JPMorgan Chase & Co. Has Lowered Expectations for Deere & Company (NYSE:DE) Stock Price

Deere & Company (NYSE:DE) had its price target dropped by investment analysts at JPMorgan Chase & Co. from $590.00 to $570.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 6.49% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Bank of America dropped their target price on shares of Deere & Company from $672.00 to $607.50 and set a “neutral” rating for the company in a research report on Friday, May 22nd. Robert W. Baird dropped their price objective on shares of Deere & Company from $580.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, May 22nd. DA Davidson restated a “buy” rating and set a $685.00 price objective on shares of Deere & Company in a research report on Friday, July 17th. Oppenheimer reaffirmed an “outperform” rating and issued a $680.00 target price (down from $715.00) on shares of Deere & Company in a report on Wednesday, May 27th. Finally, Wall Street Zen upgraded Deere & Company from a “sell” rating to a “hold” rating in a research report on Sunday, July 5th. Fourteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $641.98.

Deere & Company Stock Down 0.5%

Shares of DE opened at $609.57 on Friday. The business’s 50 day moving average is $602.73 and its 200 day moving average is $587.62. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54. Deere & Company has a 12-month low of $433.00 and a 12-month high of $674.19. The company has a market capitalization of $164.55 billion, a PE ratio of 34.54, a price-to-earnings-growth ratio of 2.62 and a beta of 0.90.

Deere & Company (NYSE:DE) last posted its quarterly earnings results on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, topping the consensus estimate of $5.70 by $0.85. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The business had revenue of $13.37 billion during the quarter, compared to the consensus estimate of $11.55 billion. During the same period in the prior year, the company posted $6.64 EPS. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. Research analysts expect that Deere & Company will post 18.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Deere & Company

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van Hulzen Asset Management LLC purchased a new position in shares of Deere & Company in the 2nd quarter worth approximately $1,210,000. Stockbridge Partners LLC bought a new stake in Deere & Company in the second quarter worth $359,954,000. Peak Asset Management LLC purchased a new position in Deere & Company during the second quarter worth $710,000. Fiduciary Financial Advisors bought a new position in Deere & Company during the second quarter valued at $329,000. Finally, L2 Asset Management LLC bought a new position in Deere & Company during the second quarter valued at $1,463,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Company Profile

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.