Deere & Company (NYSE:DE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm presently has a $178.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.02% from the company’s previous close.
According to Zacks, “Deere is poised to gain from the Wirtgen acquisition. The buyout will aid Deere’s North America-centric construction business and also catapult it to the position of an industry leader in global road construction. The company expects that its disciplined cost management and continued investment in innovative technology and solutions will drive its near term results. The Construction and Forestry segment is expected to be the primary growth driver for Deere. This is backed by positive conditions in residential and non-residential markets in the United States as well as an improved oil and gas sector. Recovery in the dairy and livestock sectors will drive growth in the EU28 region. Further, Deere’s acquisition of Blue River Technology remains a tailwind. The stock has outperformed the industry in the last year. Its estimates have also been revised upward lately.”
Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada raised shares of Deere & Company from a “sector perform” rating to an “outperform” rating and decreased their price target for the stock from $190.00 to $155.00 in a report on Wednesday, January 10th. Wells Fargo & Co reaffirmed an “outperform” rating and issued a $200.00 price target (up previously from $170.00) on shares of Deere & Company in a report on Wednesday, January 10th. Barclays raised shares of Deere & Company from a “sector perform” rating to an “outperform” rating and set a $171.00 target price for the company in a report on Wednesday, January 10th. Jefferies Group reissued a “hold” rating and set a $150.00 target price on shares of Deere & Company in a report on Thursday, November 23rd. Finally, BMO Capital Markets raised their target price on shares of Deere & Company to $165.00 and gave the stock an “outperform” rating in a report on Tuesday, November 28th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have issued a buy rating to the company. Deere & Company currently has a consensus rating of “Buy” and an average price target of $156.23.
Deere & Company (NYSE:DE) last posted its quarterly earnings results on Wednesday, November 22nd. The industrial products company reported $1.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.10. The business had revenue of $7.09 billion during the quarter, compared to analysts’ expectations of $6.91 billion. Deere & Company had a net margin of 7.22% and a return on equity of 26.31%. The business’s quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter last year, the company posted $0.90 earnings per share. sell-side analysts expect that Deere & Company will post 8.27 EPS for the current year.
In other Deere & Company news, VP Marc A. Howze sold 7,731 shares of Deere & Company stock in a transaction on Monday, December 4th. The shares were sold at an average price of $151.76, for a total value of $1,173,256.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mary K.W. Jones sold 34,136 shares of Deere & Company stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $124.72, for a total transaction of $4,257,441.92. The disclosure for this sale can be found here. Insiders sold 187,603 shares of company stock valued at $28,058,143 in the last ninety days. 0.74% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in DE. National Asset Management Inc. acquired a new stake in shares of Deere & Company in the second quarter valued at about $214,000. Verition Fund Management LLC grew its position in shares of Deere & Company by 73.8% in the second quarter. Verition Fund Management LLC now owns 5,681 shares of the industrial products company’s stock valued at $702,000 after purchasing an additional 2,412 shares during the period. Colony Group LLC acquired a new stake in shares of Deere & Company in the second quarter valued at about $289,000. WINTON GROUP Ltd grew its position in shares of Deere & Company by 478.7% in the second quarter. WINTON GROUP Ltd now owns 91,430 shares of the industrial products company’s stock valued at $11,300,000 after purchasing an additional 75,631 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Deere & Company in the second quarter valued at about $744,000. Institutional investors and hedge funds own 66.84% of the company’s stock.
About Deere & Company
Deere & Company is engaged in equipment operations. The Company is engaged in providing financial services. The Company operates through three business segments: agriculture and turf, construction and forestry, and financial services. The agriculture and turf segment manufactures and distributes a line of agriculture and turf equipment and related service parts.
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