Bank of America Cuts Deere & Company (NYSE:DE) Price Target to $175.00

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Deere & Company (NYSE:DE) had its price objective trimmed by Bank of America from $185.00 to $175.00 in a research report released on Monday morning, BenzingaRatingsTable reports. The firm currently has a buy rating on the industrial products company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Royal Bank of Canada cut their price objective on shares of Deere & Company from $190.00 to $175.00 and set an outperform rating on the stock in a report on Monday, May 20th. Macquarie set a $132.00 target price on shares of Deere & Company and gave the stock a hold rating in a research note on Monday, May 20th. Stifel Nicolaus dropped their target price on shares of Deere & Company from $180.00 to $171.00 and set a buy rating on the stock in a research note on Monday, May 20th. Wells Fargo & Co dropped their target price on shares of Deere & Company from $185.00 to $170.00 and set an outperform rating on the stock in a research note on Monday. They noted that the move was a valuation call. Finally, Vertical Research downgraded shares of Deere & Company from a buy rating to a hold rating in a research note on Monday, May 20th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the stock. Deere & Company has an average rating of Hold and a consensus price target of $166.89.

Shares of DE opened at $155.37 on Monday. The stock has a market cap of $48.22 billion, a PE ratio of 15.10, a price-to-earnings-growth ratio of 2.28 and a beta of 1.10. The company has a debt-to-equity ratio of 2.38, a quick ratio of 1.73 and a current ratio of 1.99. Deere & Company has a fifty-two week low of $128.32 and a fifty-two week high of $171.22. The firm’s 50-day simple moving average is $159.85 and its two-hundred day simple moving average is $158.29.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Friday, August 16th. The industrial products company reported $2.71 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.80 by ($0.09). The business had revenue of $8.97 billion during the quarter, compared to analysts’ expectations of $9.38 billion. Deere & Company had a return on equity of 27.75% and a net margin of 8.55%. Deere & Company’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.59 EPS. Equities research analysts predict that Deere & Company will post 10.02 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Friday, June 28th were paid a $0.76 dividend. The ex-dividend date was Thursday, June 27th. This represents a $3.04 annualized dividend and a dividend yield of 1.96%. Deere & Company’s dividend payout ratio is presently 32.37%.

In related news, COO John C. May II sold 5,228 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $170.00, for a total transaction of $888,760.00. Following the transaction, the chief operating officer now owns 49,310 shares in the company, valued at $8,382,700. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO John C. May II sold 16,468 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $163.21, for a total transaction of $2,687,742.28. Following the transaction, the chief operating officer now owns 60,550 shares in the company, valued at approximately $9,882,365.50. The disclosure for this sale can be found here. Corporate insiders own 0.71% of the company’s stock.

A number of institutional investors have recently modified their holdings of DE. SRS Capital Advisors Inc. bought a new position in Deere & Company during the second quarter valued at approximately $28,000. Private Ocean LLC lifted its position in Deere & Company by 560.0% during the first quarter. Private Ocean LLC now owns 198 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 168 shares during the period. Ellis Investment Partners LLC bought a new position in Deere & Company during the first quarter valued at approximately $33,000. Arcus Capital Partners LLC bought a new position in Deere & Company during the second quarter valued at approximately $33,000. Finally, Orrstown Financial Services Inc. lifted its position in Deere & Company by 116.0% during the second quarter. Orrstown Financial Services Inc. now owns 216 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 116 shares during the period. Institutional investors own 67.67% of the company’s stock.

Deere & Company Company Profile

Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.

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Analyst Recommendations for Deere & Company (NYSE:DE)

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