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

Deere & Company (NYSE:DE) had its target price cut by Citigroup from $480.00 to $450.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

A number of other research firms have also recently issued reports on DE. Robert W. Baird reissued a “neutral” rating and issued a $501.00 price target on shares of Deere & Company in a research note on Monday, March 3rd. Truist Financial reissued a “buy” rating and set a $546.00 target price (down previously from $550.00) on shares of Deere & Company in a research note on Friday, February 14th. JPMorgan Chase & Co. raised their price target on shares of Deere & Company from $470.00 to $500.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. StockNews.com cut Deere & Company from a “hold” rating to a “sell” rating in a report on Sunday. Finally, Baird R W cut Deere & Company from a “strong-buy” rating to a “hold” rating in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Deere & Company has a consensus rating of “Hold” and an average target price of $457.26.

Deere & Company Stock Down 2.7 %

DE opened at $411.80 on Tuesday. The company has a fifty day moving average of $472.60 and a two-hundred day moving average of $442.30. The stock has a market capitalization of $111.77 billion, a price-to-earnings ratio of 18.25, a PEG ratio of 2.14 and a beta of 1.00. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $515.05. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.98 and a current ratio of 2.22.

Deere & Company (NYSE:DE) last announced its quarterly earnings results on Thursday, February 13th. The industrial products company reported $3.19 earnings per share for the quarter, beating the consensus estimate of $3.14 by $0.05. Deere & Company had a return on equity of 27.31% and a net margin of 12.94%. On average, research analysts expect that Deere & Company will post 19.32 earnings per share for the current year.

Deere & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 8th. Stockholders of record on Monday, March 31st will be paid a $1.62 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.48 annualized dividend and a dividend yield of 1.57%. Deere & Company’s dividend payout ratio (DPR) is 28.72%.

Insider Activity

In related news, insider Rajesh Kalathur sold 24,580 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $500.61, for a total transaction of $12,304,993.80. Following the completion of the sale, the insider now directly owns 74,878 shares of the company’s stock, valued at approximately $37,484,675.58. This trade represents a 24.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Pineridge Advisors LLC lifted its holdings in shares of Deere & Company by 60.5% in the 4th quarter. Pineridge Advisors LLC now owns 69 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 26 shares during the last quarter. Modus Advisors LLC purchased a new stake in Deere & Company in the fourth quarter valued at approximately $32,000. YANKCOM Partnership acquired a new position in Deere & Company during the fourth quarter worth $34,000. Orion Capital Management LLC purchased a new position in shares of Deere & Company during the fourth quarter worth $34,000. Finally, Synergy Asset Management LLC acquired a new stake in shares of Deere & Company in the fourth quarter valued at $35,000. 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.