Shares of Deere & Co. (NYSE:DE) gapped up prior to trading on Friday after Macquarie upgraded the stock from an underperform rating to a neutral rating. The stock had previously closed at $104.81, but opened at $102.17. Deere & Co. shares last traded at $104.09, with a volume of 6,159,915 shares traded.
A number of other analysts have also issued reports on DE. Vetr raised Deere & Co. from a “hold” rating to a “buy” rating and set a $80.57 price target on the stock in a research note on Monday, August 15th. BMO Capital Markets reissued an “outperform” rating and issued a $96.00 price target on shares of Deere & Co. in a research note on Thursday, August 18th. Jefferies Group reissued a “hold” rating and issued a $70.00 price target on shares of Deere & Co. in a research note on Friday, August 19th. Morgan Stanley lifted their price objective on Deere & Co. from $70.00 to $76.00 and gave the company an “underweight” rating in a research note on Monday, August 22nd. Finally, Barclays PLC reaffirmed an “underweight” rating and issued a $63.00 price objective on shares of Deere & Co. in a research note on Monday, August 22nd. Seven analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $86.49.
In related news, insider John C. May II sold 18,614 shares of the company’s stock in a transaction on Wednesday, November 23rd. The stock was sold at an average price of $96.46, for a total transaction of $1,795,506.44. Following the completion of the transaction, the insider now directly owns 28,926 shares in the company, valued at approximately $2,790,201.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.75% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of DE. Commerzbank Aktiengesellschaft FI raised its position in shares of Deere & Co. by 505.3% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 451,229 shares of the company’s stock worth $36,568,000 after buying an additional 376,688 shares during the period. Pastel & Associes SA acquired a new position in shares of Deere & Co. during the second quarter worth about $12,030,000. Nuance Investments LLC raised its position in shares of Deere & Co. by 6.6% in the second quarter. Nuance Investments LLC now owns 501,626 shares of the company’s stock worth $40,652,000 after buying an additional 31,111 shares during the period. Quantbot Technologies LP raised its position in shares of Deere & Co. by 599.0% in the second quarter. Quantbot Technologies LP now owns 34,029 shares of the company’s stock worth $2,757,000 after buying an additional 29,161 shares during the period. Finally, Cidel Asset Management Inc. raised its position in shares of Deere & Co. by 6.2% in the second quarter. Cidel Asset Management Inc. now owns 125,909 shares of the company’s stock worth $10,204,000 after buying an additional 7,379 shares during the period. Hedge funds and other institutional investors own 70.14% of the company’s stock.
The firm has a market capitalization of $32.67 billion, a P/E ratio of 20.83 and a beta of 0.71. The stock has a 50-day moving average price of $88.69 and a 200 day moving average price of $84.01.
Deere & Co. (NYSE:DE) last announced its earnings results on Wednesday, November 23rd. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.50. Deere & Co. had a return on equity of 22.73% and a net margin of 5.92%. The firm earned $6.52 billion during the quarter. During the same quarter in the previous year, the company earned $1.08 EPS. Deere & Co.’s revenue for the quarter was down 4.8% compared to the same quarter last year. Equities research analysts expect that Deere & Co. will post $4.32 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Friday, September 30th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $2.40 annualized dividend and a yield of 2.35%. Deere & Co.’s payout ratio is 48.10%.