Caterpillar (NYSE:CAT) Price Target Raised to $650.00 at Bank of America

Caterpillar (NYSE:CAT) had its price target boosted by Bank of America from $594.00 to $650.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

A number of other brokerages have also recently commented on CAT. Truist Financial lifted their price objective on Caterpillar from $507.00 to $582.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Evercore ISI raised Caterpillar from an “in-line” rating to an “outperform” rating and set a $476.00 price objective for the company in a research note on Tuesday, August 19th. Erste Group Bank raised Caterpillar from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Jefferies Financial Group boosted their target price on Caterpillar from $500.00 to $570.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Finally, Oppenheimer boosted their target price on Caterpillar from $480.00 to $513.00 and gave the company an “outperform” rating in a research note on Monday, September 29th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $562.25.

Caterpillar Stock Performance

Caterpillar stock opened at $582.30 on Thursday. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 1.34. Caterpillar has a 1 year low of $267.30 and a 1 year high of $596.21. The company has a market cap of $272.80 billion, a PE ratio of 29.89, a PEG ratio of 3.33 and a beta of 1.46. The company’s 50-day moving average is $475.55 and its two-hundred day moving average is $406.43.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Wednesday, October 29th. The industrial products company reported $4.95 EPS for the quarter, topping analysts’ consensus estimates of $4.52 by $0.43. Caterpillar had a return on equity of 47.16% and a net margin of 14.34%.The business had revenue of $17.64 billion during the quarter, compared to analysts’ expectations of $16.72 billion. During the same period in the previous year, the firm earned $5.17 earnings per share. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. Equities analysts anticipate that Caterpillar will post 19.86 earnings per share for the current year.

Caterpillar Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Monday, October 20th will be given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Monday, October 20th. Caterpillar’s dividend payout ratio is currently 30.72%.

Insider Transactions at Caterpillar

In other news, insider Jason Kaiser sold 2,161 shares of the company’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $417.70, for a total transaction of $902,649.70. Following the completion of the transaction, the insider directly owned 8,632 shares of the company’s stock, valued at $3,605,586.40. This represents a 20.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan C. Schwab sold 2,324 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $410.00, for a total value of $952,840.00. Following the transaction, the director directly owned 6,917 shares of the company’s stock, valued at $2,835,970. This trade represents a 25.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 55,985 shares of company stock valued at $25,559,300 over the last three months. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Caterpillar

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Abacus Planning Group Inc. grew its stake in shares of Caterpillar by 0.6% in the third quarter. Abacus Planning Group Inc. now owns 3,214 shares of the industrial products company’s stock valued at $1,534,000 after buying an additional 20 shares in the last quarter. Coastwise Capital Group LLC increased its stake in shares of Caterpillar by 1.8% during the 3rd quarter. Coastwise Capital Group LLC now owns 1,168 shares of the industrial products company’s stock worth $557,000 after purchasing an additional 21 shares during the last quarter. Live Oak Private Wealth LLC increased its stake in shares of Caterpillar by 0.7% during the 3rd quarter. Live Oak Private Wealth LLC now owns 3,525 shares of the industrial products company’s stock worth $1,682,000 after purchasing an additional 23 shares during the last quarter. Syntegra Private Wealth Group LLC lifted its position in shares of Caterpillar by 2.4% in the third quarter. Syntegra Private Wealth Group LLC now owns 1,037 shares of the industrial products company’s stock valued at $495,000 after buying an additional 24 shares during the last quarter. Finally, Coastline Trust Co lifted its position in shares of Caterpillar by 0.4% in the third quarter. Coastline Trust Co now owns 6,530 shares of the industrial products company’s stock valued at $3,116,000 after buying an additional 24 shares during the last quarter. 70.98% of the stock is owned by 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.