Robert W. Baird Forecasts Strong Price Appreciation for Caterpillar (NYSE:CAT) Stock

Caterpillar (NYSE:CAT) had its price objective raised by stock analysts at Robert W. Baird from $395.00 to $422.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the industrial products company’s stock. Robert W. Baird’s price objective would indicate a potential upside of 16.00% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Caterpillar from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Evercore ISI dropped their target price on Caterpillar from $375.00 to $373.00 and set an “in-line” rating on the stock in a research note on Monday, May 19th. Morgan Stanley raised Caterpillar from an “underweight” rating to an “equal weight” rating and lowered their price target for the stock from $300.00 to $283.00 in a report on Wednesday, April 16th. Truist Financial restated a “buy” rating and set a $396.00 price objective (up previously from $389.00) on shares of Caterpillar in a report on Thursday, May 1st. Finally, Baird R W raised shares of Caterpillar from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 13th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $375.17.

Caterpillar Stock Performance

Shares of NYSE:CAT opened at $363.80 on Friday. The firm’s 50-day moving average is $332.62 and its 200 day moving average is $347.41. The company has a market capitalization of $171.36 billion, a price-to-earnings ratio of 17.71, a PEG ratio of 2.40 and a beta of 1.37. The company has a current ratio of 1.32, a quick ratio of 0.77 and a debt-to-equity ratio of 1.43. Caterpillar has a 12 month low of $267.30 and a 12 month high of $418.50.

Caterpillar (NYSE:CAT) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $4.25 EPS for the quarter, missing analysts’ consensus estimates of $4.35 by ($0.10). The company had revenue of $14.25 billion during the quarter, compared to the consensus estimate of $14.64 billion. Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. Caterpillar’s revenue was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.60 earnings per share. Research analysts predict that Caterpillar will post 19.86 EPS for the current year.

Insider Buying and Selling at Caterpillar

In related news, Director David Maclennan acquired 375 shares of Caterpillar stock in a transaction on Wednesday, May 7th. The stock was bought at an average cost of $320.70 per share, for a total transaction of $120,262.50. Following the completion of the transaction, the director now owns 6,653 shares of the company’s stock, valued at approximately $2,133,617.10. The trade was a 5.97% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Caterpillar

Several large investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Caterpillar in the fourth quarter valued at about $2,184,364,000. GAMMA Investing LLC grew its position in Caterpillar by 43,447.3% in the first quarter. GAMMA Investing LLC now owns 3,730,259 shares of the industrial products company’s stock worth $1,230,239,000 after acquiring an additional 3,721,693 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Caterpillar by 2,723.1% in the 1st quarter. Pacer Advisors Inc. now owns 1,414,280 shares of the industrial products company’s stock valued at $466,430,000 after purchasing an additional 1,364,183 shares during the last quarter. Nuveen LLC purchased a new stake in Caterpillar in the 1st quarter valued at about $391,788,000. Finally, Capital Research Global Investors lifted its position in Caterpillar by 69.3% in the fourth quarter. Capital Research Global Investors now owns 2,924,054 shares of the industrial products company’s stock valued at $1,060,730,000 after buying an additional 1,196,861 shares during the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Company Profile

Caterpillar Inc manufactures and sells construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in worldwide. Its Construction Industries segment offers asphalt pavers, compactors, road reclaimers, forestry machines, cold planers, material handlers, track-type tractors, excavators, telehandlers, motor graders, and pipelayers; compact track, wheel, track-type, backhoe, and skid steer loaders; and related parts and tools.