Deere & Company (NYSE:DE) Hits New 52-Week High After Earnings Beat

by · The Cerbat Gem

Deere & Company (NYSE:DE – Get Free Report) shares hit a new 52-week high during trading on Thursday following a better than expected earnings announcement. The company traded as high as $428.12 and last traded at $425.33, with a volume of 878190 shares traded. The stock had previously closed at $404.96.

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

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Monday, September 30th were paid a $1.47 dividend. The ex-dividend date was Monday, September 30th. This represents a $5.88 annualized dividend and a yield of 1.38%. Deere & Company’s dividend payout ratio (DPR) is presently 20.06%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on DE. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Deere & Company from $402.00 to $389.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Morgan Stanley decreased their price objective on shares of Deere & Company from $450.00 to $425.00 and set an “overweight” rating for the company in a research report on Monday, August 26th. BMO Capital Markets started coverage on Deere & Company in a research report on Friday, August 9th. They set a “market perform” rating and a $400.00 target price on the stock. Evercore ISI boosted their price objective on Deere & Company from $371.00 to $378.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Finally, Citigroup increased their target price on shares of Deere & Company from $395.00 to $420.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Twelve equities research 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 company has an average rating of “Hold” and a consensus price target of $420.69.

Get Our Latest Research Report on Deere & Company

Hedge Funds Weigh In On Deere & Company

Several large investors have recently bought and sold shares of DE. Oppenheimer Asset Management Inc. lifted its holdings in Deere & Company by 20.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 15,808 shares of the industrial products company’s stock worth $5,906,000 after purchasing an additional 2,692 shares during the last quarter. Chase Investment Counsel Corp raised its position in shares of Deere & Company by 53.8% in the 3rd quarter. Chase Investment Counsel Corp now owns 4,000 shares of the industrial products company’s stock valued at $1,669,000 after acquiring an additional 1,400 shares during the period. Balentine LLC acquired a new position in Deere & Company in the 3rd quarter worth $710,000. Royal Fund Management LLC lifted its position in Deere & Company by 99.8% during the 3rd quarter. Royal Fund Management LLC now owns 6,454 shares of the industrial products company’s stock worth $2,694,000 after buying an additional 3,223 shares in the last quarter. Finally, New Century Financial Group LLC acquired a new position in shares of Deere & Company during the 3rd quarter worth about $1,052,000. Institutional investors and hedge funds own 68.58% of the company’s stock.

Deere & Company Stock Up 5.1 %

The company has a debt-to-equity ratio of 1.85, a current ratio of 2.07 and a quick ratio of 1.87. The company has a market cap of $116.47 billion, a price-to-earnings ratio of 13.82, a P/E/G ratio of 1.54 and a beta of 0.93. The firm has a 50-day moving average price of $404.97 and a 200 day moving average price of $385.83.

About Deere & Company

(Get Free Report)

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.

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