Zacks Investment Research Upgrades Deere & Company (DE) to “Buy”
Deere & Company (NYSE:DE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm currently has a $150.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.88% from the company’s current price.
According to Zacks, “Deere expects net sales to grow about 11% year over year and projects net income to be roughly $2.1 billion in fiscal 2017. The company will gain from continued strength in income growth and food demand, growing investment in construction and improvement in Brazil. The pending Wirtgen acquisition will aid Deere’s North America-centric construction business expand to a global scale. Deere will also gain from the recently acquired Blue River Technology. The buyout will bolster its position in precision agriculture. Its estimates have been undergoing positive revisions over the past two months. The company has a positive record of earnings surprises in recent quarters. The stock has outperformed the industry in the last year.”
Several other analysts have also recently commented on DE. Jefferies Group LLC reiterated a “hold” rating and issued a $125.00 price objective on shares of Deere & in a research note on Thursday, July 6th. BidaskClub upgraded shares of Deere & from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 19th. Goldman Sachs Group, Inc. (The) upgraded shares of Deere & from a “buy” rating to a “conviction-buy” rating and set a $129.75 price objective for the company in a research note on Monday, August 7th. Deutsche Bank AG reiterated a “hold” rating and issued a $139.00 price objective (up previously from $135.00) on shares of Deere & in a research note on Friday, August 11th. Finally, Bank of America Corporation cut shares of Deere & from a “buy” rating to a “neutral” rating and set a $145.00 price objective for the company. in a research note on Tuesday, August 15th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. Deere & has a consensus rating of “Hold” and an average price target of $129.08.
Deere & (NYSE:DE) last released its earnings results on Friday, August 18th. The industrial products company reported $1.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.93 by $0.04. Deere & had a net margin of 6.81% and a return on equity of 25.96%. The company had revenue of $6.83 billion during the quarter, compared to analysts’ expectations of $6.92 billion. During the same quarter last year, the business earned $1.55 EPS. The business’s revenue was up 16.6% on a year-over-year basis.
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In other news, insider Max A. Guinn sold 7,174 shares of Deere & stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $132.98, for a total transaction of $953,998.52. Following the completion of the sale, the insider now directly owns 49,562 shares in the company, valued at $6,590,754.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jean H. Gilles sold 8,015 shares of Deere & stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $129.99, for a total transaction of $1,041,869.85. Following the sale, the insider now owns 70,635 shares of the company’s stock, valued at $9,181,843.65. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 141,823 shares of company stock valued at $17,575,497. Insiders own 0.85% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Bristol Advisors LLC purchased a new stake in Deere & in the third quarter valued at approximately $251,000. Cambridge Trust Co. grew its holdings in Deere & by 14.3% in the third quarter. Cambridge Trust Co. now owns 3,986 shares of the industrial products company’s stock valued at $501,000 after purchasing an additional 500 shares during the period. Parkwood LLC grew its holdings in Deere & by 22.2% in the third quarter. Parkwood LLC now owns 61,184 shares of the industrial products company’s stock valued at $7,684,000 after purchasing an additional 11,128 shares during the period. First Personal Financial Services grew its holdings in Deere & by 0.9% in the third quarter. First Personal Financial Services now owns 57,300 shares of the industrial products company’s stock valued at $7,196,000 after purchasing an additional 512 shares during the period. Finally, State of Wisconsin Investment Board grew its holdings in Deere & by 3.9% in the third quarter. State of Wisconsin Investment Board now owns 407,322 shares of the industrial products company’s stock valued at $51,156,000 after purchasing an additional 15,228 shares during the period. Hedge funds and other institutional investors own 65.95% of the company’s stock.
About Deere &
Deere & Company is engaged in equipment operations. The Company is engaged in providing financial services. The Company operates through three business segments: agriculture and turf, construction and forestry, and financial services. The agriculture and turf segment manufactures and distributes a line of agriculture and turf equipment and related service parts.
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