Deere & Company (NYSE:DE) Cut to Neutral at UBS Group

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UBS Group downgraded shares of Deere & Company (NYSE:DE) from a buy rating to a neutral rating in a research report report published on Wednesday, Benzinga reports. They currently have $167.00 price target on the industrial products company’s stock, up from their prior price target of $158.00.

Several other research firms also recently weighed in on DE. Robert W. Baird raised Deere & Company from a neutral rating to an outperform rating and lifted their target price for the company from $129.00 to $175.00 in a research report on Sunday, June 16th. JPMorgan Chase & Co. set a €20.00 ($23.26) price objective on STMicroelectronics and gave the stock a buy rating in a research report on Tuesday, May 14th. Morgan Stanley reissued a hold rating on shares of PG&E in a research report on Friday, June 21st. Citigroup set a $6.00 price objective on Solid Biosciences and gave the stock a hold rating in a research report on Thursday, May 16th. Finally, Deutsche Bank set a $8.00 price objective on YRC Worldwide and gave the stock a buy rating in a research report on Monday, May 20th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the company. Deere & Company presently has an average rating of Hold and an average price target of $167.94.

NYSE DE opened at $165.37 on Wednesday. The firm has a market cap of $52.42 billion, a P/E ratio of 16.62, a P/E/G ratio of 1.57 and a beta of 1.12. The company has a debt-to-equity ratio of 2.37, a quick ratio of 1.66 and a current ratio of 1.94. The firm has a 50-day moving average price of $154.56. Deere & Company has a 1-year low of $128.32 and a 1-year high of $169.99.

Deere & Company (NYSE:DE) last released its earnings results on Friday, May 17th. The industrial products company reported $3.52 earnings per share for the quarter, missing the consensus estimate of $3.57 by ($0.05). The firm had revenue of $10.27 billion during the quarter, compared to analyst estimates of $10.19 billion. Deere & Company had a net margin of 8.52% and a return on equity of 28.76%. The business’s revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.14 earnings per share. On average, sell-side analysts anticipate that Deere & Company will post 10.23 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Friday, June 28th will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Thursday, June 27th. Deere & Company’s dividend payout ratio is presently 32.37%.

In other news, COO John C. May II sold 16,468 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $163.21, for a total transaction of $2,687,742.28. Following the completion of the transaction, the chief operating officer now directly owns 60,550 shares of the company’s stock, valued at $9,882,365.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.71% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Smith Salley & Associates purchased a new stake in Deere & Company during the second quarter worth approximately $219,000. Butensky & Cohen Financial Security Inc. lifted its stake in Deere & Company by 12.9% during the second quarter. Butensky & Cohen Financial Security Inc. now owns 12,666 shares of the industrial products company’s stock worth $2,099,000 after purchasing an additional 1,450 shares during the last quarter. Xact Kapitalforvaltning AB lifted its stake in Deere & Company by 4.7% during the second quarter. Xact Kapitalforvaltning AB now owns 64,022 shares of the industrial products company’s stock worth $10,609,000 after purchasing an additional 2,848 shares during the last quarter. Legacy Bridge LLC lifted its stake in Deere & Company by 1.7% during the second quarter. Legacy Bridge LLC now owns 5,879 shares of the industrial products company’s stock worth $974,000 after purchasing an additional 100 shares during the last quarter. Finally, Hennessy Advisors Inc. lifted its stake in Deere & Company by 103.0% during the second quarter. Hennessy Advisors Inc. now owns 34,100 shares of the industrial products company’s stock worth $5,651,000 after purchasing an additional 17,300 shares during the last quarter. Hedge funds and other institutional investors own 68.04% 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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