Deere & Company (NYSE:DE) Shares Gap Down – Here’s What Happened

Deere & Company (NYSE:DE)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $476.56, but opened at $454.50. Deere & Company shares last traded at $462.95, with a volume of 678,543 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on DE. Morgan Stanley upped their price target on Deere & Company from $401.00 to $450.00 and gave the company an “overweight” rating in a research report on Monday, November 25th. Oppenheimer upped their price objective on shares of Deere & Company from $477.00 to $507.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Citigroup cut their target price on shares of Deere & Company from $470.00 to $430.00 and set a “neutral” rating for the company in a research report on Tuesday, January 14th. Jefferies Financial Group lowered shares of Deere & Company from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research report on Friday, December 6th. Finally, 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 report on Thursday, December 19th. Eleven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $446.17.

Deere & Company Trading Down 1.7 %

The stock has a market cap of $127.63 billion, a PE ratio of 18.31, a PEG ratio of 2.87 and a beta of 0.98. The company has a current ratio of 2.09, a quick ratio of 1.90 and a debt-to-equity ratio of 1.89. The firm has a fifty day simple moving average of $445.86 and a two-hundred day simple moving average of $415.14.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, February 13th. The industrial products company reported $3.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.14 by $0.05. Deere & Company had a net margin of 13.73% and a return on equity of 31.32%. As a group, equities analysts expect that Deere & Company will post 19.38 earnings per share for the current fiscal year.

Deere & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 10th. Shareholders of record on Tuesday, December 31st were paid a dividend of $1.62 per share. The ex-dividend date was Tuesday, December 31st. This is an increase from Deere & Company’s previous quarterly dividend of $1.47. This represents a $6.48 annualized dividend and a dividend yield of 1.38%. Deere & Company’s dividend payout ratio (DPR) is 25.31%.

Institutional Investors Weigh In On Deere & Company

Institutional investors have recently made changes to their positions in the business. ORG Wealth Partners LLC bought a new position in Deere & Company during the 3rd quarter worth approximately $55,000. Wedge Capital Management L L P NC bought a new position in shares of Deere & Company in the third quarter worth approximately $4,728,000. Creative Planning increased its stake in shares of Deere & Company by 2.1% in the third quarter. Creative Planning now owns 75,462 shares of the industrial products company’s stock worth $31,493,000 after buying an additional 1,555 shares during the period. Zhang Financial LLC raised its holdings in Deere & Company by 19.1% during the 3rd quarter. Zhang Financial LLC now owns 2,334 shares of the industrial products company’s stock valued at $974,000 after buying an additional 374 shares during the last quarter. Finally, ERn Financial LLC raised its holdings in Deere & Company by 2.6% during the 3rd quarter. ERn Financial LLC now owns 3,799 shares of the industrial products company’s stock valued at $1,585,000 after buying an additional 97 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

About Deere & Company

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.