Deere & Company (NYSE:DE) Posts Earnings Results, Beats Expectations By $0.13 EPS

Key Points

• Deere & Company reported quarterly earnings of $4.75 EPS, exceeding analysts' expectations of $4.62 by $0.13, despite a year-over-year revenue decline of 9% to $10.36 billion.
• Shares of Deere declined by 6.5% to $480.02 following the earnings announcement, with a market capitalization of $130 billion and a P/E ratio of 23.22.
• The company announced a quarterly dividend of $1.62 per share, representing a dividend yield of 1.3%, with a dividend payout ratio of 31.35%.

Deere & Company (NYSE:DE - Get Free Report) released its quarterly earnings data on Thursday. The industrial products company reported $4.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.62 by $0.13, Zacks reports. Deere & Company had a return on equity of 24.39% and a net margin of 12.40%. The company had revenue of $10.36 billion during the quarter, compared to analysts' expectations of $10.33 billion. During the same period last year, the firm posted $6.29 earnings per share. The business's revenue was down 9.0% on a year-over-year basis.

Deere & Company Trading Down 6.5%

Shares of NYSE:DE traded down $33.52 on Thursday, reaching $480.02. 5,099,824 shares of the company traded hands, compared to its average volume of 1,152,769. The business's 50-day simple moving average is $511.80 and its 200 day simple moving average is $489.83. Deere & Company has a 52 week low of $357.90 and a 52 week high of $533.78. The stock has a market capitalization of $130.00 billion, a P/E ratio of 23.22, a price-to-earnings-growth ratio of 3.26 and a beta of 1.06. The company has a current ratio of 2.11, a quick ratio of 1.89 and a debt-to-equity ratio of 1.76.

Deere & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Monday, June 30th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, June 30th. Deere & Company's dividend payout ratio (DPR) is 31.35%.

Institutional Trading of Deere & Company

Several large investors have recently modified their holdings of the business. Darwin Wealth Management LLC purchased a new stake in Deere & Company in the second quarter worth about $72,000. Vista Capital Partners Inc. purchased a new stake in Deere & Company in the second quarter worth about $223,000. CTC Alternative Strategies Ltd. purchased a new stake in Deere & Company in the second quarter worth about $437,000. Main Street Financial Solutions LLC lifted its holdings in Deere & Company by 6.7% in the second quarter. Main Street Financial Solutions LLC now owns 1,551 shares of the industrial products company's stock worth $789,000 after buying an additional 97 shares during the period. Finally, HUB Investment Partners LLC lifted its holdings in Deere & Company by 6.5% in the second quarter. HUB Investment Partners LLC now owns 1,764 shares of the industrial products company's stock worth $897,000 after buying an additional 107 shares during the period. 68.58% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DE has been the subject of several research reports. Morgan Stanley lifted their price target on Deere & Company from $450.00 to $500.00 and gave the stock an "overweight" rating in a report on Wednesday, April 16th. Robert W. Baird boosted their price objective on Deere & Company from $501.00 to $514.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Truist Financial boosted their price objective on Deere & Company from $546.00 to $619.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Citigroup dropped their price target on Deere & Company from $550.00 to $525.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. Finally, Melius raised Deere & Company from a "hold" rating to a "buy" rating in a report on Friday, June 6th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $523.93.

Deere & Company Company Profile

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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