JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Deere & Company (NYSE:DE) Stock

Deere & Company (NYSE:DE) had its price target raised by stock analysts at JPMorgan Chase & Co. from $420.00 to $450.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 2.91% from the stock’s current price.

Several other equities research analysts have also weighed in on the company. Truist Financial upped their price objective on Deere & Company from $443.00 to $496.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Bank of America increased their price target on shares of Deere & Company from $400.00 to $410.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Barclays boosted their price objective on shares of Deere & Company from $400.00 to $475.00 and gave the stock an “overweight” rating in a research report on Friday. Oppenheimer lifted their target price on Deere & Company from $448.00 to $477.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Evercore ISI raised their price target on Deere & Company from $371.00 to $378.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Twelve investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Deere & Company has an average rating of “Hold” and a consensus target price of $427.35.

Deere & Company Stock Performance

NYSE:DE traded down $0.26 during midday trading on Friday, reaching $437.28. The stock had a trading volume of 172,420 shares, compared to its average volume of 1,436,731. The company has a debt-to-equity ratio of 1.85, a current ratio of 2.07 and a quick ratio of 1.87. The firm’s fifty day simple moving average is $405.95 and its 200-day simple moving average is $386.18. The stock has a market capitalization of $119.64 billion, a P/E ratio of 14.85, a PEG ratio of 1.54 and a beta of 0.93. Deere & Company has a 1-year low of $340.20 and a 1-year high of $442.05.

Deere & Company (NYSE:DE) last announced its earnings results on Thursday, November 21st. The industrial products company reported $4.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.90 by $0.65. Deere & Company had a net margin of 14.69% and a return on equity of 36.71%. The business had revenue of $9.28 billion for the quarter, compared to analyst estimates of $9.20 billion. During the same quarter in the previous year, the firm posted $8.26 earnings per share. Deere & Company’s revenue was down 32.8% compared to the same quarter last year. On average, equities research analysts forecast that Deere & Company will post 25 EPS for the current fiscal year.

Institutional Investors Weigh In On Deere & Company

A number of institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP grew its holdings in Deere & Company by 32.0% during the 3rd quarter. Wellington Management Group LLP now owns 7,352,465 shares of the industrial products company’s stock worth $3,068,404,000 after acquiring an additional 1,782,984 shares during the period. Geode Capital Management LLC raised its holdings in shares of Deere & Company by 0.6% during the third quarter. Geode Capital Management LLC now owns 5,208,368 shares of the industrial products company’s stock valued at $2,168,737,000 after purchasing an additional 31,459 shares during the period. FMR LLC grew its stake in shares of Deere & Company by 27.8% in the 3rd quarter. FMR LLC now owns 4,542,013 shares of the industrial products company’s stock valued at $1,895,518,000 after buying an additional 988,380 shares during the period. Janus Henderson Group PLC increased its position in Deere & Company by 0.5% in the 1st quarter. Janus Henderson Group PLC now owns 3,859,021 shares of the industrial products company’s stock valued at $1,585,028,000 after buying an additional 19,200 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in Deere & Company by 2.7% during the 2nd quarter. Legal & General Group Plc now owns 2,254,266 shares of the industrial products company’s stock worth $842,259,000 after buying an additional 60,255 shares during the period. Institutional investors own 68.58% of the company’s stock.

About Deere & Company

Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers.