Bank of America Corporation downgraded shares of Deere & Company (NYSE:DE) from a buy rating to a neutral rating in a research note released on Tuesday morning, MarketBeat reports. The firm currently has $145.00 target price on the industrial products company’s stock.
Several other research analysts also recently commented on DE. Barclays PLC reaffirmed a sell rating and issued a $82.00 price objective (up previously from $80.00) on shares of Deere & in a research note on Tuesday, April 18th. BMO Capital Markets reaffirmed a buy rating and issued a $128.00 price objective on shares of Deere & in a research note on Thursday, April 20th. J P Morgan Chase & Co raised Deere & to an underweight rating and raised their price objective for the stock from $90.00 to $94.00 in a research note on Monday, May 1st. Credit Suisse Group set a $132.00 price objective on Deere & and gave the stock a buy rating in a research note on Saturday, May 20th. Finally, Stifel Nicolaus raised their price objective on Deere & from $126.00 to $135.00 and gave the stock a buy rating in a research note on Monday, May 22nd. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $123.12.
Shares of Deere & (NYSE DE) opened at 117.31 on Tuesday. The stock’s 50 day moving average price is $126.94 and its 200 day moving average price is $117.25. The company has a market capitalization of $37.52 billion, a PE ratio of 21.12 and a beta of 0.67. Deere & has a 12 month low of $80.35 and a 12 month high of $132.50.
Deere & (NYSE:DE) last announced its earnings results on Friday, August 18th. The industrial products company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.04. Deere & had a return on equity of 24.85% and a net margin of 6.52%. The business had revenue of $6.83 billion for the quarter, compared to analysts’ expectations of $6.92 billion. During the same period last year, the firm posted $1.55 earnings per share. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, analysts forecast that Deere & will post $6.42 EPS for the current year.
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The company also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Friday, June 30th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.05%. The ex-dividend date was Wednesday, June 28th. Deere &’s dividend payout ratio is presently 43.24%.
In other news, CEO Samuel R. Allen sold 62,704 shares of Deere & stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $125.00, for a total value of $7,838,000.00. Following the completion of the transaction, the chief executive officer now owns 333,492 shares in the company, valued at approximately $41,686,500. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Max A. Guinn sold 5,000 shares of Deere & stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $130.89, for a total value of $654,450.00. The disclosure for this sale can be found here. Insiders have sold a total of 118,524 shares of company stock valued at $14,960,467 in the last 90 days. 0.85% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Ledyard National Bank boosted its position in shares of Deere & by 5.0% in the first quarter. Ledyard National Bank now owns 1,050 shares of the industrial products company’s stock worth $114,000 after buying an additional 50 shares during the period. QCI Asset Management Inc. NY boosted its position in shares of Deere & by 18.8% in the second quarter. QCI Asset Management Inc. NY now owns 950 shares of the industrial products company’s stock worth $117,000 after buying an additional 150 shares during the period. Guardian Life Insurance Co. of America boosted its position in shares of Deere & by 1.4% in the first quarter. Guardian Life Insurance Co. of America now owns 1,132 shares of the industrial products company’s stock worth $123,000 after buying an additional 16 shares during the period. Arrow Financial Corp boosted its position in shares of Deere & by 5.2% in the second quarter. Arrow Financial Corp now owns 1,010 shares of the industrial products company’s stock worth $125,000 after buying an additional 50 shares during the period. Finally, MCF Advisors LLC boosted its position in shares of Deere & by 26.2% in the first quarter. MCF Advisors LLC now owns 1,160 shares of the industrial products company’s stock worth $126,000 after buying an additional 241 shares during the period. Hedge funds and other institutional investors own 67.91% of the company’s stock.
Deere & Company Profile
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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