Deere & Company (NYSE:DE) Downgraded by Wells Fargo & Co

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Wells Fargo & Co cut shares of Deere & Company (NYSE:DE) from an outperform rating to a market perform rating in a report published on Thursday, BenzingaRatingsTable reports. Wells Fargo & Co currently has $170.00 price target on the industrial products company’s stock.

Other equities research analysts also recently issued research reports about the stock. Stephens initiated coverage on shares of Deere & Company in a research report on Wednesday, August 14th. They issued an equal weight rating and a $160.00 target price for the company. UBS Group cut their target price on shares of Deere & Company from $167.00 to $160.00 and set a neutral rating for the company in a research report on Monday, August 19th. Barclays reaffirmed a buy rating and issued a $167.00 target price on shares of Deere & Company in a research report on Monday, July 15th. Bank of America cut their target price on shares of Deere & Company from $185.00 to $175.00 and set a buy rating for the company in a research report on Monday, August 19th. Finally, Jefferies Financial Group raised shares of Deere & Company from a hold rating to a buy rating and lifted their target price for the stock from $150.00 to $190.00 in a research report on Monday, June 24th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Deere & Company presently has an average rating of Hold and an average price target of $166.89.

Shares of DE opened at $165.42 on Thursday. The company has a market capitalization of $51.41 billion, a P/E ratio of 16.21, a price-to-earnings-growth ratio of 2.34 and a beta of 1.15. The company has a quick ratio of 1.73, a current ratio of 1.99 and a debt-to-equity ratio of 2.38. The firm has a 50 day moving average of $155.84 and a 200 day moving average of $157.52. Deere & Company has a twelve month low of $128.32 and a twelve month high of $171.22.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Friday, August 16th. The industrial products company reported $2.71 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.80 by ($0.09). The firm had revenue of $8.97 billion for the quarter, compared to the consensus estimate of $9.38 billion. Deere & Company had a net margin of 8.55% and a return on equity of 27.75%. Deere & Company’s revenue was down 3.4% on a year-over-year basis. During the same period last year, the business earned $2.59 EPS. On average, sell-side analysts expect that Deere & Company will post 9.98 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Friday, September 27th. Deere & Company’s dividend payout ratio is presently 32.37%.

In other news, COO John C. May II sold 16,468 shares of Deere & Company stock in a transaction on Friday, June 21st. The shares were sold at an average price of $163.21, for a total transaction of $2,687,742.28. Following the transaction, the chief operating officer now owns 60,550 shares in the company, valued at approximately $9,882,365.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO John C. May II sold 5,228 shares of Deere & Company stock in a transaction on Friday, July 26th. The stock was sold at an average price of $170.00, for a total transaction of $888,760.00. Following the transaction, the chief operating officer now owns 49,310 shares in the company, valued at approximately $8,382,700. The disclosure for this sale can be found here. Company insiders own 0.71% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Fort Washington Investment Advisors Inc. OH lifted its stake in shares of Deere & Company by 9.1% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 448,092 shares of the industrial products company’s stock valued at $71,623,000 after buying an additional 37,357 shares in the last quarter. Rehmann Capital Advisory Group lifted its stake in shares of Deere & Company by 11.3% during the 1st quarter. Rehmann Capital Advisory Group now owns 1,223 shares of the industrial products company’s stock valued at $195,000 after buying an additional 124 shares in the last quarter. Clarius Group LLC lifted its stake in shares of Deere & Company by 6.3% during the 2nd quarter. Clarius Group LLC now owns 1,984 shares of the industrial products company’s stock valued at $329,000 after buying an additional 117 shares in the last quarter. Buckingham Asset Management LLC lifted its stake in shares of Deere & Company by 6.4% during the 2nd quarter. Buckingham Asset Management LLC now owns 3,766 shares of the industrial products company’s stock valued at $624,000 after buying an additional 226 shares in the last quarter. Finally, Nordea Investment Management AB lifted its stake in shares of Deere & Company by 24.6% during the 1st quarter. Nordea Investment Management AB now owns 66,866 shares of the industrial products company’s stock valued at $10,690,000 after buying an additional 13,201 shares in the last quarter. Institutional investors and hedge funds own 67.67% of the company’s stock.

About Deere & Company

Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.

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Analyst Recommendations for Deere & Company (NYSE:DE)

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