Wells Fargo & Co Lowers Deere & Company (DE) Price Target to $180.00

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Deere & Company (NYSE:DE) had its target price dropped by equities researchers at Wells Fargo & Co from $190.00 to $180.00 in a research note issued to investors on Monday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the industrial products company’s stock. Wells Fargo & Co’s price target would suggest a potential upside of 28.09% from the company’s current price.

A number of other brokerages have also commented on DE. ValuEngine lowered shares of Deere & Company from a “buy” rating to a “hold” rating in a research note on Tuesday, June 5th. Morgan Stanley set a $185.00 price target on shares of Deere & Company and gave the stock a “buy” rating in a research note on Tuesday, June 5th. Citigroup reduced their price target on shares of Deere & Company from $200.00 to $190.00 and set a “buy” rating for the company in a research note on Wednesday, June 20th. Evercore ISI upgraded shares of Deere & Company from an “in-line” rating to an “outperform” rating in a research note on Monday, May 7th. Finally, Goldman Sachs Group lowered shares of Deere & Company from a “conviction-buy” rating to a “buy” rating in a research note on Monday, July 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and sixteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $178.42.

Shares of DE stock opened at $140.53 on Monday. Deere & Company has a 52 week low of $114.53 and a 52 week high of $175.26. The company has a market capitalization of $45.59 billion, a PE ratio of 21.04, a P/E/G ratio of 2.56 and a beta of 0.85. The company has a debt-to-equity ratio of 2.59, a current ratio of 1.91 and a quick ratio of 1.66.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Friday, August 17th. The industrial products company reported $2.59 EPS for the quarter, missing analysts’ consensus estimates of $2.75 by ($0.16). Deere & Company had a return on equity of 28.51% and a net margin of 5.82%. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.18 billion. During the same quarter in the prior year, the firm earned $1.97 earnings per share. The business’s revenue was up 35.9% compared to the same quarter last year. equities research analysts anticipate that Deere & Company will post 9.68 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BB&T Corp lifted its holdings in Deere & Company by 2.0% during the second quarter. BB&T Corp now owns 45,800 shares of the industrial products company’s stock valued at $6,403,000 after purchasing an additional 919 shares in the last quarter. Gulf International Bank UK Ltd lifted its holdings in Deere & Company by 13.5% during the second quarter. Gulf International Bank UK Ltd now owns 97,843 shares of the industrial products company’s stock valued at $13,678,000 after purchasing an additional 11,630 shares in the last quarter. Calamos Advisors LLC lifted its holdings in Deere & Company by 2.5% during the second quarter. Calamos Advisors LLC now owns 70,217 shares of the industrial products company’s stock valued at $9,816,000 after purchasing an additional 1,708 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Deere & Company by 6.9% during the first quarter. The Manufacturers Life Insurance Company now owns 460,739 shares of the industrial products company’s stock valued at $71,562,000 after purchasing an additional 29,755 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its holdings in Deere & Company by 17.3% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 12,123 shares of the industrial products company’s stock valued at $1,098,000 after purchasing an additional 1,787 shares in the last quarter. 67.14% of the stock is currently owned by institutional investors.

About Deere & Company

Deere & Company, together with its subsidiaries, manufactures and distributes agriculture and turf, and construction and forestry equipment worldwide. The company's Agriculture and Turf segment provides agriculture and turf equipment, and related service parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; related harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment comprising sprayers, and nutrient management and soil preparation machinery.

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