Company Update (NYSE:DE): Deere announces indefinite layoffs at two locations

[PR Newswire] – MOLINE, Ill., March 10, 2016 /PRNewswire/ — Deere & Company (DE) today has informed approximately 125 employees at two factories in Iowa that they will be placed on indefinite layoff. The workforce adjustment affects approximately 75 employees at Deere’s factory in Dubuque and approximately 50 employees at the factory in Ankeny. Read more on this. Deere & Company (DE) , with a current market cap of $26.09B, opened this morning at $82.82. During today’s session, DE traded between $81.39 to $82.90 with the price of the stock fluctuating between $70.16 to $98.23 over the last 52 weeks. DE shares are currently priced at 20.50x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 12.10x forward p/e ratio. The company pays shareholders $2.40 per share in dividend income per year, for a current yield of 2.83%. According to a consensus of 20 analysts, the earnings estimate of $1.48 per share would be $0.55 worse than the year-ago quarter and a $0.03 sequential decrease. The full-year EPS estimate is $4.09 which would be a $1.68 setback than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $6.70 Billion. If realized, that would be a 9.46% decrease over the year-ago quarter. Recently, Argus upgraded DE from Hold to Buy (Feb 24, 2016). Previously, Societe Generale Initiated DE at to Hold. The average price target for DE shares by the analysts covering it is $75.90, which is 8.36% below where the stock opened. See more in (NYSE:DE) Similar Articles: Company Update: Deere & Company (NYSE:DE) – John Deere Enhances Residential Mowers for a Quick, Quality Cut Stock Update: Deere & Company (NYSE:DE) – Deere announces factory workforce adjustments Market Update: Deere & Company (NYSE:DE) – Deere, DN2K form joint venture with focus on decision making tools for agriculture advisers