Deere & Company (NYSE:DE - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $531.54 and last traded at $516.85, with a volume of 3211555 shares. The stock had previously closed at $497.50.
The industrial products company reported $6.64 earnings per share for the quarter, beating analysts' consensus estimates of $5.72 by $0.92. Deere & Company had a return on equity of 27.31% and a net margin of 12.94%. The firm had revenue of $11.17 billion for the quarter, compared to analysts' expectations of $10.80 billion.
Deere & Company Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 8th. Investors of record on Monday, March 31st were issued a $1.62 dividend. The ex-dividend date was Monday, March 31st. This represents a $6.48 dividend on an annualized basis and a yield of 1.25%. Deere & Company's dividend payout ratio is presently 28.72%.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on DE shares. Argus set a $510.00 price target on Deere & Company in a report on Friday, March 7th. Baird R W cut Deere & Company from a "strong-buy" rating to a "hold" rating in a report on Monday, March 3rd. Morgan Stanley boosted 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. Citigroup lowered their price target on Deere & Company from $480.00 to $450.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Finally, Robert W. Baird reissued a "neutral" rating and issued a $501.00 price target on shares of Deere & Company in a report on Monday, March 3rd. Fourteen analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $462.44.
Check Out Our Latest Stock Analysis on Deere & Company
Insider Buying and Selling at Deere & Company
In other Deere & Company news, insider Rajesh Kalathur sold 24,580 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $500.61, for a total value of $12,304,993.80. Following the transaction, the insider now owns 74,878 shares of the company's stock, valued at $37,484,675.58. This represents a 24.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Deere & Company
Several hedge funds have recently bought and sold shares of the business. Activest Wealth Management grew its position in shares of Deere & Company by 2,750.0% during the 1st quarter. Activest Wealth Management now owns 57 shares of the industrial products company's stock worth $27,000 after buying an additional 55 shares in the last quarter. Hughes Financial Services LLC bought a new position in shares of Deere & Company during the 1st quarter worth $29,000. Cornerstone Planning Group LLC grew its position in shares of Deere & Company by 116.1% during the 1st quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after buying an additional 36 shares in the last quarter. Pineridge Advisors LLC grew its position in shares of Deere & Company by 60.5% during the 4th quarter. Pineridge Advisors LLC now owns 69 shares of the industrial products company's stock worth $29,000 after buying an additional 26 shares in the last quarter. Finally, YANKCOM Partnership bought a new stake in Deere & Company during the fourth quarter valued at about $34,000. Institutional investors own 68.58% of the company's stock.
Deere & Company Stock Performance
The business has a 50-day moving average of $467.17 and a two-hundred day moving average of $453.46. The company has a market cap of $140.28 billion, a P/E ratio of 22.91, a P/E/G ratio of 2.14 and a beta of 1.08. The company has a debt-to-equity ratio of 1.94, a current ratio of 2.22 and a quick ratio of 1.98.
About Deere & Company
(
Get Free Report)
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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