Deere & Company (DE) Cut to Neutral at Bank of America

Deere & Company (NYSE:DE) was downgraded by equities research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday, The Fly reports.

Several other equities analysts have also recently commented on the stock. OTR Global upgraded shares of Deere & Company to a “positive” rating in a report on Friday, January 18th. Zacks Investment Research cut shares of Deere & Company from a “buy” rating to a “hold” rating in a report on Tuesday, February 5th. Robert W. Baird set a $165.00 price target on shares of Deere & Company and gave the company a “buy” rating in a report on Monday, December 3rd. Argus boosted their price target on shares of Deere & Company from $166.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, January 9th. Finally, Credit Suisse Group restated a “buy” rating and set a $211.00 price target on shares of Deere & Company in a report on Tuesday, January 8th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Deere & Company has an average rating of “Buy” and an average price target of $176.75.

Shares of NYSE:DE opened at $165.19 on Wednesday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 1.67 and a current ratio of 1.92. Deere & Company has a 12-month low of $128.32 and a 12-month high of $175.26. The firm has a market cap of $52.49 billion, a price-to-earnings ratio of 17.59, a PEG ratio of 1.59 and a beta of 0.89.

Deere & Company (NYSE:DE) last announced its earnings results on Wednesday, November 21st. The industrial products company reported $2.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.14). Deere & Company had a net margin of 6.34% and a return on equity of 29.61%. The firm had revenue of $8.34 billion for the quarter, compared to analyst estimates of $8.59 billion. During the same period last year, the firm earned $1.57 earnings per share. Deere & Company’s revenue for the quarter was up 17.6% compared to the same quarter last year. On average, sell-side analysts forecast that Deere & Company will post 11.43 earnings per share for the current fiscal year.

In related news, CFO Rajesh Kalathur sold 11,133 shares of the company’s stock in a transaction on Thursday, November 29th. The shares were sold at an average price of $151.47, for a total value of $1,686,315.51. Following the completion of the sale, the chief financial officer now directly owns 42,244 shares in the company, valued at $6,398,698.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John C. May II sold 11,661 shares of the company’s stock in a transaction on Thursday, January 17th. The stock was sold at an average price of $160.21, for a total transaction of $1,868,208.81. Following the completion of the sale, the insider now owns 55,743 shares of the company’s stock, valued at $8,930,586.03. The disclosure for this sale can be found here. Corporate insiders own 0.71% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc raised its position in shares of Deere & Company by 0.9% during the third quarter. Vanguard Group Inc now owns 22,698,615 shares of the industrial products company’s stock valued at $3,412,282,000 after buying an additional 210,597 shares during the last quarter. FMR LLC raised its position in shares of Deere & Company by 3.2% during the second quarter. FMR LLC now owns 10,120,872 shares of the industrial products company’s stock valued at $1,414,898,000 after buying an additional 316,150 shares during the last quarter. Capital International Investors raised its position in shares of Deere & Company by 2.8% during the third quarter. Capital International Investors now owns 6,838,296 shares of the industrial products company’s stock valued at $1,028,001,000 after buying an additional 188,566 shares during the last quarter. Loomis Sayles & Co. L P raised its position in shares of Deere & Company by 2.1% during the third quarter. Loomis Sayles & Co. L P now owns 6,750,728 shares of the industrial products company’s stock valued at $1,014,837,000 after buying an additional 141,869 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Deere & Company by 14,550.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,214,983 shares of the industrial products company’s stock valued at $35,000 after buying an additional 5,179,386 shares during the last quarter. 67.39% of the stock is owned by hedge funds and other institutional investors.

Deere & Company Company Profile

Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.

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