Caterpillar (NYSE:CAT) Price Target Raised to $434.00 at Bank of America

Caterpillar (NYSE:CAT) had its price objective raised by equities research analysts at Bank of America from $376.00 to $434.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price objective indicates a potential upside of 11.26% from the company’s current price.

Several other brokerages also recently commented on CAT. Raymond James assumed coverage on shares of Caterpillar in a report on Friday, June 28th. They set a “market perform” rating on the stock. StockNews.com cut shares of Caterpillar from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Barclays increased their target price on shares of Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Truist Financial reissued a “buy” rating and set a $399.00 price target (up from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Finally, Evercore ISI decreased their price objective on Caterpillar from $338.00 to $321.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Caterpillar presently has an average rating of “Hold” and an average price target of $339.94.

Caterpillar Trading Down 0.3 %

NYSE:CAT traded down $1.00 during trading hours on Monday, hitting $390.08. 586,810 shares of the stock were exchanged, compared to its average volume of 2,676,779. The company has a market capitalization of $190.77 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 1.73 and a beta of 1.10. Caterpillar has a twelve month low of $223.76 and a twelve month high of $397.22. The company’s 50 day moving average is $346.68 and its two-hundred day moving average is $346.48. The company has a quick ratio of 0.78, a current ratio of 1.28 and a debt-to-equity ratio of 1.39.

Caterpillar (NYSE:CAT) last issued its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.53 by $0.46. The firm had revenue of $16.69 billion during the quarter, compared to analysts’ expectations of $16.91 billion. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $5.55 earnings per share. On average, sell-side analysts anticipate that Caterpillar will post 21.91 earnings per share for the current fiscal year.

Caterpillar declared that its board has approved a stock repurchase plan on Wednesday, June 12th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 12.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Caterpillar

In other Caterpillar news, Director Gerald Johnson purchased 100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were acquired at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the purchase, the director now owns 2,842 shares of the company’s stock, valued at approximately $962,272.78. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Gerald Johnson acquired 100 shares of the stock in a transaction on Wednesday, September 4th. The shares were purchased at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the purchase, the director now directly owns 2,842 shares in the company, valued at $962,272.78. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Anthony D. Fassino sold 3,185 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the sale, the insider now directly owns 33,442 shares in the company, valued at $11,750,181.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,668 shares of company stock worth $2,665,760. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Caterpillar

Several large investors have recently made changes to their positions in the company. Acadian Asset Management LLC increased its stake in shares of Caterpillar by 17.2% in the 1st quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock valued at $3,308,000 after purchasing an additional 1,327 shares during the last quarter. Diversify Advisory Services LLC bought a new position in shares of Caterpillar in the first quarter worth about $926,000. Natixis Advisors LLC grew its holdings in shares of Caterpillar by 3.5% during the 2nd quarter. Natixis Advisors LLC now owns 278,259 shares of the industrial products company’s stock valued at $92,688,000 after purchasing an additional 9,321 shares during the last quarter. Bailard Inc. boosted its stake in shares of Caterpillar by 3.1% during the second quarter. Bailard Inc. now owns 13,435 shares of the industrial products company’s stock valued at $4,475,000 after purchasing an additional 398 shares in the last quarter. Finally, M&G Plc acquired a new stake in shares of Caterpillar during the first quarter worth $15,009,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

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.