Deere & Company (NYSE:DE) Posts Quarterly Earnings Results, Beats Estimates By $0.39 EPS

Deere & Company (NYSE:DE) posted its quarterly earnings data on Thursday. The industrial products company reported $5.10 EPS for the quarter, beating analysts’ consensus estimates of $4.71 by $0.39, FiscalAI reports. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The business had revenue of $12.61 billion for the quarter, compared to analyst estimates of $10.81 billion.

Deere & Company Stock Performance

DE opened at $580.06 on Thursday. The firm has a market cap of $156.58 billion, a PE ratio of 32.86, a P/E/G ratio of 2.49 and a beta of 0.90. The company has a quick ratio of 1.95, a current ratio of 2.18 and a debt-to-equity ratio of 1.54. The business has a fifty day simple moving average of $604.36 and a 200-day simple moving average of $589.65. Deere & Company has a fifty-two week low of $433.00 and a fifty-two week high of $674.19.

Deere & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Tuesday, June 30th. Deere & Company’s dividend payout ratio is 36.71%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on DE shares. Truist Financial upped their target price on Deere & Company from $759.00 to $812.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Oppenheimer reiterated an “outperform” rating and set a $680.00 price target (down from $715.00) on shares of Deere & Company in a research report on Wednesday, May 27th. Raymond James Financial cut their price objective on Deere & Company from $765.00 to $700.00 and set an “outperform” rating for the company in a report on Friday, May 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Deere & Company in a research note on Tuesday. Finally, JPMorgan Chase & Co. lowered their target price on Deere & Company from $590.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, August 14th. Fourteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Deere & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $641.98.

Deere & Company News Summary

Here are the key news stories impacting Deere & Company this week:

• Positive Sentiment: Major earnings and revenue beat: Deere reported quarterly EPS of $5.10, above the $4.71 consensus estimate, while revenue reached $12.61 billion versus expectations of approximately $10.8 billion. Net income totaled $1.379 billion. Deere quarterly earnings press release
• Positive Sentiment: Full-year outlook improved: Management raised its net income guidance to $4.75 billion-$5.00 billion, signaling that disciplined execution and stronger operating performance are offsetting a difficult market environment. Deere reports third-quarter net income
• Positive Sentiment: Construction equipment provided growth: Continued expansion in Deere’s construction equipment business helped offset softness elsewhere, contributing to higher quarterly profit and sales. Deere’s profit rises as sales climb
• Neutral Sentiment: Investor focus remains on agriculture: Deere’s results offer evidence of resilience, but the company’s production agriculture segment continues to face weak demand and cautious farm spending. The earnings beat may therefore be viewed as more dependent on construction and cost discipline than on a broad recovery in its core agricultural market.
• Negative Sentiment: Valuation and cyclical risks remain: With Deere trading at a relatively elevated earnings multiple and agricultural conditions still weak, investors may question how durable the earnings improvement will be if farm equipment demand does not recover.

Institutional Investors Weigh In On Deere & Company

Institutional investors and hedge funds have recently modified their holdings of the stock. Brighton Jones LLC increased its stake in Deere & Company by 39.1% in the 4th quarter. Brighton Jones LLC now owns 4,548 shares of the industrial products company’s stock worth $1,927,000 after purchasing an additional 1,278 shares in the last quarter. Schnieders Capital Management LLC. lifted its stake in Deere & Company by 7.8% during the second quarter. Schnieders Capital Management LLC. now owns 2,076 shares of the industrial products company’s stock valued at $1,056,000 after buying an additional 150 shares in the last quarter. Jump Financial LLC purchased a new stake in Deere & Company during the second quarter valued at about $2,153,000. NewEdge Advisors LLC lifted its stake in Deere & Company by 6.0% during the second quarter. NewEdge Advisors LLC now owns 18,758 shares of the industrial products company’s stock valued at $9,538,000 after buying an additional 1,067 shares in the last quarter. Finally, Main Street Financial Solutions LLC boosted its holdings in shares of Deere & Company by 6.7% in the second quarter. Main Street Financial Solutions LLC now owns 1,551 shares of the industrial products company’s stock worth $789,000 after buying an additional 97 shares during the period. 68.58% of the stock is owned by institutional investors and hedge funds.

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.