Deere & Company (NYSE:DE) Price Target Cut to $512.00 by Analysts at Oppenheimer

Key Points

• Oppenheimer analysts have reduced Deere & Company's target price from $566.00 to $512.00 while maintaining an "outperform" rating, indicating a potential upside of 7.41% from its current price.
• JPMorgan Chase & Co. also lowered their target price to $495.00, reflecting a broader trend among analysts revising their expectations for the stock.
• Deere & Company reported earnings of $4.75 per share, exceeding estimates, but their revenues were down 9% year-over-year, indicating challenges in maintaining growth.

Deere & Company (NYSE:DE - Get Free Report) had its target price lowered by equities researchers at Oppenheimer from $566.00 to $512.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the industrial products company's stock. Oppenheimer's target price suggests a potential upside of 7.41% from the stock's current price.

DE has been the topic of several other research reports. JPMorgan Chase & Co. dropped their price target on shares of Deere & Company from $500.00 to $495.00 and set a "neutral" rating on the stock in a research note on Tuesday, September 2nd. Evercore ISI set a $491.00 target price on shares of Deere & Company in a research report on Tuesday, August 19th. Melius Research raised Deere & Company from a "hold" rating to a "strong-buy" rating in a report on Friday, June 6th. BMO Capital Markets restated a "market perform" rating and issued a $460.00 target price (up from $425.00) on shares of Deere & Company in a report on Wednesday, May 21st. Finally, Wall Street Zen upgraded Deere & Company from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $517.27.

Deere & Company Stock Up 1.6%

NYSE DE traded up $7.56 on Thursday, reaching $476.68. The stock had a trading volume of 815,538 shares, compared to its average volume of 1,362,918. The company has a current ratio of 2.19, a quick ratio of 1.98 and a debt-to-equity ratio of 1.76. Deere & Company has a 1 year low of $387.03 and a 1 year high of $533.78. The business has a 50 day moving average price of $494.93 and a 200 day moving average price of $490.02. The company has a market capitalization of $128.86 billion, a price-to-earnings ratio of 24.94, a P/E/G ratio of 3.01 and a beta of 1.00.

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, beating the consensus estimate of $4.62 by $0.13. The business had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.33 billion. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%.The firm's revenue was down 9.0% on a year-over-year basis. During the same period in the previous year, the company earned $6.29 EPS. On average, analysts forecast that Deere & Company will post 19.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Deere & Company

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new position in Deere & Company in the second quarter valued at about $1,578,243,000. GAMMA Investing LLC boosted its holdings in shares of Deere & Company by 61,215.9% in the 1st quarter. GAMMA Investing LLC now owns 1,753,022 shares of the industrial products company's stock worth $822,781,000 after acquiring an additional 1,750,163 shares in the last quarter. Nuveen LLC bought a new stake in shares of Deere & Company during the first quarter worth $571,073,000. Marshall Wace LLP increased its stake in shares of Deere & Company by 573.9% in the second quarter. Marshall Wace LLP now owns 842,882 shares of the industrial products company's stock valued at $428,597,000 after buying an additional 717,808 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in shares of Deere & Company by 132.0% in the second quarter. TD Asset Management Inc now owns 721,638 shares of the industrial products company's stock valued at $366,946,000 after buying an additional 410,636 shares in the last quarter. Institutional investors and hedge funds own 68.58% of the company's stock.

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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