Deere & Company (NYSE:DE) Lowered to Market Perform at Wells Fargo & Co

Wells Fargo & Co lowered shares of Deere & Company (NYSE:DE) from an outperform rating to a market perform rating in a report published on Thursday morning, BenzingaRatingsTable reports. Wells Fargo & Co currently has $170.00 target price on the industrial products company’s stock.

Several other research firms have also recently issued reports on DE. Deutsche Bank cut their price objective on Deere & Company from $163.00 to $155.00 and set a hold rating for the company in a research report on Wednesday, August 14th. Citigroup reiterated a buy rating and issued a $170.00 price objective (down previously from $180.00) on shares of Deere & Company in a research report on Thursday, May 16th. Credit Suisse Group reiterated an outperform rating and issued a $197.00 price objective (up previously from $176.00) on shares of Deere & Company in a research report on Monday, August 19th. Macquarie set a $132.00 price objective on Deere & Company and gave the stock a hold rating in a research report on Monday, May 20th. Finally, Stephens began coverage on Deere & Company in a research report on Wednesday, August 14th. They issued an equal weight rating and a $160.00 price objective for the company. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $166.89.

Shares of NYSE DE traded up $2.30 during mid-day trading on Thursday, hitting $165.56. 135,582 shares of the company were exchanged, compared to its average volume of 1,885,404. The company has a quick ratio of 1.73, a current ratio of 1.99 and a debt-to-equity ratio of 2.38. The stock has a 50 day simple moving average of $155.88 and a 200-day simple moving average of $157.52. Deere & Company has a 1-year low of $128.32 and a 1-year high of $171.22. The firm has a market cap of $51.65 billion, a price-to-earnings ratio of 17.61, a price-to-earnings-growth ratio of 2.35 and a beta of 1.15.



Deere & Company (NYSE:DE) last issued its quarterly earnings results on Friday, August 16th. The industrial products company reported $2.71 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.80 by ($0.09). Deere & Company had a return on equity of 27.75% and a net margin of 8.55%. The company had revenue of $8.97 billion for the quarter, compared to analyst estimates of $9.38 billion. During the same period in the prior year, the business earned $2.59 earnings per share. Deere & Company’s revenue for the quarter was down 3.4% compared to the same quarter last year. Analysts anticipate that Deere & Company will post 9.98 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, September 30th will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Friday, September 27th. Deere & Company’s dividend payout ratio is currently 32.37%.

In other news, COO John C. May II sold 16,468 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $163.21, for a total value of $2,687,742.28. Following the completion of the transaction, the chief operating officer now owns 60,550 shares in the company, valued at $9,882,365.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO John C. May II sold 5,228 shares of Deere & Company stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $170.00, for a total value of $888,760.00. Following the sale, the chief operating officer now owns 49,310 shares of the company’s stock, valued at approximately $8,382,700. The disclosure for this sale can be found here. Company insiders own 0.71% of the company’s stock.

A number of institutional investors have recently bought and sold shares of DE. Geode Capital Management LLC increased its position in Deere & Company by 7.2% during the 4th quarter. Geode Capital Management LLC now owns 3,655,571 shares of the industrial products company’s stock worth $544,229,000 after purchasing an additional 244,266 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Deere & Company by 380.9% in the 1st quarter. Victory Capital Management Inc. now owns 22,809 shares of the industrial products company’s stock worth $3,646,000 after buying an additional 18,066 shares during the last quarter. First Allied Advisory Services Inc. boosted its stake in Deere & Company by 8.2% in the 1st quarter. First Allied Advisory Services Inc. now owns 11,390 shares of the industrial products company’s stock worth $1,819,000 after buying an additional 862 shares during the last quarter. First Mercantile Trust Co. boosted its stake in Deere & Company by 77.4% in the 1st quarter. First Mercantile Trust Co. now owns 763 shares of the industrial products company’s stock worth $122,000 after buying an additional 333 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in Deere & Company by 4.9% in the 1st quarter. CIBC Asset Management Inc now owns 34,062 shares of the industrial products company’s stock worth $5,444,000 after buying an additional 1,578 shares during the last quarter. Hedge funds and other institutional investors own 67.67% of the company’s stock.

About Deere & Company

Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.

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Analyst Recommendations for Deere & Company (NYSE:DE)

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