Deere & CompanyNYSE
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  • Wed, Oct. 19, 12:22 PM
    • Deere (DE -0.1%) is maintained with an Underweight rating at J.P. Morgan, which offers 10 reasons to sell even though the stock has solidly outperformed the S&P YTD.
    • No. 1 among the firm's 10 reasons: The world is still awash in soft commodities despite major weather events in both Brazil and Argentina this past season.
    • Among others: Brazil and Argentina have become formidable competitors to U.S. crop exports, representing a structural headwind, and U.S. protein prices continue to tumble on excess supply, and the livestock sector is "likely to cull the herd."
    • Taking all the risks into consideration, JPM does not believe DE will return to the last cycle peak earnings of ~$9.00 in the next six years, even assuming cost reductions.
    | Wed, Oct. 19, 12:22 PM | 5 Comments
  • Thu, Oct. 13, 6:18 PM
    • Deere (NYSE:DE) says the Justice Department is unfairly accusing it of trying to monopolize a market that does not exist with its challenge to the planned purchase of Monsanto's (NYSE:MON) Precision Planting seed planting equipment business.
    • In August, the DoJ said the proposed deal would mean higher prices for high-speed precision planting equipment; in response, DE takes issue with the Department's definition of "high-speed precision planting system," saying it was vague and ambiguous, and "denies that there is any meaningful economic market consisting of 'high-speed precision planting systems.'"
    • The DoJ initially cleared the acquisition in October 2015 but opened a new investigation and filed a lawsuit in August 2016 to block the deal following a protest by an unnamed competitor; DE says the DoJ's case is "designed to protect a competitor, not competition."
    | Thu, Oct. 13, 6:18 PM | 11 Comments
  • Mon, Oct. 10, 7:57 AM
    • Deere (NYSE:DE) +1.7% premarket after Wells Fargo upgraded the stock to Outperform from Market Perform.
    • DE shares are up 13.2% since the beginning of the year.
    | Mon, Oct. 10, 7:57 AM | 1 Comment
  • Mon, Sep. 19, 7:48 AM
    • Used machinery is flooding the secondhand market, piling more pain on equipment makers battling slack demand amid a global slump in the value of everything from coal to corn, WSJ reports.
    • Dealers, in turn, are keeping smaller inventories of new wheel loaders, backhoes and other machinery. That is hurting sales for Caterpillar (NYSE:CAT), Volvo (OTCPK:VOLVY), Deere (NYSE:DE) and other manufacturers.
    • Rental businesses account for half of new equipment sales in the U.S., and some analysts see that climbing to 60% within five years.
    | Mon, Sep. 19, 7:48 AM | 3 Comments
  • Mon, Sep. 19, 5:46 AM
    • Deere (NYSE:DE) declares $0.60/share quarterly dividend, in line with previous.
    • Forward yield 2.83%
    • Payable Nov. 1; for shareholders of record Sept. 30; ex-div Sept. 28.
    | Mon, Sep. 19, 5:46 AM | 14 Comments
  • Thu, Sep. 1, 10:16 AM
    • Following a vote to consider adopting a "proxy access" bylaw and discussing the matter with a number of large stockholders, Deere's Board has amended and restated the company's bylaws to reflect the "best interests of the company and its stockholders."
    • Specifically, a stockholder, or a group of up to 20 stockholders, owning 3% or more of the company's outstanding common stock continuously for at least three years will be permitted to nominate and include in the company's proxy materials director candidates constituting up to the greater of two individuals or 20% of the Board.
    • Proxy access will first be available to stockholders in connection with the company's 2017 annual meeting.
    • SEC Form 8-K
    | Thu, Sep. 1, 10:16 AM | 1 Comment
  • Wed, Aug. 31, 12:21 PM
    • "DOJ's allegations about the competitive impacts of the transaction are misguided," says Deere (DE -1.1%), and the companies intend to vigorously defend the deal.
    • Previously: U.S. moves to block Deere's deal for Monsanto's Precision Planting (Aug. 31)
    • Competition in precision agriculture is strong and growing, argues Deere, and its purchase of Monsanto's (MON -1.4%) Precision Planning will enable broader access to technological advancements.
    | Wed, Aug. 31, 12:21 PM | 5 Comments
  • Wed, Aug. 31, 11:46 AM
    • Deere (DE -1.1%) last November had agreed to buy Monsanto's (MON -1.1%) Precision Planting equipment unit, and had then hoped to close the deal in 60-90 days.
    • According to Bloomberg. the government has filed suit to block the sale, saying it would eliminate competition and raise costs for farmers.
    | Wed, Aug. 31, 11:46 AM | 9 Comments
  • Mon, Aug. 22, 3:48 PM
    • Deere (DE +0.8%) adds to Friday's 13.5% surge that followed its strong FQ3 earnings beat, but analysts differ on whether the stock has come too far too fast.
    • Citi raises its FY 2016 and 2017 estimates for DE, citing the better than expected Q3 report and plans for more structural cost reductions, and hikes its stock price target to $100 from $87 with a Buy rating, arguing that equipment has been one of the few spots in the broader agriculture space that is not experiencing price deflation.
    • BMO analysts note that DE’s diluted shares outstanding have fallen to ~316M from 429M in FY 2010 and that DE is underproducing retail demand by 15%-20% in its ag equipment business, providing "powerful levers that the company has to drive EPS above prior trough levels."
    • However, Morgan Stanley retains its Underweight rating and $76 price target, saying the stock now reflects the $500M DE expects in cost savings by FY 2018 and warns that the company may not realize the full $500M in savings if its revenues are lower than in FY 2016 or if some of its costs rise.
    | Mon, Aug. 22, 3:48 PM
  • Fri, Aug. 19, 7:22 AM
    • Net income of $488.8M, or $1.55 per share vs. $511.6M, or $1.53 per share in the comparable quarter of 2015.
    • Net sales decreased 11% Y/Y to $6.7B from $7.6B in the same quarter a year ago. Segment Sales: Agriculture & Turf. -11; Construction & Forestry -24%.
    • "Performance in Q3 reflected the continuing impact of the global farm recession as well as difficult conditions in construction equipment markets," CEO Samuel Allen said, but "all of Deere's businesses remained profitable."
    • The company now expects net income in fiscal 2016 to be about $1.35B (vs. $1.2B). Equipment sales are expected to fall about 10%, and to be about 8% lower for Q4 compared with year-ago periods.
    • DE +2% premarket.
    • FQ3 results
    | Fri, Aug. 19, 7:22 AM | 3 Comments
  • Fri, Aug. 19, 6:50 AM
    • Deere (NYSE:DE): FQ3 EPS of $1.55 beats by $0.61.
    • Revenue of $5.86B (-14.3% Y/Y) misses by $230M.
    • Shares +1.35% PM.
    • Press Release
    | Fri, Aug. 19, 6:50 AM | 13 Comments
  • Thu, Aug. 18, 5:30 PM
  • Mon, Aug. 1, 4:32 PM
    | Mon, Aug. 1, 4:32 PM | 4 Comments
  • Fri, Jul. 29, 3:13 PM
    • Deere (DE -0.4%) is downgraded to Neutral from Buy with an $80 price target, cut from $94, at UBS, which does not expect any further meaningful upside to the prices during the current growing season.
    • Corn prices rose to $4.40/bushel in June, leading to some incremental equipment sales in the industry, but prices have dropped to $3.40, so the firm believes farm income will remain under pressure and serve as a drag on farm equipment sales.
    • UBS says expectations for an increase in corn prices are fading, given that the weather in the U.S. corn belt has not been ideal, although it was “good enough” in July to keep the crop in good condition, which implies that there could be robust yields.
    | Fri, Jul. 29, 3:13 PM
  • Mon, Jul. 25, 2:58 PM
    • Deere (DE -2.8%) is downgraded to Underweight from Neutral with a $67 price target, cut from $76, at Piper Jaffray, which believes the current agricultural downturn will persist into 2017 for a fourth consecutive year.
    • After speaking with growers, agronomists and dealers, Piper analyst Brett Wong says growing conditions have been extremely favorable and he foresees further pressure on corn prices after another strong year of U.S. corn yields, and grain prices also will remain weak, resulting in further declines in farm machinery demand.
    • Farm machinery OEM stocks continue to trade at elevated multiples, expecting that this year will be trough demand with a recovery next year; Piper believes that overall global farm machinery demand will be down next year, which does not support current expectations for the stocks, and that estimates and valuation multiples are at risk.
    • The firm also downgrades AGCO (AGCO -3%) and CNH Industrial (CNHI -2.6%) to Underweight from Neutral with respective $37 and $5 price targets.
    | Mon, Jul. 25, 2:58 PM | 2 Comments
  • Fri, Jul. 22, 11:48 AM
    • Deere (DE -2.8%) says it will lay off ~120 production employees at its John Deere Harvester Works factory in East Moline, Ill., a ~11% workforce reduction.
    • DE has announced nearly 1,400 corporate-wide layoffs since the start of 2015, as the company has been forced to repeatedly cut its profit forecast this year as bumper crops, weak grain prices and slowing global demand hurt farm income.
    • DE shares are down ~13.5% YTD.
    | Fri, Jul. 22, 11:48 AM | 2 Comments