stock Performance

The company has a debt-to-equity ratio of 1.89, a current ratio of 2.09 and a quick ratio of 1.90. The stock has a fifty day moving average price of $413.25 and a two-hundred day moving average price of $388.13. The company has a market cap of $128.59 billion, a P/E ratio of 18.20, a PEG ratio of 1.99 and a beta of 0.93.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, November 21st. The industrial products company reported $4.55 earnings per share for the quarter, beating the consensus estimate of $3.90 by $0.65. Deere & Company had a return on equity of 31.32% and a net margin of 13.73%. The firm had revenue of $9.28 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same quarter in the previous year, the business earned $8.26 EPS. The firm’s revenue for the quarter was down 32.8% on a year-over-year basis. On average, equities analysts forecast that Deere & Company will post 19.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in DE. Tidal Investments LLC boosted its stake in Deere & Company by 56.3% during the third quarter. Tidal Investments LLC now owns 38,689 shares of the industrial products company’s stock valued at $16,146,000 after buying an additional 13,934 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in Deere & Company by 162.0% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 21,563 shares of the industrial products company’s stock valued at $8,999,000 after acquiring an additional 13,334 shares during the last quarter. Arvest Bank Trust Division bought a new position in shares of Deere & Company during the 3rd quarter valued at about $1,252,000. Pine Valley Investments Ltd Liability Co raised its holdings in shares of Deere & Company by 13.9% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 9,879 shares of the industrial products company’s stock worth $4,131,000 after purchasing an additional 1,205 shares in the last quarter. Finally, SkyView Investment Advisors LLC increased its stake in Deere & Company by 6.6% in the 3rd quarter. SkyView Investment Advisors LLC now owns 1,098 shares of the industrial products company’s stock worth $458,000 after purchasing an additional 68 shares in the last quarter. 68.58% of the stock is currently owned by institutional investors.

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.