Deere & Company (DE) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Deere & Company (NYSE:DE) from a hold rating to a buy rating in a research report released on Thursday morning. They currently have $150.00 price objective on the industrial products company’s stock.
According to Zacks, “Deere expects net sales to grow about 11% year over year and projects net income to be roughly $2.1 billion in fiscal 2017. The company will gain from continued strength in income growth and food demand, growing investment in construction and improvement in Brazil. The pending Wirtgen acquisition will aid Deere’s North America-centric construction business expand to a global scale. Deere will also gain from the recently acquired Blue River Technology. The buyout will bolster its position in precision agriculture. Its estimates have been undergoing positive revisions over the past two months. The company has a positive record of earnings surprises in recent quarters. The stock has outperformed the industry in the last year.”
Several other research firms have also issued reports on DE. BMO Capital Markets reiterated a buy rating and set a $150.00 target price on shares of Deere & in a report on Thursday. Jefferies Group LLC reiterated a hold rating and set a $125.00 target price on shares of Deere & in a report on Wednesday, August 9th. Goldman Sachs Group, Inc. (The) began coverage on shares of Deere & in a report on Tuesday, August 8th. They set a buy rating for the company. Deutsche Bank AG reiterated a hold rating and set a $129.00 target price (down from $135.00) on shares of Deere & in a report on Monday, October 9th. Finally, Bank of America Corporation lowered shares of Deere & from a buy rating to a neutral rating and set a $145.00 target price for the company. in a report on Tuesday, August 15th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $129.08.
Deere & (DE) traded up $0.59 during mid-day trading on Thursday, hitting $135.03. 1,060,000 shares of the stock traded hands, compared to its average volume of 1,820,000. Deere & has a 1 year low of $87.68 and a 1 year high of $135.04. The stock has a market capitalization of $43,380.00, a price-to-earnings ratio of 22.52, a price-to-earnings-growth ratio of 2.43 and a beta of 0.73. The company has a quick ratio of 1.90, a current ratio of 2.10 and a debt-to-equity ratio of 2.76.
Deere & (NYSE:DE) last released its earnings results on Friday, August 18th. The industrial products company reported $1.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.93 by $0.04. Deere & had a net margin of 6.81% and a return on equity of 25.96%. The firm had revenue of $6.83 billion during the quarter, compared to analyst estimates of $6.92 billion. During the same period last year, the business earned $1.55 earnings per share. The business’s revenue was up 16.6% on a year-over-year basis. analysts forecast that Deere & will post 6.47 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Friday, September 29th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend was Thursday, September 28th. Deere &’s payout ratio is 40.07%.
In other news, insider Pentz Markwart Von sold 46,457 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $116.74, for a total transaction of $5,423,390.18. Following the completion of the sale, the insider now owns 47,165 shares of the company’s stock, valued at approximately $5,506,042.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Max A. Guinn sold 5,000 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $130.89, for a total transaction of $654,450.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 138,013 shares of company stock valued at $17,123,247. Insiders own 0.85% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. QCI Asset Management Inc. NY boosted its holdings in Deere & by 18.8% in the 2nd 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. Arrow Financial Corp boosted its holdings in Deere & by 5.2% in the 2nd 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. Guardian Life Insurance Co. of America boosted its holdings in Deere & by 1.4% in the 1st 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. Harfst & Associates Inc. boosted its holdings in Deere & by 44.2% in the 2nd quarter. Harfst & Associates Inc. now owns 1,175 shares of the industrial products company’s stock worth $145,000 after buying an additional 360 shares during the period. Finally, YorkBridge Wealth Partners LLC boosted its holdings in Deere & by 1.1% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 1,236 shares of the industrial products company’s stock worth $154,000 after buying an additional 13 shares during the period. 65.95% of the stock is owned by institutional investors.
About Deere &
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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