Deere & Company (NYSE:DE) Reaches New 1-Year High After Analyst Upgrade

Deere & Company (NYSE:DE)’s share price hit a new 52-week high during mid-day trading on Wednesday after Oppenheimer raised their price target on the stock from $477.00 to $507.00. Oppenheimer currently has an outperform rating on the stock. Deere & Company traded as high as $485.84 and last traded at $480.59, with a volume of 1642397 shares traded. The stock had previously closed at $484.15.

A number of other brokerages also recently commented on DE. JPMorgan Chase & Co. lifted their price objective on Deere & Company from $450.00 to $470.00 and gave the company a “neutral” rating in a research report on Wednesday, January 15th. Jefferies Financial Group downgraded shares of Deere & Company from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research note on Friday, December 6th. Truist Financial raised their target price on shares of Deere & Company from $538.00 to $550.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. UBS Group upped their price target on shares of Deere & Company from $404.00 to $462.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Finally, Citigroup decreased their price target on shares of Deere & Company from $470.00 to $430.00 and set a “neutral” rating on the stock in a report on Tuesday, January 14th. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Deere & Company presently has an average rating of “Hold” and a consensus price target of $444.50.

Institutional Investors Weigh In On Deere & Company

A number of institutional investors have recently modified their holdings of the business. Livelsberger Financial Advisory bought a new stake in Deere & Company in the third quarter valued at $32,000. Modus Advisors LLC bought a new stake in Deere & Company in the 4th quarter valued at about $32,000. YANKCOM Partnership acquired a new position in Deere & Company during the 4th quarter valued at about $34,000. Synergy Asset Management LLC bought a new position in Deere & Company in the 4th quarter worth about $35,000. Finally, Centennial Bank AR increased its stake in shares of Deere & Company by 420.0% in the second quarter. Centennial Bank AR now owns 104 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 84 shares during the period. Institutional investors own 68.58% of the company’s stock.

Deere & Company Stock Performance

The company has a debt-to-equity ratio of 1.89, a current ratio of 2.09 and a quick ratio of 1.90. The stock has a fifty day moving average price of $440.14 and a two-hundred day moving average price of $407.30. The company has a market cap of $130.89 billion, a P/E ratio of 18.77, a PEG ratio of 2.84 and a beta of 0.98.

Deere & Company (NYSE:DE) last posted its quarterly earnings data on Thursday, November 21st. The industrial products company reported $4.55 earnings per share for the quarter, topping the consensus estimate of $3.89 by $0.66. The business had revenue of $9.28 billion during the quarter, compared to the consensus estimate of $9.20 billion. Deere & Company had a net margin of 13.73% and a return on equity of 31.32%. The company’s quarterly revenue was down 32.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $8.26 earnings per share. On average, equities analysts forecast that Deere & Company will post 19.34 earnings per share for the current fiscal year.

Deere & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.62 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.48 annualized dividend and a yield of 1.35%. This is a boost from Deere & Company’s previous quarterly dividend of $1.47. Deere & Company’s dividend payout ratio (DPR) is currently 25.31%.

About Deere & Company

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.