JPMorgan Chase & Co. Cuts Deere & Company (NYSE:DE) Price Target to $375.00

Deere & Company (NYSE:DE) had its price target lowered by JPMorgan Chase & Co. from $385.00 to $375.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the industrial products company’s stock.

Several other brokerages have also recently issued reports on DE. Truist Financial reduced their price objective on Deere & Company from $460.00 to $439.00 and set a buy rating on the stock in a research note on Tuesday, July 2nd. Stifel Nicolaus raised their price objective on Deere & Company from $425.00 to $450.00 and gave the stock a buy rating in a research note on Friday, May 17th. Morgan Stanley raised their price objective on Deere & Company from $430.00 to $450.00 in a research note on Wednesday, May 15th. DA Davidson reduced their price objective on Deere & Company from $483.00 to $465.00 and set a buy rating on the stock in a research note on Monday, May 20th. Finally, TD Cowen raised their price objective on Deere & Company from $383.00 to $390.00 and gave the stock a hold rating in a research note on Friday, May 17th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Deere & Company currently has a consensus rating of Hold and a consensus price target of $427.13.

Deere & Company Stock Performance

Deere & Company stock opened at $365.33 on Thursday. The stock has a market cap of $100.67 billion, a P/E ratio of 11.00, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93. The company has a current ratio of 2.01, a quick ratio of 1.80 and a debt-to-equity ratio of 1.81. The stock has a 50 day moving average of $378.08 and a 200-day moving average of $384.93. Deere & Company has a 52 week low of $345.93 and a 52 week high of $450.00.

Deere & Company (NYSE:DE) last released its earnings results on Thursday, May 16th. The industrial products company reported $8.53 EPS for the quarter, beating the consensus estimate of $7.86 by $0.67. The company had revenue of $13.61 billion during the quarter, compared to analysts’ expectations of $13.29 billion. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. The business’s revenue was down 15.4% on a year-over-year basis. During the same period in the prior year, the business posted $9.65 EPS. On average, analysts expect that Deere & Company will post 25.56 EPS for the current fiscal year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 8th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, June 28th. Deere & Company’s dividend payout ratio (DPR) is 17.70%.

Insider Buying and Selling

In related news, insider Cory J. Reed sold 13,370 shares of Deere & Company stock in a transaction dated 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 transaction, the insider now directly owns 41,642 shares of the company’s stock, valued at $15,725,268.46. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Deere & Company

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Deere & Company by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 21,988,363 shares of the industrial products company’s stock worth $9,031,500,000 after acquiring an additional 263,709 shares during the period. Janus Henderson Group PLC boosted its position in Deere & Company by 0.5% during the 1st quarter. Janus Henderson Group PLC now owns 3,859,021 shares of the industrial products company’s stock worth $1,585,028,000 after acquiring an additional 19,200 shares during the period. Parnassus Investments LLC boosted its position in Deere & Company by 22.4% during the 4th quarter. Parnassus Investments LLC now owns 3,856,171 shares of the industrial products company’s stock worth $1,541,967,000 after acquiring an additional 705,771 shares during the period. Norges Bank acquired a new stake in Deere & Company during the 4th quarter worth about $1,248,036,000. Finally, Dimensional Fund Advisors LP boosted its position in Deere & Company by 11.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,595,945 shares of the industrial products company’s stock worth $638,167,000 after acquiring an additional 160,369 shares during the period. Institutional investors and hedge funds own 68.58% of the company’s stock.

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.