Truist Financial Cuts Deere & Company (NYSE:DE) Price Target to $759.00

Deere & Company (NYSE:DE) had its price objective cut by research analysts at Truist Financial from $793.00 to $759.00 in a report released on Tuesday,MarketScreener reports. The firm presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s target price would suggest a potential upside of 42.63% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company boosted their price target on shares of Deere & Company from $543.00 to $750.00 and gave the company an “overweight” rating in a report on Friday, February 20th. DA Davidson reduced their price objective on Deere & Company from $775.00 to $685.00 and set a “buy” rating for the company in a research report on Friday. Wolfe Research boosted their target price on Deere & Company from $550.00 to $660.00 and gave the company an “outperform” rating in a research note on Tuesday, March 31st. UBS Group upped their target price on Deere & Company from $535.00 to $775.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $715.00 price target on shares of Deere & Company in a research note on Friday, February 20th. Fifteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $639.83.

Deere & Company Stock Performance

DE stock opened at $532.13 on Tuesday. The firm has a 50 day simple moving average of $575.37 and a 200 day simple moving average of $540.79. Deere & Company has a 52 week low of $433.00 and a 52 week high of $674.19. The stock has a market cap of $143.73 billion, a P/E ratio of 30.15, a P/E/G ratio of 1.85 and a beta of 0.96. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.96 and a current ratio of 2.18.

Deere & Company (NYSE:DE) last released its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 earnings per share for the quarter, beating the consensus estimate of $5.70 by $0.85. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The firm had revenue of $11.78 billion for the quarter, compared to analyst estimates of $11.55 billion. During the same quarter in the prior year, the business earned $6.64 EPS. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. Research analysts anticipate that Deere & Company will post 18.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Deere & Company

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Summitry LLC lifted its stake in shares of Deere & Company by 13.7% in the first quarter. Summitry LLC now owns 1,018 shares of the industrial products company’s stock worth $573,000 after buying an additional 123 shares during the last quarter. WNY Asset Management LLC acquired a new position in Deere & Company in the 1st quarter valued at $315,000. Wellington Grp LLC grew its stake in Deere & Company by 50.5% in the 1st quarter. Wellington Grp LLC now owns 980 shares of the industrial products company’s stock valued at $552,000 after buying an additional 329 shares during the last quarter. Compass Capital Management Inc. lifted its position in Deere & Company by 29.1% during the 1st quarter. Compass Capital Management Inc. now owns 19,652 shares of the industrial products company’s stock worth $11,070,000 after acquiring an additional 4,429 shares during the last quarter. Finally, J. Derek Lewis & Associates Inc. lifted its position in Deere & Company by 3.3% during the 1st quarter. J. Derek Lewis & Associates Inc. now owns 1,088 shares of the industrial products company’s stock worth $613,000 after acquiring an additional 35 shares during the last quarter. 68.58% of the stock is currently owned by institutional investors and hedge funds.

About Deere & Company

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.