Deere & Company (NYSE:DE) Stock Price Expected to Rise, Oppenheimer Analyst Says

Key Points

• Oppenheimer has raised its price target for Deere & Company from $560.00 to $566.00, indicating a potential upside of 17.91% from the stock's previous close.
• Multiple analysts have varied ratings on Deere, with 11 hold ratings, 8 buy ratings, and 1 strong buy rating, while the average target price is $523.20.
• Deere reported earnings of $4.75 per share for the last quarter, exceeding analysts' expectations, although revenue declined by 9.0% year-over-year.

Deere & Company (NYSE:DE - Get Free Report) had its price target boosted by equities research analysts at Oppenheimer from $560.00 to $566.00 in a report released on Friday,Benzinga reports. The firm presently has an "outperform" rating on the industrial products company's stock. Oppenheimer's target price indicates a potential upside of 15.70% from the company's previous close.

DE has been the subject of a number of other reports. The Goldman Sachs Group restated a "buy" rating on shares of Deere & Company in a research report on Thursday, May 15th. Truist Financial reduced their price objective on shares of Deere & Company from $619.00 to $602.00 and set a "buy" rating for the company in a research report on Friday. Melius Research upgraded shares of Deere & Company from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 6th. Citigroup reduced their target price on shares of Deere & Company from $550.00 to $525.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Finally, Evercore ISI increased their target price on shares of Deere & Company from $455.00 to $493.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $523.87.

Deere & Company Stock Performance

NYSE DE traded down $1.9330 during mid-day trading on Friday, reaching $489.1970. 1,493,598 shares of the stock were exchanged, compared to its average volume of 1,368,199. The business's 50 day moving average is $510.56 and its 200-day moving average is $490.14. Deere & Company has a 1 year low of $371.76 and a 1 year high of $533.78. The company has a market capitalization of $132.49 billion, a P/E ratio of 25.57, a P/E/G ratio of 3.10 and a beta of 1.06. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.98 and a current ratio of 2.19.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.62 by $0.13. The firm had revenue of $10.36 billion for the quarter, compared to the consensus estimate of $10.33 billion. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The firm's quarterly revenue was down 9.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.29 earnings per share. On average, equities research analysts forecast that Deere & Company will post 19.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Deere & Company by 1.4% in the second quarter. Vanguard Group Inc. now owns 22,372,671 shares of the industrial products company's stock valued at $11,376,279,000 after acquiring an additional 309,081 shares in the last quarter. State Street Corp grew its position in Deere & Company by 0.6% in the 2nd quarter. State Street Corp now owns 10,386,268 shares of the industrial products company's stock valued at $5,297,913,000 after buying an additional 64,262 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Deere & Company by 4.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,876,013 shares of the industrial products company's stock valued at $3,227,258,000 after buying an additional 286,253 shares during the last quarter. Capital World Investors grew its position in Deere & Company by 2.7% in the 4th quarter. Capital World Investors now owns 6,058,259 shares of the industrial products company's stock valued at $2,566,884,000 after buying an additional 157,224 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Deere & Company by 2.1% in the 2nd quarter. Geode Capital Management LLC now owns 5,541,778 shares of the industrial products company's stock valued at $2,810,807,000 after buying an additional 111,627 shares during the last quarter. Hedge funds and other institutional investors own 68.58% of the company's stock.

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.