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Deere (DE) Gains As Market Dips: What You Should Know
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Deere (DE - Free Report) closed at $382.12 in the latest trading session, marking a +1.08% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.04%. Elsewhere, the Dow lost 0.14%, while the tech-heavy Nasdaq added 2.14%.
Coming into today, shares of the agricultural equipment manufacturer had lost 8.44% in the past month. In that same time, the Industrial Products sector gained 1.53%, while the S&P 500 gained 5.1%.
Wall Street will be looking for positivity from Deere as it approaches its next earnings report date. This is expected to be May 19, 2023. In that report, analysts expect Deere to post earnings of $8.51 per share. This would mark year-over-year growth of 24.96%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $14.78 billion, up 22.84% from the year-ago period.
DE's full-year Zacks Consensus Estimates are calling for earnings of $30.46 per share and revenue of $54.94 billion. These results would represent year-over-year changes of +30.84% and +14.66%, respectively.
Any recent changes to analyst estimates for Deere should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.04% higher. Deere is currently sporting a Zacks Rank of #2 (Buy).
In terms of valuation, Deere is currently trading at a Forward P/E ratio of 12.41. For comparison, its industry has an average Forward P/E of 12.58, which means Deere is trading at a discount to the group.
We can also see that DE currently has a PEG ratio of 1.01. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Manufacturing - Farm Equipment industry currently had an average PEG ratio of 0.97 as of yesterday's close.
The Manufacturing - Farm Equipment industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 119, putting it in the top 48% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Deere (DE) Gains As Market Dips: What You Should Know
Deere (DE - Free Report) closed at $382.12 in the latest trading session, marking a +1.08% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.04%. Elsewhere, the Dow lost 0.14%, while the tech-heavy Nasdaq added 2.14%.
Coming into today, shares of the agricultural equipment manufacturer had lost 8.44% in the past month. In that same time, the Industrial Products sector gained 1.53%, while the S&P 500 gained 5.1%.
Wall Street will be looking for positivity from Deere as it approaches its next earnings report date. This is expected to be May 19, 2023. In that report, analysts expect Deere to post earnings of $8.51 per share. This would mark year-over-year growth of 24.96%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $14.78 billion, up 22.84% from the year-ago period.
DE's full-year Zacks Consensus Estimates are calling for earnings of $30.46 per share and revenue of $54.94 billion. These results would represent year-over-year changes of +30.84% and +14.66%, respectively.
Any recent changes to analyst estimates for Deere should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.04% higher. Deere is currently sporting a Zacks Rank of #2 (Buy).
In terms of valuation, Deere is currently trading at a Forward P/E ratio of 12.41. For comparison, its industry has an average Forward P/E of 12.58, which means Deere is trading at a discount to the group.
We can also see that DE currently has a PEG ratio of 1.01. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Manufacturing - Farm Equipment industry currently had an average PEG ratio of 0.97 as of yesterday's close.
The Manufacturing - Farm Equipment industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 119, putting it in the top 48% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.