Deere & Company (NYSE:DE) Sets New 52-Week High After Analyst Upgrade

Deere & Company (NYSE:DE) hit a new 52-week high during trading on Wednesday after Oppenheimer raised their price target on the stock from $477.00 to $507.00. Oppenheimer currently has an outperform rating on the stock. Deere & Company traded as high as $485.84 and last traded at $480.59, with a volume of 1642397 shares. The stock had previously closed at $484.15.

Several other equities analysts also recently commented on the stock. Morgan Stanley upped their price objective on shares of Deere & Company from $401.00 to $450.00 and gave the company an “overweight” rating in a report on Monday, November 25th. Citigroup lowered their price target on shares of Deere & Company from $470.00 to $430.00 and set a “neutral” rating on the stock in a report on Tuesday, January 14th. Truist Financial raised their price objective on shares of Deere & Company from $538.00 to $550.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Barclays upped their target price on Deere & Company from $400.00 to $475.00 and gave the company an “overweight” rating in a research report on Friday, November 22nd. Finally, Jefferies Financial Group cut Deere & Company from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a report on Friday, December 6th. Eleven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $444.50.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in DE. Clearbridge Investments LLC lifted its holdings in shares of Deere & Company by 4.9% in the second quarter. Clearbridge Investments LLC now owns 234,952 shares of the industrial products company’s stock worth $87,785,000 after acquiring an additional 10,899 shares during the last quarter. Sanctuary Advisors LLC bought a new position in Deere & Company in the 2nd quarter valued at approximately $22,367,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Deere & Company in the 2nd quarter valued at approximately $77,491,000. Centaurus Financial Inc. boosted its position in Deere & Company by 2.3% in the second quarter. Centaurus Financial Inc. now owns 1,160 shares of the industrial products company’s stock valued at $433,000 after buying an additional 26 shares in the last quarter. Finally, Greater Midwest Financial Group LLC grew its stake in shares of Deere & Company by 7.0% during the second quarter. Greater Midwest Financial Group LLC now owns 5,995 shares of the industrial products company’s stock worth $2,106,000 after buying an additional 390 shares during the last quarter. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Stock Up 0.4 %

The company has a market capitalization of $130.70 billion, a price-to-earnings ratio of 18.75, a P/E/G ratio of 2.84 and a beta of 0.98. 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 firm’s fifty day moving average price is $443.22 and its 200-day moving average price is $408.60.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, November 21st. The industrial products company reported $4.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.89 by $0.66. Deere & Company had a return on equity of 31.32% and a net margin of 13.73%. The business had revenue of $9.28 billion during the quarter, compared to analysts’ expectations of $9.20 billion. During the same quarter in the prior year, the firm earned $8.26 EPS. The business’s revenue for the quarter was down 32.8% compared to the same quarter last year. Sell-side analysts expect that Deere & Company will post 19.34 earnings per share for the current fiscal year.

Deere & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 10th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 1.35%. This is a positive change from Deere & Company’s previous quarterly dividend of $1.47. The ex-dividend date is Tuesday, December 31st. Deere & Company’s payout ratio is presently 25.31%.

Deere & Company Company Profile

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.