Deere & Company (NYSE:DE) Releases Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Deere & Company (NYSE:DE) posted its quarterly earnings results on Wednesday. The industrial products company reported $3.93 EPS for the quarter, missing analysts’ consensus estimates of $3.96 by ($0.03), FiscalAI reports. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%.The company had revenue of $12.39 billion during the quarter, compared to analyst estimates of $9.77 billion. During the same quarter in the previous year, the business posted $4.55 earnings per share.

Deere & Company Trading Up 2.3%

Shares of DE opened at $498.47 on Wednesday. Deere & Company has a twelve month low of $403.01 and a twelve month high of $533.78. The stock has a market cap of $134.75 billion, a PE ratio of 26.06, a P/E/G ratio of 3.05 and a beta of 1.04. The company has a quick ratio of 1.98, a current ratio of 2.19 and a debt-to-equity ratio of 1.76. The business’s 50-day moving average price is $467.28 and its 200-day moving average price is $491.09.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on DE. JPMorgan Chase & Co. cut their price target on Deere & Company from $495.00 to $480.00 and set a “neutral” rating on the stock in a report on Tuesday, October 14th. Wells Fargo & Company started coverage on shares of Deere & Company in a research report on Thursday, November 13th. They issued an “overweight” rating and a $543.00 price target for the company. Evercore ISI lowered their target price on shares of Deere & Company from $491.00 to $487.00 in a report on Monday, November 17th. Zacks Research cut shares of Deere & Company from a “hold” rating to a “strong sell” rating in a report on Monday, October 20th. Finally, Robert W. Baird decreased their price objective on shares of Deere & Company from $488.00 to $467.00 and set a “neutral” rating for the company in a research note on Monday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Deere & Company currently has a consensus rating of “Moderate Buy” and an average target price of $519.85.

Hedge Funds Weigh In On Deere & Company

Several hedge funds have recently bought and sold shares of DE. Wealth Watch Advisors INC purchased a new stake in Deere & Company in the 3rd quarter worth approximately $32,000. Darwin Wealth Management LLC bought a new position in shares of Deere & Company in the second quarter worth $72,000. WFA of San Diego LLC purchased a new stake in shares of Deere & Company in the second quarter worth $81,000. Turning Point Benefit Group Inc. purchased a new stake in shares of Deere & Company in the third quarter worth $118,000. Finally, State of Wyoming bought a new stake in Deere & Company during the second quarter valued at $190,000. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Company Profile

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.