Deere & Company (NYSE:DE) to Post FY2024 Earnings of $24.63 Per Share, DA Davidson Forecasts

Deere & Company (NYSE:DE - Free Report) - Stock analysts at DA Davidson dropped their FY2024 earnings per share estimates for Deere & Company in a research report issued on Monday, August 19th. DA Davidson analyst M. Shlisky now anticipates that the industrial products company will post earnings per share of $24.63 for the year, down from their previous forecast of $25.33. DA Davidson has a "Buy" rating and a $465.00 price target on the stock. The consensus estimate for Deere & Company's current full-year earnings is $25.41 per share. DA Davidson also issued estimates for Deere & Company's FY2025 earnings at $26.75 EPS.

Deere & Company (NYSE:DE - Get Free Report) last announced its earnings results on Thursday, August 15th. The industrial products company reported $6.29 earnings per share for the quarter, beating analysts' consensus estimates of $5.63 by $0.66. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. The company had revenue of $11.39 billion during the quarter, compared to analyst estimates of $10.94 billion. During the same period last year, the company posted $10.20 earnings per share. The firm's quarterly revenue was down 20.3% compared to the same quarter last year.

A number of other analysts have also weighed in on DE. Raymond James began coverage on Deere & Company in a research note on Friday, June 28th. They issued an "outperform" rating and a $420.00 target price for the company. Truist Financial reiterated a "buy" rating and issued a $443.00 price objective (up from $439.00) on shares of Deere & Company in a research report on Friday. BMO Capital Markets started coverage on Deere & Company in a research report on Friday, August 9th. They issued a "market perform" rating and a $400.00 price objective for the company. Citigroup lowered their price objective on Deere & Company from $395.00 to $370.00 and set a "neutral" rating for the company in a research report on Tuesday, August 13th. Finally, Daiwa Capital Markets lifted their price objective on Deere & Company from $400.00 to $420.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 15th. Fifteen research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $421.90.

Deere & Company Price Performance

Shares of NYSE:DE traded down $0.32 during midday trading on Tuesday, reaching $372.59. The company's stock had a trading volume of 931,932 shares, compared to its average volume of 1,546,924. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $423.35. The company has a market capitalization of $102.67 billion, a P/E ratio of 11.22, a P/E/G ratio of 1.59 and a beta of 0.93. The company has a debt-to-equity ratio of 1.81, a current ratio of 2.01 and a quick ratio of 1.80. The business's fifty day simple moving average is $367.56 and its 200-day simple moving average is $380.21.

Deere & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 8th. Shareholders of record on Friday, June 28th were paid a $1.47 dividend. This represents a $5.88 annualized dividend and a yield of 1.58%. The ex-dividend date was Friday, June 28th. Deere & Company's payout ratio is 17.70%.

Insider Buying and Selling at Deere & Company

In other Deere & Company news, insider Cory J. Reed sold 13,370 shares of the business's stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $377.63, for a total value of $5,048,913.10. Following the sale, the insider now owns 41,642 shares in the company, valued at approximately $15,725,268.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.26% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in DE. Norges Bank acquired a new position in shares of Deere & Company during the 4th quarter worth approximately $1,248,036,000. Parnassus Investments LLC increased its holdings in shares of 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 last quarter. Swedbank AB acquired a new position in shares of Deere & Company during the 1st quarter worth approximately $191,628,000. Mawer Investment Management Ltd. acquired a new position in shares of Deere & Company during the 2nd quarter worth approximately $166,937,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Deere & Company by 15.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,146,441 shares of the industrial products company's stock worth $802,037,000 after acquiring an additional 279,627 shares during the last quarter. Institutional investors and hedge funds own 68.58% of the company's stock.

About Deere & Company

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.