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

Deere & Company (NYSE:DE) had its price objective trimmed by Citigroup from $550.00 to $525.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

DE has been the topic of a number of other research reports. The Goldman Sachs Group reissued a “buy” rating on shares of Deere & Company in a report on Thursday, May 15th. Morgan Stanley increased their price objective on shares of Deere & Company from $450.00 to $500.00 and gave the stock an “overweight” rating in a report on Wednesday, April 16th. UBS Group decreased their price objective on shares of Deere & Company from $462.00 to $440.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. BMO Capital Markets reissued a “market perform” rating and set a $460.00 price objective (up previously from $425.00) on shares of Deere & Company in a report on Wednesday, May 21st. Finally, Raymond James upped their target price on shares of Deere & Company from $530.00 to $560.00 and gave the company an “outperform” rating in a research report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Deere & Company currently has an average rating of “Hold” and a consensus price target of $515.19.

Deere & Company Stock Up 0.5%

Shares of NYSE:DE opened at $505.77 on Friday. Deere & Company has a 12 month low of $340.20 and a 12 month high of $533.78. The company’s 50-day moving average price is $475.54 and its two-hundred day moving average price is $462.98. The company has a quick ratio of 1.98, a current ratio of 2.22 and a debt-to-equity ratio of 1.94. The firm has a market cap of $137.27 billion, a P/E ratio of 22.42, a P/E/G ratio of 2.14 and a beta of 1.08.

Deere & Company (NYSE:DE) last issued its quarterly earnings data on Thursday, May 15th. The industrial products company reported $6.64 EPS for the quarter, topping analysts’ consensus estimates of $5.72 by $0.92. Deere & Company had a net margin of 12.94% and a return on equity of 27.31%. The firm had revenue of $11.17 billion for the quarter, compared to analyst estimates of $10.80 billion. During the same quarter in the prior year, the firm earned $8.53 EPS. The company’s revenue was down 17.9% on a year-over-year basis. As a group, research analysts forecast that Deere & Company will post 19.32 EPS for the current fiscal year.

Deere & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Monday, June 30th will be given a $1.62 dividend. The ex-dividend date is Monday, June 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.28%. Deere & Company’s dividend payout ratio is 31.35%.

Institutional Trading of Deere & Company

A number of hedge funds have recently modified their holdings of DE. Norges Bank acquired a new stake in shares of Deere & Company in the 4th quarter valued at approximately $1,244,094,000. GAMMA Investing LLC raised its position in shares of Deere & Company by 61,215.9% in the 1st quarter. GAMMA Investing LLC now owns 1,753,022 shares of the industrial products company’s stock valued at $822,781,000 after acquiring an additional 1,750,163 shares during the period. Castlekeep Investment Advisors LLC acquired a new stake in shares of Deere & Company in the 4th quarter valued at approximately $541,437,000. Nuveen LLC acquired a new stake in shares of Deere & Company in the 1st quarter valued at approximately $571,073,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Deere & Company by 19.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,589,760 shares of the industrial products company’s stock valued at $2,792,082,000 after acquiring an additional 1,095,736 shares during the period. 68.58% of the stock is currently owned by institutional investors and hedge funds.

About Deere & Company

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.