Truist Financial Forecasts Strong Price Appreciation for Deere & Company (NYSE:DE) Stock

Deere & Company (NYSE:DE) had its price target boosted by Truist Financial from $496.00 to $538.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s target price would indicate a potential upside of 20.45% from the stock’s previous close.

A number of other analysts also recently commented on the stock. Citigroup boosted their price target 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. JPMorgan Chase & Co. boosted their target price on Deere & Company from $420.00 to $450.00 and gave the stock a “neutral” rating in a report on Friday. HSBC lowered Deere & Company from a “buy” rating to a “hold” rating in a research note on Monday, August 19th. Morgan Stanley dropped their price objective on Deere & Company from $450.00 to $425.00 and set an “overweight” rating on the stock in a research note on Monday, August 26th. Finally, BMO Capital Markets started coverage on Deere & Company in a report on Friday, August 9th. They issued a “market perform” rating and a $400.00 price objective for the company. Thirteen investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $431.61.

Deere & Company Trading Up 2.1 %

Shares of NYSE:DE opened at $446.65 on Friday. The company has a quick ratio of 1.87, a current ratio of 2.09 and a debt-to-equity ratio of 1.89. The company’s 50-day moving average price is $406.99 and its 200 day moving average price is $386.36. The company has a market cap of $122.20 billion, a PE ratio of 17.45, a P/E/G ratio of 1.70 and a beta of 0.93. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $447.50.

Deere & Company (NYSE:DE) last released its quarterly earnings results on Thursday, November 21st. The industrial products company reported $4.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.90 by $0.65. The company had revenue of $9.28 billion during the quarter, compared to analysts’ expectations of $9.20 billion. Deere & Company had a return on equity of 31.32% and a net margin of 13.73%. The company’s revenue for the quarter was down 32.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $8.26 earnings per share. Sell-side analysts anticipate that Deere & Company will post 21.41 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Pineridge Advisors LLC grew its position in Deere & Company by 725.0% during the first quarter. Pineridge Advisors LLC now owns 66 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Fairscale Capital LLC purchased a new stake in Deere & Company in the 2nd quarter worth approximately $26,000. Livelsberger Financial Advisory acquired a new stake in shares of Deere & Company during the 3rd quarter valued at $32,000. Olistico Wealth LLC purchased a new position in shares of Deere & Company during the 2nd quarter valued at $37,000. 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 worth $39,000 after acquiring an additional 84 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

About Deere & Company

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.