Caterpillar (NYSE:CAT) Price Target Raised to $645.00

Caterpillar (NYSE:CAT) had its price target hoisted by Oppenheimer from $513.00 to $645.00 in a report published on Thursday morning,MarketScreener reports. The firm currently has an outperform rating on the industrial products company’s stock.

Several other research analysts have also recently commented on CAT. Truist Financial restated a “buy” rating and set a $729.00 target price (up previously from $582.00) on shares of Caterpillar in a report on Thursday. Jefferies Financial Group increased their target price on shares of Caterpillar from $500.00 to $570.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Robert W. Baird increased their price target on shares of Caterpillar from $540.00 to $612.00 in a research note on Monday, October 20th. Erste Group Bank upgraded shares of Caterpillar from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Finally, Barclays increased their price target on shares of Caterpillar from $425.00 to $485.00 and gave the company an “equal weight” rating in a research note on Friday, October 17th. Two equities research 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $568.50.

Caterpillar Stock Performance

Shares of CAT opened at $578.28 on Thursday. Caterpillar has a 12 month low of $267.30 and a 12 month high of $596.21. The firm has a fifty day simple moving average of $478.42 and a 200 day simple moving average of $409.18. The stock has a market capitalization of $270.91 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 3.33 and a beta of 1.46. 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 (NYSE:CAT) last announced its earnings results on Wednesday, October 29th. The industrial products company reported $4.95 EPS for the quarter, topping the consensus estimate of $4.52 by $0.43. Caterpillar had a net margin of 14.34% and a return on equity of 47.16%. The business had revenue of $17.64 billion during the quarter, compared to analysts’ expectations of $16.72 billion. During the same quarter in the prior year, the company posted $5.17 earnings per share. The firm’s revenue was up 9.5% on a year-over-year basis. Research analysts forecast that Caterpillar will post 19.86 EPS for the current fiscal year.

Caterpillar Announces Dividend

The business 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 $1.51 dividend. The ex-dividend date of this dividend is Monday, October 20th. This represents a $6.04 annualized dividend and a dividend yield of 1.0%. Caterpillar’s dividend payout ratio is presently 30.72%.

Insider Activity

In other news, Chairman Donald J. Umpleby III sold 17,168 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $412.87, for a total value of $7,088,152.16. Following the transaction, the chairman directly owned 482,505 shares of the company’s stock, valued at $199,211,839.35. This represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Kaiser sold 2,161 shares of the stock in a transaction dated Monday, August 11th. The shares were 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 in the company, valued at $3,605,586.40. The trade was a 20.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 55,985 shares of company stock valued at $25,559,300 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Caterpillar

Several large investors have recently modified their holdings of CAT. Pacific Point Advisors LLC bought a new position in Caterpillar during the fourth quarter worth about $579,000. Brighton Jones LLC increased its position in Caterpillar by 51.5% during the fourth quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company’s stock worth $2,688,000 after acquiring an additional 2,519 shares during the period. Golden State Wealth Management LLC increased its position in Caterpillar by 7.0% during the first quarter. Golden State Wealth Management LLC now owns 3,558 shares of the industrial products company’s stock worth $1,174,000 after acquiring an additional 232 shares during the period. Clear Creek Financial Management LLC increased its position in Caterpillar by 11.4% during the first quarter. Clear Creek Financial Management LLC now owns 1,269 shares of the industrial products company’s stock worth $419,000 after acquiring an additional 130 shares during the period. Finally, DAVENPORT & Co LLC increased its position in Caterpillar by 2.3% during the first quarter. DAVENPORT & Co LLC now owns 46,070 shares of the industrial products company’s stock worth $15,194,000 after acquiring an additional 1,015 shares during the period. 70.98% of the stock is owned by institutional investors.

About Caterpillar

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.