JPMorgan Chase & Co. Trims Deere & Company (NYSE:DE) Target Price to $375.00

Deere & Company (NYSE:DE) had its price objective reduced by investment analysts at JPMorgan Chase & Co. from $385.00 to $375.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 3.70% from the stock’s current price.

Several other brokerages have also recently commented on DE. Morgan Stanley raised their target price on shares of Deere & Company from $430.00 to $450.00 in a report on Wednesday, May 15th. Stifel Nicolaus lifted their price objective on shares of Deere & Company from $425.00 to $450.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Oppenheimer restated an “outperform” rating and issued a $456.00 target price on shares of Deere & Company in a report on Thursday, May 16th. Truist Financial decreased their target price on Deere & Company from $460.00 to $439.00 and set a “buy” rating for the company in a research report on Tuesday, July 2nd. Finally, Citigroup began coverage on Deere & Company in a research report on Wednesday, June 26th. They set a “neutral” rating and a $395.00 price target on the stock. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $427.13.

Deere & Company Price Performance

Shares of NYSE DE traded up $10.08 during trading on Thursday, hitting $361.61. The company had a trading volume of 1,765,279 shares, compared to its average volume of 1,515,736. Deere & Company has a 52 week low of $345.93 and a 52 week high of $450.00. The business’s 50-day moving average is $379.48 and its 200 day moving average is $385.55. The company has a market cap of $99.65 billion, a P/E ratio of 10.89, a PEG ratio of 1.43 and a beta of 0.93. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.80 and a current ratio of 2.01.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, May 16th. The industrial products company reported $8.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.86 by $0.67. Deere & Company had a return on equity of 42.26% and a net margin of 16.15%. The company had revenue of $13.61 billion for the quarter, compared to analyst estimates of $13.29 billion. During the same period in the previous year, the firm earned $9.65 earnings per share. Deere & Company’s revenue for the quarter was down 15.4% compared to the same quarter last year. Equities research analysts predict that Deere & Company will post 25.56 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Cory J. Reed sold 13,370 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $377.63, for a total value of $5,048,913.10. Following the completion of the sale, the insider now directly owns 41,642 shares in the company, valued at $15,725,268.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is owned by insiders.

Institutional Investors Weigh In On Deere & Company

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Deere & Company during the 4th quarter valued at approximately $1,248,036,000. International Assets Investment Management LLC grew its stake in shares of Deere & Company by 46,241.1% in the fourth quarter. International Assets Investment Management LLC now owns 840,627 shares of the industrial products company’s stock worth $336,142,000 after acquiring an additional 838,813 shares during the last quarter. Parnassus Investments LLC increased its position in Deere & Company by 22.4% during the fourth quarter. Parnassus Investments LLC now owns 3,856,171 shares of the industrial products company’s stock worth $1,541,967,000 after acquiring an additional 705,771 shares during the period. Swedbank AB acquired a new position in Deere & Company during the 1st quarter valued at $191,628,000. Finally, Vanguard Group Inc. boosted its holdings in Deere & Company by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 21,988,363 shares of the industrial products company’s stock valued at $9,031,500,000 after purchasing an additional 263,709 shares during the period. 68.58% of the stock is currently owned by institutional investors and hedge funds.

About Deere & Company

Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.