Deere & Company (NYSE:DE) Lowered to Sell Rating by Wall Street Zen

Key Points

• Deere & Company has been downgraded by Wall Street Zen from a "hold" rating to a "sell" rating, indicating a negative outlook for the stock.
• Several analysts have adjusted their price targets for Deere, with JPMorgan lowering it from $500 to $495 while Melius Research upgraded it to a "strong-buy," contributing to an average rating of "Moderate Buy."
• The company's stock has recently traded down by 0.6%, reaching $463.93, as it experiences a significant shift in analyst sentiment and market activity.

Deere & Company (NYSE:DE - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Friday.

Several other research analysts have also weighed in on the company. JPMorgan Chase & Co. lowered their price target on Deere & Company from $500.00 to $495.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 2nd. DA Davidson cut their target price on Deere & Company from $595.00 to $580.00 and set a "buy" rating on the stock in a research report on Monday, August 18th. Melius Research upgraded Deere & Company from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 6th. Oppenheimer cut their price objective on Deere & Company from $566.00 to $512.00 and set an "outperform" rating for the company in a report on Thursday, September 18th. Finally, Truist Financial decreased their target price on Deere & Company from $619.00 to $602.00 and set a "buy" rating for the company in a research report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $518.06.

Deere & Company Stock Down 0.6%

Shares of DE traded down $2.77 during trading hours on Friday, reaching $463.93. The company's stock had a trading volume of 1,106,209 shares, compared to its average volume of 1,443,205. The company has a 50 day moving average of $489.67 and a two-hundred day moving average of $489.66. Deere & Company has a 1-year low of $387.03 and a 1-year high of $533.78. The firm has a market cap of $125.41 billion, a price-to-earnings ratio of 24.25, a P/E/G ratio of 3.00 and a beta of 1.00. The company has a quick ratio of 1.98, a current ratio of 2.19 and a debt-to-equity ratio of 1.76.

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

Institutional Trading of Deere & Company

A number of large investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. lifted its position in Deere & Company by 58.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,625 shares of the industrial products company's stock valued at $6,395,000 after purchasing an additional 5,053 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Deere & Company by 10.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 8,280 shares of the industrial products company's stock valued at $3,863,000 after buying an additional 798 shares during the last quarter. Providence Capital Advisors LLC lifted its stake in shares of Deere & Company by 2.1% in the 1st quarter. Providence Capital Advisors LLC now owns 14,639 shares of the industrial products company's stock worth $6,871,000 after acquiring an additional 303 shares during the period. Bragg Financial Advisors Inc lifted its position in shares of Deere & Company by 12.7% in the 1st quarter. Bragg Financial Advisors Inc now owns 7,213 shares of the industrial products company's stock valued at $3,386,000 after acquiring an additional 813 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. acquired a new position in shares of Deere & Company during the 1st quarter worth $13,588,000. 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.

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