Deere & Company Sees Large Volume Increase Following Strong Earnings (DE)
Deere & Company (NYSE:DE) saw unusually-strong trading volume on Wednesday after the company announced better than expected quarterly earnings, Analyst Ratings Network reports. Approximately 5,887,253 shares traded hands during trading, an increase of 61% from the previous session’s volume of 3,667,156 shares.The stock last traded at $85.65 and had previously closed at $86.48.
The company reported $2.33 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.20 by $0.13. The company had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.75 million.
A number of research firms have recently commented on DE. Analysts at Barclays cut their price target on shares of Deere & Company from $101.00 to $97.00 in a research note on Monday. They now have an “overweight” rating on the stock. Separately, analysts at JPMorgan Chase & Co. cut their price target on shares of Deere & Company from $88.00 to $83.00 in a research note on Wednesday, July 9th. Finally, analysts at Global Hunter Securities initiated coverage on shares of Deere & Company in a research note on Thursday, June 19th. They set a “neutral” rating and a $90.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. Deere & Company currently has an average rating of “Hold” and a consensus target price of $88.37.
The stock’s 50-day moving average is $87.97 and its 200-day moving average is $89.31. The company has a market cap of $30.995 billion and a P/E ratio of 9.46. Deere & Company also saw a large growth in short interest in July. As of July 31st, there was short interest totalling 24,493,467 shares, a growth of 16.6% from the July 15th total of 21,003,363 shares. Approximately 6.7% of the company’s stock are sold short. Based on an average trading volume of 3,399,526 shares, the short-interest ratio is currently 7.2 days.
Deere & Company (NYSE:DE) along with its subsidiaries, operates in three segments: agriculture and turf, construction and forestry and financial services.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.