Deere & Company (NYSE:DE) Coverage Initiated by Analysts at Stephens

Stephens began coverage on shares of Deere & Company (NYSE:DE) in a report released on Wednesday, The Fly reports. The brokerage set an “equal weight” rating on the industrial products company’s stock.

Several other brokerages have also issued reports on DE. UBS Group lowered Deere & Company from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $158.00 to $167.00 in a research report on Wednesday, July 10th. Citigroup reiterated a “buy” rating and issued a $170.00 price objective (down from $180.00) on shares of Deere & Company in a research report on Thursday, May 16th. JPMorgan Chase & Co. lowered Deere & Company from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $154.00 to $132.00 in a research report on Tuesday, May 14th. Robert W. Baird decreased their price objective on Deere & Company from $170.00 to $150.00 and set a “positive” rating for the company in a research report on Tuesday. Finally, Zacks Investment Research lowered Deere & Company from a “hold” rating to a “sell” rating in a research report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $167.61.

Shares of Deere & Company stock traded down $4.00 during trading on Wednesday, hitting $143.17. 185,246 shares of the company were exchanged, compared to its average volume of 2,053,157. The company has a market capitalization of $46.61 billion, a price-to-earnings ratio of 15.27, a P/E/G ratio of 1.91 and a beta of 1.10. Deere & Company has a 1-year low of $128.32 and a 1-year high of $171.22. The stock has a fifty day moving average price of $162.65. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.94 and a quick ratio of 1.66.

Deere & Company (NYSE:DE) last posted its earnings results on Friday, May 17th. The industrial products company reported $3.52 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.57 by ($0.05). The company had revenue of $10.27 billion for the quarter, compared to analyst estimates of $10.19 billion. Deere & Company had a return on equity of 28.76% and a net margin of 8.52%. Deere & Company’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.14 earnings per share. Sell-side analysts predict that Deere & Company will post 10.22 EPS for the current year.

In other Deere & Company news, COO John C. May II sold 16,468 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $163.21, for a total value of $2,687,742.28. Following the transaction, the chief operating officer now directly owns 60,550 shares of the company’s stock, valued at approximately $9,882,365.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO John C. May II sold 5,228 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $170.00, for a total value of $888,760.00. Following the completion of the transaction, the chief operating officer now directly owns 49,310 shares in the company, valued at $8,382,700. The disclosure for this sale can be found here. 0.71% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Parnassus Investments CA acquired a new stake in shares of Deere & Company during the 2nd quarter worth $392,652,000. JPMorgan Chase & Co. grew its holdings in shares of Deere & Company by 67.0% during the 1st quarter. JPMorgan Chase & Co. now owns 3,733,015 shares of the industrial products company’s stock worth $596,683,000 after purchasing an additional 1,497,433 shares in the last quarter. FMR LLC grew its holdings in shares of Deere & Company by 13.6% during the 1st quarter. FMR LLC now owns 8,713,051 shares of the industrial products company’s stock worth $1,392,694,000 after purchasing an additional 1,043,039 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Deere & Company by 47.6% during the 1st quarter. Janus Henderson Group PLC now owns 2,749,227 shares of the industrial products company’s stock worth $439,432,000 after purchasing an additional 886,561 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Deere & Company by 42,214.9% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 431,612 shares of the industrial products company’s stock worth $71,523,000 after purchasing an additional 430,592 shares in the last quarter. 67.85% of the stock is currently owned by hedge funds and other institutional investors.

About Deere & Company

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.

Further Reading: How is diluted EPS different from basic EPS?

The Fly

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