Caterpillar (NYSE:CAT) Price Target Lowered to $321.00 at Evercore ISI

Caterpillar (NYSE:CAT) had its price target reduced by Evercore ISI from $338.00 to $321.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “in-line” rating on the industrial products company’s stock. Evercore ISI’s target price would indicate a potential downside of 6.88% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. StockNews.com upgraded shares of Caterpillar from a “hold” rating to a “buy” rating in a research report on Saturday, August 10th. Citigroup assumed coverage on Caterpillar in a research note on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target on the stock. Truist Financial restated a “buy” rating and set a $399.00 target price (up from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Barclays lifted their price target on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Finally, Raymond James initiated coverage on Caterpillar in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Caterpillar presently has a consensus rating of “Hold” and a consensus target price of $336.31.

Caterpillar Price Performance

Shares of Caterpillar stock traded up $1.25 on Monday, hitting $344.73. The company’s stock had a trading volume of 84,288 shares, compared to its average volume of 2,715,775. Caterpillar has a 1 year low of $223.76 and a 1 year high of $382.01. The company has a market capitalization of $168.59 billion, a price-to-earnings ratio of 15.56, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.83 and a current ratio of 1.35. The firm has a fifty day moving average price of $334.48 and a 200-day moving average price of $340.83.

Caterpillar (NYSE:CAT) last released its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. The business had revenue of $16.69 billion during the quarter, compared to analyst estimates of $16.91 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.55 earnings per share. As a group, sell-side analysts anticipate that Caterpillar will post 21.57 earnings per share for the current fiscal year.

Caterpillar declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 12th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 12.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total value of $527,800.00. Following the completion of the transaction, the insider now directly owns 18,515 shares in the company, valued at $6,480,250. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Caterpillar

Several institutional investors and hedge funds have recently added to or reduced their stakes in CAT. Kornitzer Capital Management Inc. KS raised its stake in Caterpillar by 9.6% during the 4th quarter. Kornitzer Capital Management Inc. KS now owns 972 shares of the industrial products company’s stock valued at $287,000 after purchasing an additional 85 shares during the period. CWM LLC increased its position in Caterpillar by 34.3% in the 4th quarter. CWM LLC now owns 48,288 shares of the industrial products company’s stock worth $14,277,000 after purchasing an additional 12,324 shares during the last quarter. Handelsbanken Fonder AB raised its stake in shares of Caterpillar by 20.5% during the 4th quarter. Handelsbanken Fonder AB now owns 163,201 shares of the industrial products company’s stock worth $48,254,000 after purchasing an additional 27,779 shares in the last quarter. Cetera Trust Company N.A acquired a new stake in shares of Caterpillar during the 4th quarter valued at about $106,000. Finally, Commerzbank Aktiengesellschaft FI increased its holdings in Caterpillar by 38.4% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 1,829 shares of the industrial products company’s stock worth $541,000 after buying an additional 507 shares during the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

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.