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Deere (DE) Increases Yet Falls Behind Market: What Investors Need to Know
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The latest trading session saw Deere (DE - Free Report) ending at $374.96, denoting a +1.41% adjustment from its last day's close. The stock trailed the S&P 500, which registered a daily gain of 1.91%. At the same time, the Dow added 1.43%, and the tech-heavy Nasdaq gained 2.37%.
Shares of the agricultural equipment manufacturer witnessed a loss of 5.32% over the previous month, trailing the performance of the Industrial Products sector with its loss of 0.86% and the S&P 500's gain of 2.02%.
Analysts and investors alike will be keeping a close eye on the performance of Deere in its upcoming earnings disclosure. The company's earnings report is set to go public on November 22, 2023. The company's earnings per share (EPS) are projected to be $7.58, reflecting a 1.88% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $13.8 billion, indicating a 3.86% decline compared to the corresponding quarter of the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Deere. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection has moved 0.2% higher. Deere is currently a Zacks Rank #3 (Hold).
Digging into valuation, Deere currently has a Forward P/E ratio of 11.25. For comparison, its industry has an average Forward P/E of 11.53, which means Deere is trading at a discount to the group.
It is also worth noting that DE currently has a PEG ratio of 0.93. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Manufacturing - Farm Equipment industry held an average PEG ratio of 1.13.
The Manufacturing - Farm Equipment industry is part of the Industrial Products sector. With its current Zacks Industry Rank of 17, this industry ranks in the top 7% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Deere (DE) Increases Yet Falls Behind Market: What Investors Need to Know
The latest trading session saw Deere (DE - Free Report) ending at $374.96, denoting a +1.41% adjustment from its last day's close. The stock trailed the S&P 500, which registered a daily gain of 1.91%. At the same time, the Dow added 1.43%, and the tech-heavy Nasdaq gained 2.37%.
Shares of the agricultural equipment manufacturer witnessed a loss of 5.32% over the previous month, trailing the performance of the Industrial Products sector with its loss of 0.86% and the S&P 500's gain of 2.02%.
Analysts and investors alike will be keeping a close eye on the performance of Deere in its upcoming earnings disclosure. The company's earnings report is set to go public on November 22, 2023. The company's earnings per share (EPS) are projected to be $7.58, reflecting a 1.88% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $13.8 billion, indicating a 3.86% decline compared to the corresponding quarter of the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Deere. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection has moved 0.2% higher. Deere is currently a Zacks Rank #3 (Hold).
Digging into valuation, Deere currently has a Forward P/E ratio of 11.25. For comparison, its industry has an average Forward P/E of 11.53, which means Deere is trading at a discount to the group.
It is also worth noting that DE currently has a PEG ratio of 0.93. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Manufacturing - Farm Equipment industry held an average PEG ratio of 1.13.
The Manufacturing - Farm Equipment industry is part of the Industrial Products sector. With its current Zacks Industry Rank of 17, this industry ranks in the top 7% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.