Deere & Company (NYSE:DE) Hits New 12-Month High on Better-Than-Expected Earnings

Deere & Company (NYSE:DE)’s share price hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $428.12 and last traded at $425.33, with a volume of 878190 shares trading hands. The stock had previously closed at $404.96.

The industrial products company reported $4.55 EPS for the quarter, beating the consensus estimate of $3.90 by $0.65. The firm had revenue of $9.28 billion during the quarter, compared to the consensus estimate of $9.20 billion. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The business’s quarterly revenue was down 32.8% on a year-over-year basis. During the same period last year, the company earned $8.26 earnings per share.

Deere & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Monday, September 30th were given a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a yield of 1.35%. The ex-dividend date was Monday, September 30th. Deere & Company’s dividend payout ratio is currently 20.06%.

Wall Street Analyst Weigh In

DE has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Deere & Company from $402.00 to $389.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Truist Financial raised their price objective on shares of Deere & Company from $443.00 to $496.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Hsbc Global Res cut shares of Deere & Company from a “strong-buy” rating to a “hold” rating in a report on Monday, August 19th. Citigroup increased their price objective on shares of Deere & Company from $395.00 to $420.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. upped their price target on Deere & Company from $360.00 to $420.00 and gave the stock a “neutral” rating in a research note on Friday, October 11th. Twelve investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $420.69.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. SkyView Investment Advisors LLC raised its position in shares of Deere & Company by 6.6% during the 3rd quarter. SkyView Investment Advisors LLC now owns 1,098 shares of the industrial products company’s stock valued at $458,000 after buying an additional 68 shares in the last quarter. M&T Bank Corp boosted its stake in shares of Deere & Company by 4.0% during the 3rd quarter. M&T Bank Corp now owns 170,325 shares of the industrial products company’s stock valued at $71,081,000 after purchasing an additional 6,520 shares in the last quarter. TCW Group Inc. raised its position in shares of Deere & Company by 0.6% in the 3rd quarter. TCW Group Inc. now owns 50,274 shares of the industrial products company’s stock worth $20,981,000 after acquiring an additional 296 shares in the last quarter. TD Private Client Wealth LLC boosted its stake in Deere & Company by 3.9% during the third quarter. TD Private Client Wealth LLC now owns 1,979 shares of the industrial products company’s stock worth $826,000 after acquiring an additional 74 shares in the last quarter. Finally, Sunbelt Securities Inc. grew its stake in shares of Deere & Company by 29.3% in the 3rd quarter. Sunbelt Securities Inc. now owns 847 shares of the industrial products company’s stock worth $354,000 after buying an additional 192 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Stock Up 7.7 %

The firm has a market capitalization of $119.37 billion, a P/E ratio of 14.89, a P/E/G ratio of 1.54 and a beta of 0.93. The company has a fifty day simple moving average of $405.95 and a 200 day simple moving average of $386.18. The company has a quick ratio of 1.87, a current ratio of 2.07 and a debt-to-equity ratio of 1.85.

Deere & Company Company Profile

Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.