Caterpillar (NYSE:CAT) Given New $414.00 Price Target at Bank of America

Caterpillar (NYSE:CAT) had its target price reduced by Bank of America from $452.00 to $414.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other equities research analysts have also recently issued reports on CAT. Evercore ISI upgraded Caterpillar from an “underperform” rating to an “in-line” rating and set a $365.00 price objective on the stock in a research note on Monday, January 13th. Truist Financial decreased their target price on Caterpillar from $471.00 to $455.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. JPMorgan Chase & Co. upped their target price on Caterpillar from $500.00 to $515.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Robert W. Baird increased their price target on Caterpillar from $299.00 to $300.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. Finally, Jefferies Financial Group lifted their target price on Caterpillar from $455.00 to $475.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $380.13.

Caterpillar Price Performance

Shares of NYSE:CAT opened at $371.88 on Friday. Caterpillar has a fifty-two week low of $299.93 and a fifty-two week high of $418.50. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.33. The company has a market cap of $179.54 billion, a PE ratio of 17.24, a P/E/G ratio of 2.05 and a beta of 1.13. The firm has a 50-day simple moving average of $380.88 and a 200 day simple moving average of $371.07.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $5.14 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.17. Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. On average, sell-side analysts anticipate that Caterpillar will post 21.71 EPS for the current year.

Caterpillar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 20th. Shareholders of record on Tuesday, January 21st will be paid a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Tuesday, January 21st. Caterpillar’s dividend payout ratio (DPR) is 26.15%.

Insider Buying and Selling

In related news, CFO Andrew R. J. Bonfield sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $380.09, for a total value of $3,800,900.00. Following the completion of the sale, the chief financial officer now directly owns 45,182 shares of the company’s stock, valued at approximately $17,173,226.38. This represents a 18.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Lange Bob De sold 12,657 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $410.25, for a total transaction of $5,192,534.25. Following the sale, the insider now directly owns 71,107 shares of the company’s stock, valued at approximately $29,171,646.75. This trade represents a 15.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,236 shares of company stock worth $12,102,371. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Caterpillar

Large investors have recently bought and sold shares of the company. Nordea Investment Management AB boosted its holdings in Caterpillar by 1.6% in the 4th quarter. Nordea Investment Management AB now owns 635,750 shares of the industrial products company’s stock valued at $231,686,000 after purchasing an additional 10,212 shares during the last quarter. West Wealth Group LLC purchased a new stake in Caterpillar during the 4th quarter worth approximately $230,000. Alpha Cubed Investments LLC increased its stake in Caterpillar by 5.6% during the 3rd quarter. Alpha Cubed Investments LLC now owns 116,566 shares of the industrial products company’s stock worth $45,591,000 after buying an additional 6,212 shares during the period. Citizens Financial Group Inc. RI increased its position in shares of Caterpillar by 43.0% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 13,902 shares of the industrial products company’s stock valued at $5,437,000 after purchasing an additional 4,181 shares during the last quarter. Finally, Cadinha & Co. LLC purchased a new stake in shares of Caterpillar in the 4th quarter valued at approximately $11,084,000. Hedge funds and other institutional investors 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.