Truist Financial Boosts Caterpillar (NYSE:CAT) Price Target to $456.00

Caterpillar (NYSE:CAT) had its price objective boosted by Truist Financial from $399.00 to $456.00 in a research note released on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

Several other equities analysts also recently commented on the stock. Citigroup began coverage on shares of Caterpillar in a research note on Wednesday, June 26th. They issued a buy rating and a $380.00 price objective for the company. Bank of America raised their price objective on Caterpillar from $376.00 to $434.00 and gave the company a buy rating in a report on Monday, September 30th. Barclays upped their target price on Caterpillar from $315.00 to $335.00 and gave the stock an equal weight rating in a report on Wednesday, August 7th. StockNews.com cut Caterpillar from a buy rating to a hold rating in a report on Tuesday, September 24th. Finally, Evercore ISI lowered their price objective on Caterpillar from $338.00 to $321.00 and set an in-line rating for the company in a research note on Monday, August 19th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Caterpillar currently has a consensus rating of Hold and an average target price of $347.56.

Caterpillar Trading Up 1.4 %

Shares of CAT stock opened at $402.16 on Wednesday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.78 and a current ratio of 1.28. Caterpillar has a fifty-two week low of $223.76 and a fifty-two week high of $403.60. The company has a market cap of $196.68 billion, a PE ratio of 18.16, a P/E/G ratio of 1.85 and a beta of 1.10. The stock’s fifty day moving average price is $357.45 and its two-hundred day moving average price is $349.42.

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, beating analysts’ consensus estimates of $5.53 by $0.46. The firm had revenue of $16.69 billion for the quarter, compared to analysts’ expectations of $16.91 billion. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. 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 business posted $5.55 earnings per share. Equities analysts predict that Caterpillar will post 21.91 EPS for the current fiscal year.

Caterpillar Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Monday, October 21st will be given a dividend of $1.41 per share. The ex-dividend date is Monday, October 21st. This represents a $5.64 annualized dividend and a dividend yield of 1.40%. Caterpillar’s payout ratio is 25.46%.

Insiders Place Their Bets

In other news, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total transaction of $527,800.00. Following the completion of the sale, the insider now owns 18,515 shares of the company’s stock, valued at $6,480,250. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Anthony D. Fassino sold 3,185 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the transaction, the insider now directly owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total value of $527,800.00. Following the completion of the sale, the insider now directly owns 18,515 shares of the company’s stock, valued at $6,480,250. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,668 shares of company stock worth $2,665,760. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Caterpillar

A number of large investors have recently modified their holdings of the company. Canada Pension Plan Investment Board lifted its holdings in shares of Caterpillar by 306.9% in the first quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock valued at $149,385,000 after purchasing an additional 307,479 shares in the last quarter. Altshuler Shaham Ltd raised its holdings in shares of Caterpillar by 3,319.7% in the second quarter. Altshuler Shaham Ltd now owns 275,011 shares of the industrial products company’s stock valued at $91,606,000 after purchasing an additional 266,969 shares during the last quarter. Swedbank AB bought a new position in shares of Caterpillar during the first quarter valued at about $97,042,000. Capital International Investors grew its position in Caterpillar by 99.9% in the 1st quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock worth $179,060,000 after purchasing an additional 244,253 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in Caterpillar by 104.6% in the 2nd quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock valued at $128,768,000 after buying an additional 200,134 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

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.