Deere & Company (NYSE:DE) Sets New 52-Week High - Should You Buy?

Deere & Company (NYSE:DE - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $472.90 and last traded at $472.41, with a volume of 328167 shares. The stock had previously closed at $459.75.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Morgan Stanley increased their target price on Deere & Company from $401.00 to $450.00 and gave the company an "overweight" rating in a research report on Monday, November 25th. Oppenheimer lifted their price target on Deere & Company from $448.00 to $477.00 and gave the stock an "outperform" rating in a research report on Friday, November 22nd. Citigroup lowered their price objective on Deere & Company from $470.00 to $430.00 and set a "neutral" rating for the company in a research note on Tuesday, January 14th. Truist Financial increased their target price on shares of Deere & Company from $538.00 to $550.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Finally, Jefferies Financial Group cut shares of Deere & Company from a "buy" rating to a "hold" rating and set a $510.00 price objective for the company. in a research report on Friday, December 6th. Eleven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $442.83.

Deere & Company Stock Performance

The firm's 50 day simple moving average is $435.34 and its 200-day simple moving average is $404.30. 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 $128.46 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 2.86 and a beta of 0.98.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, November 21st. The industrial products company reported $4.55 EPS for the quarter, beating analysts' consensus estimates of $3.89 by $0.66. Deere & Company had a net margin of 13.73% and a return on equity of 31.32%. The business had revenue of $9.28 billion during the quarter, compared to analysts' expectations of $9.20 billion. During the same period in the prior year, the company earned $8.26 earnings per share. The business's revenue was down 32.8% compared to the same quarter last year. On average, sell-side analysts predict that Deere & Company will post 19.34 EPS for the current year.

Deere & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 10th. Shareholders of record on Tuesday, December 31st will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 1.37%. This is a positive change from Deere & Company's previous quarterly dividend of $1.47. The ex-dividend date is Tuesday, December 31st. Deere & Company's dividend payout ratio is 25.31%.

Institutional Trading of Deere & Company

A number of hedge funds have recently added to or reduced their stakes in the business. Livelsberger Financial Advisory acquired a new position in shares of Deere & Company during the 3rd quarter valued at $32,000. Modus Advisors LLC bought a new position in shares of Deere & Company during the fourth quarter valued at approximately $32,000. Synergy Asset Management LLC bought a new position in Deere & Company during the 4th quarter worth $35,000. Centennial Bank AR raised its holdings in shares of Deere & Company by 420.0% during the second quarter. Centennial Bank AR now owns 104 shares of the industrial products company's stock valued at $39,000 after buying an additional 84 shares during the last quarter. Finally, Continuum Advisory LLC grew its position in Deere & Company by 155.8% in the 3rd quarter. Continuum Advisory LLC now owns 110 shares of the industrial products company's stock valued at $43,000 after buying an additional 67 shares in the last quarter. 68.58% of the stock is owned by institutional investors and hedge funds.

About Deere & Company

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.

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