Deere & Company (NYSE:DE) Sets New 1-Year High – Here’s Why

Deere & Company (NYSE:DE) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $490.95 and last traded at $491.97, with a volume of 298658 shares changing hands. The stock had previously closed at $480.22.

Analysts Set New Price Targets

A number of research analysts recently issued reports on DE shares. Morgan Stanley increased their price objective on Deere & Company from $401.00 to $450.00 and gave the stock an “overweight” rating in a report on Monday, November 25th. UBS Group lifted their price objective on shares of Deere & Company from $404.00 to $462.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Barclays increased their target price on shares of Deere & Company from $400.00 to $475.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. Truist Financial reiterated a “buy” rating and issued a $546.00 price target (down from $550.00) on shares of Deere & Company in a research note on Friday. Finally, Citigroup increased their price objective on shares of Deere & Company from $430.00 to $480.00 and gave the stock a “neutral” rating in a research note on Friday. Eleven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $450.12.

Deere & Company Price Performance

The company has a debt-to-equity ratio of 1.89, a quick ratio of 1.90 and a current ratio of 2.09. The company has a market cap of $136.56 billion, a price-to-earnings ratio of 19.59, a PEG ratio of 2.87 and a beta of 0.98. The business has a fifty day moving average price of $447.57 and a 200 day moving average price of $417.69.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, February 13th. The industrial products company reported $3.19 EPS for the quarter, topping the consensus estimate of $3.14 by $0.05. Deere & Company had a return on equity of 31.32% and a net margin of 13.73%. As a group, research analysts anticipate that Deere & Company will post 19.38 earnings per share for the current year.

Deere & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 10th. Shareholders of record on Tuesday, December 31st were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend was Tuesday, December 31st. This is a boost from Deere & Company’s previous quarterly dividend of $1.47. Deere & Company’s payout ratio is presently 28.72%.

Institutional Investors Weigh In On Deere & Company

Hedge funds have recently modified their holdings of the company. Pineridge Advisors LLC boosted its stake in shares of Deere & Company by 60.5% during the fourth quarter. Pineridge Advisors LLC now owns 69 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 26 shares in the last quarter. Modus Advisors LLC acquired a new stake in Deere & Company during the 4th quarter worth approximately $32,000. Livelsberger Financial Advisory bought a new stake in Deere & Company during the 3rd quarter worth approximately $32,000. YANKCOM Partnership acquired a new position in Deere & Company in the 4th quarter valued at approximately $34,000. Finally, Orion Capital Management LLC acquired a new position in Deere & Company in the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds own 68.58% of the company’s stock.

Deere & Company Company Profile

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.