Deere & Company (NYSE:DE) Receives New Coverage from Analysts at Citigroup

Citigroup began coverage on shares of Deere & Company (NYSE:DE) in a report released on Wednesday, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $395.00 target price on the industrial products company’s stock.

Other equities analysts also recently issued research reports about the company. Daiwa Capital Markets lifted their price objective on Deere & Company from $400.00 to $420.00 and gave the stock an overweight rating in a research report on Wednesday, May 15th. JPMorgan Chase & Co. reduced their price target on Deere & Company from $425.00 to $385.00 and set a neutral rating on the stock in a report on Friday, May 17th. Truist Financial assumed coverage on shares of Deere & Company in a report on Thursday, March 14th. They issued a buy rating and a $494.00 price objective for the company. TD Cowen lifted their target price on shares of Deere & Company from $383.00 to $390.00 and gave the stock a hold rating in a research note on Friday, May 17th. Finally, Oppenheimer reissued an outperform rating and issued a $456.00 price target on shares of Deere & Company in a research note on Thursday, May 16th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Deere & Company has an average rating of Hold and an average price target of $430.55.

Deere & Company Price Performance

Deere & Company stock opened at $373.63 on Wednesday. The company has a fifty day simple moving average of $385.32 and a 200-day simple moving average of $387.02. The firm has a market capitalization of $102.96 billion, a price-to-earnings ratio of 11.25, a PEG ratio of 1.51 and a beta of 0.98. The company has a quick ratio of 1.80, a current ratio of 2.01 and a debt-to-equity ratio of 1.81. Deere & Company has a 52-week low of $353.15 and a 52-week high of $450.00.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Thursday, May 16th. The industrial products company reported $8.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.86 by $0.67. Deere & Company had a net margin of 16.15% and a return on equity of 42.26%. The company had revenue of $13.61 billion during the quarter, compared to analysts’ expectations of $13.29 billion. During the same quarter in the prior year, the company earned $9.65 EPS. Deere & Company’s revenue was down 15.4% compared to the same quarter last year. On average, equities analysts anticipate that Deere & Company will post 25.61 EPS for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Friday, June 28th will be paid a $1.47 dividend. This represents a $5.88 annualized dividend and a dividend yield of 1.57%. The ex-dividend date is Friday, June 28th. Deere & Company’s payout ratio is 17.70%.

Insider Buying and Selling

In related news, insider Cory J. Reed sold 13,370 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the completion of the transaction, the insider now directly owns 41,642 shares of the company’s stock, valued at approximately $15,725,268.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in DE. True Wealth Design LLC raised its holdings in shares of Deere & Company by 1,180.0% in the 4th quarter. True Wealth Design LLC now owns 64 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 59 shares in the last quarter. Pineridge Advisors LLC increased its holdings in Deere & Company by 725.0% in the first quarter. Pineridge Advisors LLC now owns 66 shares of the industrial products company’s stock valued at $27,000 after buying an additional 58 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in Deere & Company in the fourth quarter valued at $28,000. Naples Money Management LLC purchased a new stake in Deere & Company during the 4th quarter worth about $29,000. Finally, Private Wealth Management Group LLC acquired a new position in shares of Deere & Company during the 4th quarter worth about $29,000. 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.