Deere & Company (DE) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Deere & Company (NYSE:DE) from a buy rating to a hold rating in a research note published on Monday.
According to Zacks, “Deere is poised to gain from the Wirtgen acquisition. The buyout will aid Deere’s North America-centric construction business and also catapult it to the position of an industry leader in global road construction. The company expects that its disciplined cost management and continued investment in innovative technology and solutions will drive its near term results. Recovery in the dairy and livestock sectors will drive growth in the EU28 region. Further, Deere’s acquisition of Blue River Technology remains a tailwind. The stock has outperformed the industry in the last year. Its estimates have also been revised upward lately. However, Deere will bear the brunt of expected decline in agricultural production in Brazil, elevated expenses as well as geopolitical disruptions around the world.”
Other research analysts have also issued research reports about the company. Wells Fargo & Co restated a buy rating and issued a $170.00 price objective on shares of Deere & Company in a report on Thursday, November 23rd. Deutsche Bank upgraded Deere & Company from a hold rating to a buy rating and raised their price objective for the company from $149.00 to $167.00 in a report on Thursday, November 23rd. BMO Capital Markets restated a buy rating and issued a $150.00 price objective on shares of Deere & Company in a report on Thursday, November 2nd. Stifel Nicolaus raised their price objective on Deere & Company to $161.00 and gave the company a buy rating in a report on Monday, November 27th. Finally, Argus reaffirmed a buy rating and issued a $165.00 target price on shares of Deere & Company in a research note on Monday, November 27th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company’s stock. Deere & Company currently has a consensus rating of Hold and a consensus target price of $154.75.
Deere & Company (NYSE:DE) last announced its quarterly earnings data on Wednesday, November 22nd. The industrial products company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.10. The company had revenue of $7.09 billion for the quarter, compared to analyst estimates of $6.91 billion. Deere & Company had a return on equity of 26.31% and a net margin of 7.22%. The firm’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 EPS. equities research analysts forecast that Deere & Company will post 8.15 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Friday, December 29th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Thursday, December 28th. Deere & Company’s dividend payout ratio (DPR) is presently 36.14%.
In related news, CFO Rajesh Kalathur sold 4,519 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $148.92, for a total transaction of $672,969.48. Following the completion of the sale, the chief financial officer now directly owns 36,288 shares of the company’s stock, valued at approximately $5,404,008.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Max A. Guinn sold 21,989 shares of the firm’s stock in a transaction dated Tuesday, December 5th. The stock was sold at an average price of $151.39, for a total value of $3,328,914.71. Following the sale, the insider now directly owns 64,377 shares of the company’s stock, valued at $9,746,034.03. The disclosure for this sale can be found here. Insiders have sold a total of 187,603 shares of company stock valued at $28,058,143 over the last three months. Corporate insiders own 0.74% of the company’s stock.
Several large investors have recently modified their holdings of DE. LeJeune Puetz Investment Counsel LLC acquired a new stake in shares of Deere & Company during the 4th quarter worth about $101,000. Cerebellum GP LLC acquired a new stake in shares of Deere & Company during the 4th quarter worth about $132,000. TCI Wealth Advisors Inc. increased its position in shares of Deere & Company by 107.3% during the 4th quarter. TCI Wealth Advisors Inc. now owns 885 shares of the industrial products company’s stock worth $139,000 after purchasing an additional 458 shares during the last quarter. Wealthcare Advisory Partners LLC acquired a new stake in shares of Deere & Company during the 3rd quarter worth about $144,000. Finally, Moisand Fitzgerald Tamayo LLC acquired a new stake in shares of Deere & Company during the 3rd quarter worth about $158,000. 66.84% of the stock is owned by hedge funds and other institutional investors.
About Deere & Company
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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