Deere & Company (NYSE:DE) Issues Quarterly Earnings Results, Beats Expectations By $0.65 EPS

Deere & Company (NYSE:DE) issued its quarterly earnings data on Thursday. The industrial products company reported $4.55 EPS for the quarter, topping analysts’ consensus estimates of $3.90 by $0.65, RTT News reports. The company had revenue of $9.28 billion for the quarter, compared to analysts’ expectations of $9.20 billion. Deere & Company had a return on equity of 36.71% and a net margin of 14.69%. The firm’s quarterly revenue was down 32.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.26 earnings per share.

Deere & Company Trading Up 1.3 %

NYSE:DE opened at $405.11 on Thursday. The stock has a fifty day simple moving average of $404.97 and a 200 day simple moving average of $385.83. The firm has a market capitalization of $110.84 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth 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 $420.47. The company has a quick ratio of 1.87, a current ratio of 2.07 and a debt-to-equity ratio of 1.85.

Deere & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Monday, September 30th were issued a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend was Monday, September 30th. Deere & Company’s dividend payout ratio is 20.06%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on DE. HSBC cut Deere & Company from a “buy” rating to a “hold” rating in a report on Monday, August 19th. Truist Financial boosted their price target on Deere & Company from $443.00 to $496.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Morgan Stanley reduced their target price on Deere & Company from $450.00 to $425.00 and set an “overweight” rating for the company in a research note on Monday, August 26th. Bank of America increased their price objective 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. Finally, BMO Capital Markets initiated coverage on shares of Deere & Company in a research note on Friday, August 9th. They issued a “market perform” rating and a $400.00 target price on the stock. Twelve research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $420.69.

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.