Caterpillar (NYSE:CAT – Free Report) had its target price raised by Bank of America from $376.00 to $434.00 in a research note released on Monday, Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.
CAT has been the subject of a number of other reports. Raymond James began coverage on shares of Caterpillar in a research note on Friday, June 28th. They issued a market perform rating for the company. Evercore ISI dropped their target price on shares of Caterpillar from $338.00 to $321.00 and set an in-line rating for the company in a research note on Monday, August 19th. StockNews.com downgraded shares of Caterpillar from a buy rating to a hold rating in a research note on Tuesday, September 24th. Truist Financial reaffirmed a buy rating and issued a $399.00 target price (up from $390.00) on shares of Caterpillar in a research note on Wednesday, August 7th. Finally, Barclays boosted their target price on shares of Caterpillar from $315.00 to $335.00 and gave the stock an equal weight rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Caterpillar presently has a consensus rating of Hold and an average price target of $339.94.
Get Our Latest Stock Report on Caterpillar
Caterpillar Trading Down 0.8 %
Caterpillar (NYSE:CAT – Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.53 by $0.46. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The firm had revenue of $16.69 billion during the quarter, compared to the consensus estimate of $16.91 billion. During the same period last year, the firm posted $5.55 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. Research analysts forecast that Caterpillar will post 21.91 earnings per share for the current fiscal year.
Caterpillar declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 12th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
Insider Activity at Caterpillar
In other news, Director Gerald Johnson acquired 100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was purchased at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the acquisition, the director now owns 2,842 shares in the company, valued at $962,272.78. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Anthony D. Fassino sold 3,185 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $351.36, for a total value of $1,119,081.60. Following the completion of the transaction, the insider now owns 33,442 shares in the company, valued at $11,750,181.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gerald Johnson purchased 100 shares of Caterpillar stock in a transaction dated Wednesday, September 4th. The stock was bought at an average price of $338.59 per share, with a total value of $33,859.00. Following the acquisition, the director now directly owns 2,842 shares of the company’s stock, valued at $962,272.78. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 7,668 shares of company stock worth $2,665,760. 0.33% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in CAT. 9258 Wealth Management LLC boosted its holdings in shares of Caterpillar by 1.5% in the fourth quarter. 9258 Wealth Management LLC now owns 3,839 shares of the industrial products company’s stock valued at $1,135,000 after buying an additional 55 shares during the period. Rollins Financial lifted its position in shares of Caterpillar by 49.1% in the fourth quarter. Rollins Financial now owns 6,395 shares of the industrial products company’s stock worth $1,891,000 after purchasing an additional 2,107 shares in the last quarter. Evoke Wealth LLC lifted its position in shares of Caterpillar by 18.1% in the fourth quarter. Evoke Wealth LLC now owns 1,309 shares of the industrial products company’s stock worth $387,000 after purchasing an additional 201 shares in the last quarter. KBC Group NV lifted its position in shares of Caterpillar by 6.8% in the fourth quarter. KBC Group NV now owns 98,754 shares of the industrial products company’s stock worth $29,198,000 after purchasing an additional 6,323 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its position in shares of Caterpillar by 3.5% in the fourth quarter. Jones Financial Companies Lllp now owns 2,637 shares of the industrial products company’s stock worth $780,000 after purchasing an additional 89 shares in the last quarter. 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.
See Also
- Five stocks we like better than Caterpillar
- How to Start Investing in Real Estate
- When Is the Best Time to Invest in Mutual Funds?
- How to Use the MarketBeat Dividend Calculator
- Is NVIDIA Stock in a Correction or Consolidation?
- Comparing and Trading High PE Ratio Stocks
- 3 Oversold Stocks with Big RSI Rebound Potential
Receive News & Ratings for Caterpillar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Caterpillar and related companies with MarketBeat.com's FREE daily email newsletter.