Citigroup Forecasts Strong Price Appreciation for Deere & Company (NYSE:DE) Stock

Deere & Company (NYSE:DE) had its target price raised by Citigroup from $430.00 to $480.00 in a research note published on Friday,Benzinga reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

Several other brokerages have also recently weighed in on DE. Oppenheimer raised their target price on shares of Deere & Company from $477.00 to $507.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. UBS Group increased their price target on shares of Deere & Company from $404.00 to $462.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Jefferies Financial Group lowered shares of Deere & Company from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research report on Friday, December 6th. Barclays raised their target price on shares of Deere & Company from $400.00 to $475.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Finally, Truist Financial reiterated a “buy” rating and issued a $546.00 price objective (down from $550.00) on shares of Deere & Company in a research report on Friday. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $448.72.

Deere & Company Trading Up 3.0 %

Shares of DE opened at $480.17 on Friday. The company has a current ratio of 2.09, a quick ratio of 1.90 and a debt-to-equity ratio of 1.89. The firm has a market capitalization of $130.77 billion, a P/E ratio of 18.76, a P/E/G ratio of 2.87 and a beta of 0.98. The firm has a 50-day moving average price of $446.23 and a 200 day moving average price of $415.49. Deere & Company has a 12-month low of $340.20 and a 12-month high of $485.84.

Deere & Company (NYSE:DE) last issued its quarterly earnings results on Thursday, February 13th. The industrial products company reported $3.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.14 by $0.05. Deere & Company had a net margin of 13.73% and a return on equity of 31.32%. Sell-side analysts forecast that Deere & Company will post 19.38 EPS for the current year.

Deere & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 10th. Shareholders of record on Tuesday, December 31st were issued a $1.62 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $6.48 dividend on an annualized basis and a yield of 1.35%. This is an increase from Deere & Company’s previous quarterly dividend of $1.47. Deere & Company’s dividend payout ratio (DPR) is 25.31%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. South Plains Financial Inc. acquired a new position in shares of Deere & Company during the 4th quarter worth $844,000. Blue Rock Wealth Management LLC acquired a new position in Deere & Company in the 4th quarter valued at about $257,000. Eagle Strategies LLC raised its stake in Deere & Company by 5.8% in the 4th quarter. Eagle Strategies LLC now owns 1,505 shares of the industrial products company’s stock valued at $638,000 after purchasing an additional 82 shares during the last quarter. Rehmann Capital Advisory Group raised its stake in Deere & Company by 87.8% in the 4th quarter. Rehmann Capital Advisory Group now owns 3,211 shares of the industrial products company’s stock valued at $1,361,000 after purchasing an additional 1,501 shares during the last quarter. Finally, Talon Private Wealth LLC acquired a new position in Deere & Company in the 4th quarter valued at about $247,000. 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.