Deere & Company (NYSE:DE) Stock Price Expected to Rise, Argus Analyst Says

Deere & Company (NYSE:DE) had its price objective boosted by analysts at Argus from $540.00 to $700.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The firm currently has a “buy” rating on the industrial products company’s stock. Argus’ price objective points to a potential upside of 14.02% from the stock’s current price.

Several other research firms have also weighed in on DE. Jefferies Financial Group lowered Deere & Company from a “hold” rating to an “underperform” rating and raised their target price for the company from $475.00 to $550.00 in a report on Monday, February 23rd. DA Davidson raised their price objective on Deere & Company from $580.00 to $775.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Zacks Research raised Deere & Company from a “strong sell” rating to a “hold” rating in a research report on Wednesday, December 3rd. Oppenheimer reiterated an “outperform” rating and set a $715.00 price target on shares of Deere & Company in a report on Friday, February 20th. Finally, Truist Financial boosted their price objective on shares of Deere & Company from $612.00 to $793.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Sixteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Deere & Company currently has a consensus rating of “Moderate Buy” and a consensus price target of $647.20.

Deere & Company Price Performance

Shares of NYSE:DE opened at $613.93 on Tuesday. Deere & Company has a one year low of $404.42 and a one year high of $674.19. The stock has a fifty day moving average of $547.07 and a 200-day moving average of $498.18. The company has a market capitalization of $165.83 billion, a PE ratio of 34.61, a price-to-earnings-growth ratio of 2.19 and a beta of 0.96. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.96 and a current ratio of 2.21.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, February 19th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.52. The business had revenue of $9.61 billion for the quarter, compared to analysts’ expectations of $7.50 billion. Deere & Company had a return on equity of 18.93% and a net margin of 10.29%.The company’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the firm posted $3.19 EPS. As a group, equities analysts anticipate that Deere & Company will post 19.32 EPS for the current fiscal year.

Insider Transactions at Deere & Company

In related news, insider Cory J. Reed sold 12,000 shares of the stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $510.00, for a total value of $6,120,000.00. Following the completion of the sale, the insider owned 20,792 shares in the company, valued at approximately $10,603,920. This trade represents a 36.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John C. May II sold 41,472 shares of Deere & Company stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $501.49, for a total value of $20,797,793.28. Following the sale, the chief executive officer directly owned 117,970 shares in the company, valued at approximately $59,160,775.30. This trade represents a 26.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.29% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Deere & Company in the 4th quarter valued at $1,715,633,000. Capital World Investors boosted its position in shares of Deere & Company by 53.9% during the 4th quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company’s stock valued at $4,465,906,000 after acquiring an additional 3,358,264 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Deere & Company by 1,725.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company’s stock valued at $932,870,000 after acquiring an additional 1,893,972 shares during the period. M&T Bank Corp raised its position in Deere & Company by 1,199.8% in the fourth quarter. M&T Bank Corp now owns 1,864,701 shares of the industrial products company’s stock worth $868,149,000 after purchasing an additional 1,721,239 shares in the last quarter. Finally, Marshall Wace LLP raised its position in Deere & Company by 573.9% in the second quarter. Marshall Wace LLP now owns 842,882 shares of the industrial products company’s stock worth $428,597,000 after purchasing an additional 717,808 shares in the last quarter. 68.58% of the stock is currently owned by institutional investors and hedge funds.

Deere & Company Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.