Deere & Company (NYSE:DE) Hits New 12-Month High - Here's What Happened

Key Points

• Deere shares reached a new 52-week high, trading as high as $715.90 and last at approximately $719.81, up from a prior close of $703.12.
• Analysts maintain a generally positive outlook, with 17 Buy ratings and 8 Holds producing a “Moderate Buy” consensus; the average target is $680.73, below the current share price.
• Deere exceeded quarterly expectations, reporting $5.10 in EPS and $12.61 billion in revenue, while declaring a quarterly dividend of $1.62 per share, representing a 0.9% yield.

Deere & Company (NYSE:DE - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $715.90 and last traded at $719.8070, with a volume of 101886 shares traded. The stock had previously closed at $703.12.

Analyst Ratings Changes

A number of research firms have commented on DE. UBS Group cut their price objective on shares of Deere & Company from $732.00 to $728.00 and set a "buy" rating for the company in a report on Friday, August 21st. Oppenheimer upped their price target on Deere & Company from $680.00 to $685.00 and gave the company an "outperform" rating in a research report on Thursday, August 20th. Citigroup increased their price target on Deere & Company from $610.00 to $650.00 and gave the company a "neutral" rating in a report on Friday, August 21st. CICC Research started coverage on Deere & Company in a research report on Sunday, September 13th. They set an "outperform" rating on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on Deere & Company from $570.00 to $585.00 and gave the stock a "neutral" rating in a research note on Friday, August 21st. Seventeen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $680.73.

Deere & Company Stock Performance

The firm's 50 day moving average price is $636.79 and its two-hundred day moving average price is $600.94. The firm has a market cap of $192.29 billion, a PE ratio of 39.79, a PEG ratio of 2.82 and a beta of 0.90. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.89 and a current ratio of 2.10.

Deere & Company (NYSE:DE - Get Free Report) last released its quarterly earnings data on Thursday, August 20th. The industrial products company reported $5.10 EPS for the quarter, beating analysts' consensus estimates of $4.69 by $0.41. The firm had revenue of $12.61 billion for the quarter, compared to analysts' expectations of $10.81 billion. Deere & Company had a return on equity of 18.10% and a net margin of 10.16%.The firm's quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm posted $4.75 earnings per share. On average, research analysts forecast that Deere & Company will post 18.12 earnings per share for the current year.

Deere & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $1.62 per share. The ex-dividend date is Wednesday, September 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 0.9%. Deere & Company's dividend payout ratio is currently 36.00%.

Institutional Trading of Deere & Company

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Deere & Company during the 2nd quarter valued at about $11,763,504,000. State Street Corp raised its position in Deere & Company by 0.9% in the 4th quarter. State Street Corp now owns 10,485,949 shares of the industrial products company's stock valued at $4,898,717,000 after purchasing an additional 97,049 shares in the last quarter. Capital World Investors lifted its stake in Deere & Company by 53.9% in the fourth quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company's stock worth $4,465,906,000 after acquiring an additional 3,358,264 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Deere & Company by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 5,600,552 shares of the industrial products company's stock worth $2,609,149,000 after buying an additional 17,269 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Deere & Company by 84.3% in the 2nd quarter. Wellington Management Group LLP now owns 3,088,628 shares of the industrial products company's stock valued at $1,959,209,000 after acquiring an additional 1,412,694 shares during the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

About Deere & Company

Deere & Company, operating under the John Deere brand, is a global manufacturer of agricultural, construction, forestry and turf-care equipment. Its products include tractors, combines, harvesters, planters, sprayers, loaders, excavators, skid steers, forestry machines, commercial mowing equipment and compact utility tractors. The company also develops precision agriculture and construction technologies, including machine guidance, automation, data-management and connected-equipment solutions.

Founded by blacksmith John Deere in 1837, the company has grown from its original steel plow business into a diversified equipment and technology provider.

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