Deere & Company (NYSE:DE) Reaches New 52-Week High – Here’s What Happened

Shares of Deere & Company (NYSE:DE) hit a new 52-week high on Tuesday . The stock traded as high as $587.74 and last traded at $586.12, with a volume of 1101765 shares traded. The stock had previously closed at $583.11.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DE. Jefferies Financial Group lifted their target price on Deere & Company from $440.00 to $475.00 and gave the company a “hold” rating in a research report on Tuesday, December 9th. UBS Group reaffirmed a “buy” rating on shares of Deere & Company in a report on Tuesday, November 25th. Daiwa Securities Group lowered their price objective on shares of Deere & Company from $530.00 to $520.00 and set an “outperform” rating for the company in a research report on Tuesday, December 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Deere & Company in a research note on Monday, December 29th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Deere & Company in a research note on Monday, December 1st. Fifteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $524.20.

Deere & Company Stock Performance

The company’s 50-day simple moving average is $505.01 and its 200-day simple moving average is $486.80. The stock has a market capitalization of $162.01 billion, a price-to-earnings ratio of 32.29, a PEG ratio of 2.44 and a beta of 1.02. The company has a current ratio of 2.22, a quick ratio of 2.01 and a debt-to-equity ratio of 1.68.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Wednesday, November 26th. The industrial products company reported $3.93 EPS for the quarter, missing analysts’ consensus estimates of $3.96 by ($0.03). The business had revenue of $12.39 billion for the quarter, compared to analyst estimates of $9.77 billion. Deere & Company had a return on equity of 20.54% and a net margin of 11.00%.Deere & Company’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the firm posted $4.55 EPS. On average, analysts expect that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, February 9th. Shareholders of record on Wednesday, December 31st were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Wednesday, December 31st. Deere & Company’s payout ratio is 35.01%.

Insider Transactions at Deere & Company

In other Deere & Company news, insider Cory J. Reed sold 12,000 shares of the stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $510.00, for a total transaction of $6,120,000.00. Following the completion of the sale, the insider owned 20,792 shares of the company’s stock, valued at approximately $10,603,920. This represents a 36.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO John C. May II sold 41,472 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $501.49, for a total transaction of $20,797,793.28. Following the transaction, the chief executive officer owned 117,970 shares of the company’s stock, valued at approximately $59,160,775.30. The trade was a 26.01% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 64,578 shares of company stock valued at $32,471,682 over the last 90 days. 0.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Deere & Company

Hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its position in Deere & Company by 30.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 364,103 shares of the industrial products company’s stock valued at $185,143,000 after acquiring an additional 85,351 shares in the last quarter. Csenge Advisory Group increased its holdings in Deere & Company by 84.9% during the 3rd quarter. Csenge Advisory Group now owns 7,440 shares of the industrial products company’s stock worth $3,402,000 after purchasing an additional 3,416 shares in the last quarter. Mesirow Financial Investment Management Inc. raised its stake in shares of Deere & Company by 1.0% in the second quarter. Mesirow Financial Investment Management Inc. now owns 4,678 shares of the industrial products company’s stock worth $2,379,000 after purchasing an additional 45 shares during the last quarter. MASTERINVEST Kapitalanlage GmbH bought a new position in shares of Deere & Company in the second quarter valued at approximately $3,615,000. Finally, WINTON GROUP Ltd purchased a new position in shares of Deere & Company during the second quarter valued at approximately $4,550,000. 68.58% of the stock is currently owned by institutional investors.

About Deere & Company

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.