Deere & Company (NYSE:DE) Given New $570.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan cut Deere’s price target from $590 to $570 while maintaining a “neutral” rating, implying 6.49% downside from the previous close.
• Analyst sentiment remains broadly positive: Deere has a “Moderate Buy” consensus rating and an average price target of $641.98, based on 14 Buy and nine Hold ratings.
• Deere reported quarterly earnings of $6.55 per share, beating estimates of $5.70, while revenue rose 5.4% year over year to $13.37 billion. Institutional investors own 68.58% of the company’s stock.

Deere & Company (NYSE:DE - Get Free Report) had its price target decreased by research analysts at JPMorgan Chase & Co. from $590.00 to $570.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the industrial products company's stock. JPMorgan Chase & Co.'s target price would indicate a potential downside of 6.49% from the stock's previous close.

A number of other brokerages also recently issued reports on DE. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $752.00 price objective on shares of Deere & Company in a research report on Monday, June 1st. DA Davidson restated a "buy" rating and set a $685.00 target price on shares of Deere & Company in a research note on Friday, July 17th. Citigroup raised their price target on shares of Deere & Company from $575.00 to $610.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Weiss Ratings upgraded shares of Deere & Company from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, May 21st. Finally, Wall Street Zen raised shares of Deere & Company from a "sell" rating to a "hold" rating in a report on Sunday, July 5th. Fourteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Deere & Company has an average rating of "Moderate Buy" and an average target price of $641.98.

Deere & Company Trading Down 0.5%

NYSE:DE opened at $609.57 on Friday. The stock has a market cap of $164.55 billion, a price-to-earnings ratio of 34.54, a PEG ratio of 2.62 and a beta of 0.90. The company has a quick ratio of 1.95, a current ratio of 2.18 and a debt-to-equity ratio of 1.54. The company's 50 day moving average price is $602.73 and its 200-day moving average price is $587.62. Deere & Company has a 52 week low of $433.00 and a 52 week high of $674.19.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, topping analysts' consensus estimates of $5.70 by $0.85. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The company had revenue of $13.37 billion during the quarter, compared to analyst estimates of $11.55 billion. During the same period in the previous year, the business earned $6.64 EPS. The firm's revenue for the quarter was up 5.4% on a year-over-year basis. On average, equities research analysts forecast that Deere & Company will post 18.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Deere & Company

A number of institutional investors and hedge funds have recently made changes to their positions in DE. Van Hulzen Asset Management LLC bought a new stake in shares of Deere & Company during the 2nd quarter valued at $1,210,000. Stockbridge Partners LLC bought a new position in shares of Deere & Company in the second quarter worth about $359,954,000. Peak Asset Management LLC purchased a new position in shares of Deere & Company during the 2nd quarter valued at about $710,000. Fiduciary Financial Advisors purchased a new stake in Deere & Company in the 2nd quarter worth approximately $329,000. Finally, L2 Asset Management LLC purchased a new position in Deere & Company during the second quarter valued at approximately $1,463,000. Hedge funds and other institutional investors own 68.58% of the company's stock.

Deere & Company Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company's principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

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