Deere & Company (NYSE:DE) Given New $590.00 Price Target at JPMorgan Chase & Co.

Deere & Company (NYSE:DE) had its target price increased by equities research analysts at JPMorgan Chase & Co. from $560.00 to $590.00 in a report released on Thursday,MarketScreener reports. The firm presently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 0.73% from the company’s previous close.

A number of other analysts have also issued reports on the stock. UBS Group increased their price target on shares of Deere & Company from $535.00 to $775.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Wolfe Research upped their price objective on shares of Deere & Company from $550.00 to $660.00 and gave the stock an “outperform” rating in a report on Tuesday, March 31st. Bank of America cut their target price on Deere & Company from $672.00 to $607.50 and set a “neutral” rating on the stock in a report on Friday, May 22nd. Citigroup lowered their price objective on Deere & Company from $625.00 to $595.00 and set a “neutral” rating on the stock in a report on Friday, May 22nd. Finally, DA Davidson reduced their target price on Deere & Company from $775.00 to $685.00 and set a “buy” rating for the company in a report on Friday, May 22nd. Fifteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $639.58.

Deere & Company Stock Performance

Shares of DE stock opened at $594.34 on Thursday. The company has a market capitalization of $160.44 billion, a price-to-earnings ratio of 33.67, a P/E/G ratio of 2.15 and a beta of 0.92. Deere & Company has a 1-year low of $433.00 and a 1-year high of $674.19. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54. The stock’s fifty day simple moving average is $572.57 and its 200-day simple moving average is $544.51.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.70 by $0.85. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The firm had revenue of $13.37 billion during the quarter, compared to the consensus estimate of $11.55 billion. During the same period in the prior year, the business earned $6.64 EPS. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, sell-side analysts predict that Deere & Company will post 18.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Anchyra Partners LLC boosted its holdings in Deere & Company by 0.5% in the first quarter. Anchyra Partners LLC now owns 3,191 shares of the industrial products company’s stock valued at $1,797,000 after purchasing an additional 17 shares during the last quarter. William B. Walkup & Associates Inc. grew its position in shares of Deere & Company by 0.6% during the first quarter. William B. Walkup & Associates Inc. now owns 2,908 shares of the industrial products company’s stock worth $1,638,000 after acquiring an additional 17 shares during the last quarter. Advisortrust Partners LLC lifted its position in Deere & Company by 2.0% in the 1st quarter. Advisortrust Partners LLC now owns 914 shares of the industrial products company’s stock valued at $515,000 after purchasing an additional 18 shares during the last quarter. Cerro Pacific Wealth Advisors LLC boosted its stake in Deere & Company by 0.6% during the 4th quarter. Cerro Pacific Wealth Advisors LLC now owns 3,179 shares of the industrial products company’s stock valued at $1,480,000 after purchasing an additional 19 shares during the period. Finally, Hazlett Burt & Watson Inc. grew its position in Deere & Company by 2.4% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 816 shares of the industrial products company’s stock worth $379,000 after purchasing an additional 19 shares during the last quarter. 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.