Caterpillar (NYSE:CAT) Trading 1% Higher – Here’s What Happened

Caterpillar Inc. (NYSE:CAT)’s stock price traded up 1% during trading on Monday . The stock traded as high as $827.81 and last traded at $817.29. Approximately 1,833,357 shares were traded during mid-day trading, a decline of 36% from the average session volume of 2,852,779 shares. The stock had previously closed at $808.99.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Truist Financial set a $980.00 target price on shares of Caterpillar in a research note on Wednesday, August 5th. Oppenheimer reissued an “outperform” rating and set a $1,118.00 price objective on shares of Caterpillar in a report on Tuesday, August 4th. Robert W. Baird set a $970.00 price objective on Caterpillar in a research report on Wednesday, August 5th. Weiss Ratings upgraded Caterpillar from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 19th. Finally, UBS Group lifted their price target on Caterpillar from $900.00 to $925.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, Caterpillar currently has a consensus rating of “Moderate Buy” and a consensus price target of $994.17.

Caterpillar Stock Up 0.5%

The firm has a market capitalization of $373.30 billion, a price-to-earnings ratio of 34.96, a P/E/G ratio of 1.42 and a beta of 1.60. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.37 and a quick ratio of 0.85. The stock has a fifty day moving average of $832.90 and a two-hundred day moving average of $843.32.

Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, August 4th. The industrial products company reported $8.17 EPS for the quarter, beating analysts’ consensus estimates of $6.22 by $1.95. Caterpillar had a return on equity of 55.53% and a net margin of 14.51%.The firm had revenue of $20.54 billion for the quarter, compared to analyst estimates of $19.34 billion. During the same quarter in the previous year, the company posted $4.72 EPS. The business’s revenue was up 23.7% on a year-over-year basis. Sell-side analysts anticipate that Caterpillar Inc. will post 27.37 earnings per share for the current year.

Insiders Place Their Bets

In other Caterpillar news, CEO Joseph E. Creed sold 32,401 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $808.98, for a total transaction of $26,211,760.98. Following the completion of the transaction, the chief executive officer owned 34,555 shares in the company, valued at approximately $27,954,303.90. This trade represents a 48.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Caterpillar

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Caterpillar during the second quarter worth approximately $40,457,153,000. Bank of America Corp DE bought a new position in shares of Caterpillar during the 2nd quarter worth approximately $5,818,150,000. Diamant Asset Management Inc. boosted its holdings in shares of Caterpillar by 68,427.2% during the 1st quarter. Diamant Asset Management Inc. now owns 3,140,603 shares of the industrial products company’s stock worth $2,224,992,000 after buying an additional 3,136,020 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Caterpillar during the 2nd quarter worth approximately $3,192,710,000. Finally, Legal & General Group Plc bought a new stake in shares of Caterpillar in the 2nd quarter valued at $2,783,451,000. Institutional investors own 70.98% of the company’s stock.

Caterpillar Company Profile

Caterpillar Inc is a global manufacturer of construction, mining, and industrial equipment. The company’s products include excavators, dozers, wheel loaders, motor graders, articulated trucks, and off-highway trucks, as well as related attachments and work tools. Caterpillar also supplies replacement parts, equipment services, technology solutions, and rental support through its dealer network.

The company serves customers in construction, mining, quarrying, energy, transportation, forestry, agriculture, and government-related industries.