Deere and Granular’s new product
On September 14, Deere (DE) and Granular launched a farm management tool called “Profit Maps.” Profit Maps is a free tool that can be accessed through John Deere’s operations center. Profit Maps helps farmers by providing information about the average cost. The product also provides revenue profit map layers at the sub-field level.
Brad Silva, Deere’s product manager, said, “Advances in technology have allowed farmers to develop agronomic plans that turn variability across their fields into opportunities to improve their bottom lines. Profit Maps helps farmers see the financial impact of those decisions and adjust their management practices accordingly.”
Deere’s stock performance
Deere stock rose 0.1% and closed at $147.76 for the week ending September 14. Despite remaining flat, Deere stock traded 2.2% above its 100-day moving average price of $144.61. Deere’s overall 100-day moving average is showing an upward trend again. The 100-day moving average started to decline from the high of $149.77 in April.
However, Deere stock has fallen 6.6% on a year-to-date basis. Analysts have recommended a target price of $176.8, which implies an upside of 19.7% based on Deere’s closing price on September 14.
Caterpillar (CAT), Agco (AGCO), and CNH Industrial (CNHI) have fallen 7.7%, 18.3%, and 13.7%, respectively. Deere’s 14-day relative strength index score of 58 indicates that the stock isn’t overbought or oversold.
Investors could hold Deere indirectly through the iShares MSCI Global Agriculture Producers ETF (VEGI). VEGI had 13.9% of its portfolio invested in Deere on September 14.