Deere & Co. Receives New Coverage from Analysts at Morgan Stanley (DE)
Research analysts at Morgan Stanley initiated coverage on shares of Deere & Co. (NYSE:DE) in a report released on Thursday, AR Network reports. The firm set an “underweight” rating and a $84.48 price target on the stock.
The analysts wrote, “We forecast 8% downside to 2014e consensus, as we are concerned about recent deterioration in the used equipment market, augmented by a negative margin mix shift, as evidenced by our proprietary survey work. Our $72 PT implies 14% downside, and we project a 2-to-1 negative risk/reward ratio.”
Several other analysts have also recently commented on the stock. Analysts at RBC Capital cut their price target on shares of Deere & Co. (NYSE:DE) from $95.00 to $88.00 in a research note to investors on Friday, August 16th. They now have a “sector perform” rating on the stock. Separately, analysts at Credit Suisse cut their price target on shares of Deere & Co. (NYSE:DE) from $102.00 to $96.00 in a research note to investors on Thursday, August 15th. They now have an “outperform” rating on the stock. Finally, analysts at BMO Capital Markets cut their price target on shares of Deere & Co. (NYSE:DE) from $110.00 to $95.00 in a research note to investors on Thursday, August 15th. They now have an “outperform” rating on the stock.
Seven investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $91.32.
Deere & Co. (NYSE:DE) traded down 0.89% during mid-day trading on Thursday, hitting $83.73. The stock had a trading volume of 366,676 shares. Deere & Co. has a 1-year low of $75.23 and a 1-year high of $95.60. The stock’s 50-day moving average is $83.3 and its 200-day moving average is $85.82. The company has a market cap of $32.052 billion and a price-to-earnings ratio of 9.70.
Deere & Co. (NYSE:DE) last issued its quarterly earnings data on Wednesday, August 14th. The company reported $2.56 earnings per share for the quarter, beating the analysts’ consensus estimate of $2.17 by $0.39. The company had revenue of $10.01 billion for the quarter, compared to the consensus estimate of $9.28 billion. During the same quarter in the previous year, the company posted $1.98 earnings per share. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, analysts predict that Deere & Co. will post $8.81 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, November 1st. Shareholders of record on Monday, September 30th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Thursday, September 26th.
In other Deere & Co. news, CFO Rajesh Kalathur unloaded 4,672 shares of Deere & Co. stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $82.99, for a total value of $387,729.28. Following the completion of the transaction, the chief financial officer now directly owns 9,085 shares of the company’s stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Deere & Company (NYSE:DE) along with its subsidiaries, operates in three segments: agriculture and turf, construction and forestry and financial services.
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