Deere & Company (NYSE:DE) Stock Rating Lowered by Bank of America

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Deere & Company (NYSE:DE) was downgraded by Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Monday, The Fly reports.

Several other research firms have also weighed in on DE. Stephens initiated coverage on shares of Deere & Company in a research report on Wednesday, August 14th. They set an “equal weight” rating and a $160.00 price objective for the company. Wells Fargo & Co restated a “market perform” rating and set a $177.00 price objective (up previously from $170.00) on shares of Deere & Company in a research report on Friday. JPMorgan Chase & Co. reaffirmed a “sell” rating and set a $140.00 price objective on shares of Deere & Company in a research note on Monday, November 25th. Credit Suisse Group reaffirmed an “outperform” rating and set a $197.00 price objective (up from $176.00) on shares of Deere & Company in a research note on Monday, August 19th. Finally, Deutsche Bank reaffirmed a “hold” rating and set a $169.00 price objective (up from $155.00) on shares of Deere & Company in a research note on Wednesday, November 20th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $171.85.

NYSE:DE opened at $168.05 on Monday. Deere & Company has a twelve month low of $132.68 and a twelve month high of $180.48. The company has a current ratio of 2.04, a quick ratio of 1.80 and a debt-to-equity ratio of 2.65. The company has a 50-day moving average of $174.06 and a 200-day moving average of $161.06. The firm has a market cap of $52.91 billion, a price-to-earnings ratio of 16.91, a price-to-earnings-growth ratio of 2.27 and a beta of 1.13.

Deere & Company (NYSE:DE) last posted its quarterly earnings data on Wednesday, November 27th. The industrial products company reported $2.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.13 by $0.01. Deere & Company had a net margin of 8.29% and a return on equity of 27.11%. The company had revenue of $8.70 billion during the quarter, compared to analyst estimates of $8.41 billion. During the same quarter last year, the firm posted $2.30 EPS. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, research analysts forecast that Deere & Company will post 11.09 earnings per share for the current year.

In other news, Chairman Samuel R. Allen sold 114,253 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $178.30, for a total value of $20,371,309.90. Following the completion of the sale, the chairman now directly owns 423,497 shares of the company’s stock, valued at $75,509,515.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James M. Field sold 12,637 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $180.00, for a total transaction of $2,274,660.00. Following the completion of the sale, the insider now directly owns 113,858 shares of the company’s stock, valued at $20,494,440. The disclosure for this sale can be found here. 0.71% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Benjamin Edwards Inc. raised its position in Deere & Company by 69.7% during the third quarter. Benjamin Edwards Inc. now owns 151 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 62 shares in the last quarter. Atwater Malick LLC bought a new position in Deere & Company during the third quarter valued at approximately $27,000. SRS Capital Advisors Inc. bought a new position in Deere & Company during the second quarter valued at approximately $28,000. Nelson Roberts Investment Advisors LLC raised its position in Deere & Company by 34.8% during the second quarter. Nelson Roberts Investment Advisors LLC now owns 271 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 70 shares in the last quarter. Finally, Heritage Wealth Advisors bought a new position in Deere & Company during the second quarter valued at approximately $47,000. 66.65% of the stock is owned by institutional investors and hedge funds.

Deere & Company Company Profile

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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Analyst Recommendations for Deere & Company (NYSE:DE)

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