Robert W. Baird Forecasts Strong Price Appreciation for Deere & Company (NYSE:DE) Stock

Deere & Company (NYSE:DE) had its price objective hoisted by analysts at Robert W. Baird from $501.00 to $514.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the industrial products company’s stock. Robert W. Baird’s price objective would indicate a potential downside of 3.35% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Argus set a $510.00 price objective on shares of Deere & Company in a research note on Friday, March 7th. Truist Financial reiterated a “buy” rating and issued a $546.00 target price (down previously from $550.00) on shares of Deere & Company in a research report on Friday, February 14th. UBS Group cut their target price on shares of Deere & Company from $462.00 to $440.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Citigroup reduced their price objective on Deere & Company from $480.00 to $450.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Finally, Evercore ISI lifted their price target on Deere & Company from $437.00 to $455.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $504.38.

Deere & Company Stock Up 3.0%

DE stock opened at $531.79 on Friday. Deere & Company has a fifty-two week low of $340.20 and a fifty-two week high of $533.78. The company has a debt-to-equity ratio of 1.94, a current ratio of 2.22 and a quick ratio of 1.98. The stock has a market capitalization of $144.34 billion, a price-to-earnings ratio of 23.57, a PEG ratio of 2.14 and a beta of 1.08. The business’s fifty day moving average price is $468.29 and its two-hundred day moving average price is $454.67.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, May 15th. The industrial products company reported $6.64 EPS for the quarter, topping the consensus estimate of $5.72 by $0.92. The company had revenue of $11.17 billion for the quarter, compared to analysts’ expectations of $10.80 billion. Deere & Company had a net margin of 12.94% and a return on equity of 27.31%. On average, equities analysts anticipate that Deere & Company will post 19.32 earnings per share for the current year.

Insider Activity

In other news, insider Rajesh Kalathur sold 24,580 shares of Deere & Company stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $500.61, for a total transaction of $12,304,993.80. Following the completion of the transaction, the insider now directly owns 74,878 shares in the company, valued at $37,484,675.58. This trade represents a 24.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Deere & Company

A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Deere & Company during the 4th quarter worth $1,244,094,000. GAMMA Investing LLC boosted its position in Deere & Company by 61,215.9% in the first quarter. GAMMA Investing LLC now owns 1,753,022 shares of the industrial products company’s stock worth $822,781,000 after purchasing an additional 1,750,163 shares during the last quarter. Castlekeep Investment Advisors LLC purchased a new stake in shares of Deere & Company during the 4th quarter valued at $541,437,000. Nuveen LLC bought a new position in Deere & Company during the first quarter valued at about $571,073,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in Deere & Company by 19.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,589,760 shares of the industrial products company’s stock worth $2,792,082,000 after buying an additional 1,095,736 shares during the last quarter. Institutional investors and hedge funds 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.