Zacks: Brokerages Expect Deere & Company (NYSE:DE) Will Announce Earnings of $2.83 Per Share

Equities analysts forecast that Deere & Company (NYSE:DE) will post $2.83 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Deere & Company’s earnings, with estimates ranging from $2.78 to $2.98. Deere & Company posted earnings of $2.59 per share during the same quarter last year, which suggests a positive year over year growth rate of 9.3%. The business is scheduled to issue its next quarterly earnings report on Friday, August 16th.

On average, analysts expect that Deere & Company will report full year earnings of $10.25 per share for the current fiscal year, with EPS estimates ranging from $10.00 to $10.40. For the next fiscal year, analysts anticipate that the firm will report earnings of $11.86 per share, with EPS estimates ranging from $11.07 to $12.50. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that cover Deere & Company.

Deere & Company (NYSE:DE) last announced its quarterly earnings data on Friday, May 17th. The industrial products company reported $3.52 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.57 by ($0.05). Deere & Company had a return on equity of 28.76% and a net margin of 8.52%. The firm had revenue of $10.27 billion for the quarter, compared to analyst estimates of $10.19 billion. During the same period in the previous year, the business posted $3.14 EPS. Deere & Company’s revenue for the quarter was up 5.4% compared to the same quarter last year.

Several brokerages have recently weighed in on DE. UBS Group lowered Deere & Company from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $158.00 to $167.00 in a report on Wednesday. Wells Fargo & Co lifted their price objective on Deere & Company from $160.00 to $185.00 and gave the stock an “outperform” rating in a report on Monday, July 1st. Jefferies Financial Group raised Deere & Company from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $150.00 to $190.00 in a report on Monday, June 24th. Morgan Stanley lifted their price objective on Deere & Company from $158.00 to $172.00 and gave the stock an “overweight” rating in a report on Friday, June 21st. Finally, Robert W. Baird raised Deere & Company from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $129.00 to $175.00 in a report on Sunday, June 16th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $167.94.

In related news, COO John C. May II sold 16,468 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $163.21, for a total value of $2,687,742.28. Following the sale, the chief operating officer now owns 60,550 shares of the company’s stock, valued at approximately $9,882,365.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.71% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of DE. Norges Bank bought a new position in Deere & Company in the 4th quarter valued at $582,245,000. JPMorgan Chase & Co. raised its position in Deere & Company by 67.0% in the 1st quarter. JPMorgan Chase & Co. now owns 3,733,015 shares of the industrial products company’s stock valued at $596,683,000 after purchasing an additional 1,497,433 shares during the last quarter. FMR LLC raised its position in Deere & Company by 13.6% in the 1st quarter. FMR LLC now owns 8,713,051 shares of the industrial products company’s stock valued at $1,392,694,000 after purchasing an additional 1,043,039 shares during the last quarter. Janus Henderson Group PLC raised its position in Deere & Company by 47.6% in the 1st quarter. Janus Henderson Group PLC now owns 2,749,227 shares of the industrial products company’s stock valued at $439,432,000 after purchasing an additional 886,561 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Deere & Company by 7.2% in the 4th quarter. Geode Capital Management LLC now owns 3,655,571 shares of the industrial products company’s stock valued at $544,229,000 after purchasing an additional 244,266 shares during the last quarter. Hedge funds and other institutional investors own 68.04% of the company’s stock.

Shares of NYSE:DE traded down $1.88 during trading on Wednesday, hitting $161.47. 71,193 shares of the stock were exchanged, compared to its average volume of 2,070,574. Deere & Company has a 1-year low of $128.32 and a 1-year high of $169.99. The stock has a market capitalization of $51.78 billion, a P/E ratio of 17.20, a price-to-earnings-growth ratio of 1.55 and a beta of 1.12. The company has a fifty day moving average price of $153.13. The company has a quick ratio of 1.66, a current ratio of 1.94 and a debt-to-equity ratio of 2.37.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Friday, June 28th will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 1.88%. The ex-dividend date is Thursday, June 27th. Deere & Company’s dividend payout ratio is 32.37%.

About Deere & Company

Deere & Company manufactures and distributes various equipment worldwide. The company operates through three segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment offers agriculture and turf equipment, and related parts, including large, medium, and utility tractors; tractor loaders; combines, cotton pickers, cotton strippers, and sugarcane harvesters; harvesting front-end equipment; sugarcane loaders and pull-behind scrapers; and tillage, seeding, and application equipment.

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Earnings History and Estimates for Deere & Company (NYSE:DE)

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