Citigroup Has Lowered Expectations for Deere & Company (NYSE:DE) Stock Price

Deere & Company (NYSE:DE) had its price target decreased by research analysts at Citigroup from $675.00 to $625.00 in a research note issued on Monday,MarketScreener reports. Citigroup’s target price would indicate a potential upside of 7.63% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Zacks Research raised shares of Deere & Company from a “strong sell” rating to a “hold” rating in a research report on Wednesday, December 3rd. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Deere & Company in a research report on Monday, December 1st. DA Davidson raised their target price on Deere & Company from $580.00 to $775.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Jefferies Financial Group downgraded Deere & Company from a “hold” rating to an “underperform” rating and lifted their target price for the company from $475.00 to $550.00 in a research report on Monday, February 23rd. Finally, BMO Capital Markets increased their price target on Deere & Company from $460.00 to $500.00 and gave the stock a “market perform” rating in a report on Friday, February 20th. Sixteen analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $644.70.

Deere & Company Trading Down 1.5%

Deere & Company stock traded down $9.06 during midday trading on Monday, hitting $580.71. 104,864 shares of the stock were exchanged, compared to its average volume of 1,672,903. Deere & Company has a fifty-two week low of $404.42 and a fifty-two week high of $674.19. The stock has a market capitalization of $156.86 billion, a price-to-earnings ratio of 32.73, a PEG ratio of 2.07 and a beta of 0.96. The stock’s 50-day simple moving average is $551.94 and its 200 day simple moving average is $499.62. The company has a current ratio of 2.21, a quick ratio of 1.96 and a debt-to-equity ratio of 1.59.

Deere & Company (NYSE:DE) last issued its earnings results on Thursday, February 19th. The industrial products company reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.52. The company had revenue of $9.61 billion for the quarter, compared to the consensus estimate of $7.50 billion. Deere & Company had a net margin of 10.29% and a return on equity of 18.93%. Deere & Company’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.19 earnings per share. On average, equities analysts anticipate that Deere & Company will post 19.32 EPS for the current year.

Insider Activity at Deere & Company

In related news, insider Cory J. Reed sold 12,000 shares of Deere & Company stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $510.00, for a total value of $6,120,000.00. Following the completion of the sale, the insider owned 20,792 shares in the company, valued at approximately $10,603,920. This trade represents a 36.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John C. May II sold 41,472 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $501.49, for a total value of $20,797,793.28. Following the completion of the sale, the chief executive officer directly owned 117,970 shares in the company, valued at approximately $59,160,775.30. The trade was a 26.01% decrease in their position. The SEC filing for this sale provides additional information. 0.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Deere & Company

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new position in Deere & Company during the 4th quarter valued at about $1,715,633,000. Capital World Investors grew its position in Deere & Company by 53.9% in the 4th quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company’s stock valued at $4,465,906,000 after acquiring an additional 3,358,264 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Deere & Company by 1,725.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company’s stock worth $932,870,000 after purchasing an additional 1,893,972 shares during the period. M&T Bank Corp lifted its position in shares of Deere & Company by 1,199.8% during the fourth quarter. M&T Bank Corp now owns 1,864,701 shares of the industrial products company’s stock worth $868,149,000 after purchasing an additional 1,721,239 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in Deere & Company by 573.9% during the 2nd quarter. Marshall Wace LLP now owns 842,882 shares of the industrial products company’s stock worth $428,597,000 after buying an additional 717,808 shares in the last quarter. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.