Deere & Company (NYSE:DE) Price Target Cut to $370.00

Deere & Company (NYSE:DE - Get Free Report) had its price objective dropped by investment analysts at Citigroup from $395.00 to $370.00 in a note issued to investors on Tuesday. The brokerage currently has a "neutral" rating on the industrial products company's stock. Citigroup's price objective suggests a potential downside of 0.92% from the company's current price.

A number of other research analysts have also issued reports on DE. Stifel Nicolaus lifted their target price on Deere & Company from $425.00 to $450.00 and gave the company a "buy" rating in a report on Friday, May 17th. Raymond James assumed coverage on shares of Deere & Company in a research report on Friday, June 28th. They issued an "outperform" rating and a $420.00 price objective on the stock. Oppenheimer lowered their target price on shares of Deere & Company from $465.00 to $448.00 and set an "outperform" rating for the company in a research note on Monday, July 22nd. JPMorgan Chase & Co. dropped their price objective on Deere & Company from $375.00 to $360.00 and set a "neutral" rating on the stock in a report on Tuesday. Finally, Truist Financial cut their price objective on shares of Deere & Company from $460.00 to $439.00 and set a "buy" rating on the stock in a report on Tuesday, July 2nd. Twelve equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $422.78.

Deere & Company Trading Up 6.3 %

Shares of DE traded up $22.17 during mid-day trading on Tuesday, reaching $373.45. The stock had a trading volume of 3,183,177 shares, compared to its average volume of 1,546,466. 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 firm has a market cap of $102.91 billion, a price-to-earnings ratio of 11.24, a P/E/G ratio of 1.59 and a beta of 0.93. The business's fifty day moving average is $367.23 and its 200 day moving average is $380.75. Deere & Company has a 52-week low of $340.20 and a 52-week high of $435.73.

Deere & Company (NYSE:DE - Get Free Report) last issued its quarterly earnings data on Thursday, August 15th. The industrial products company reported $6.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.94 by $0.35. The firm had revenue of $11.39 billion during the quarter, compared to the consensus estimate of $10.94 billion. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. The company's quarterly revenue was down 20.3% on a year-over-year basis. During the same period last year, the company earned $10.20 EPS. On average, sell-side analysts predict that Deere & Company will post 25.41 EPS for the current fiscal year.

Insider Transactions at Deere & Company

In other Deere & Company news, insider Cory J. Reed sold 13,370 shares of the firm's stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $377.63, for a total transaction of $5,048,913.10. Following the completion of the transaction, the insider now owns 41,642 shares in the company, valued at $15,725,268.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.26% of the company's stock.

Hedge Funds Weigh In On Deere & Company

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Harbor Investment Advisory LLC increased its stake in Deere & Company by 27.4% during the 1st quarter. Harbor Investment Advisory LLC now owns 1,730 shares of the industrial products company's stock worth $710,000 after acquiring an additional 372 shares during the period. Summit Asset Management LLC grew its stake in Deere & Company by 24.1% during the fourth quarter. Summit Asset Management LLC now owns 1,030 shares of the industrial products company's stock worth $412,000 after buying an additional 200 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Deere & Company by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,570,773 shares of the industrial products company's stock valued at $628,105,000 after buying an additional 31,074 shares during the period. Brevan Howard Capital Management LP boosted its position in shares of Deere & Company by 857.9% during the 4th quarter. Brevan Howard Capital Management LP now owns 7,654 shares of the industrial products company's stock worth $3,061,000 after acquiring an additional 6,855 shares in the last quarter. Finally, Aviance Capital Partners LLC bought a new position in shares of Deere & Company in the 1st quarter valued at $2,783,000. 68.58% of the stock is owned by institutional investors.

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.