Caterpillar (NYSE:CAT) Price Target Raised to $420.00 at Citigroup

Caterpillar (NYSE:CAT) had its target price lifted by Citigroup from $370.00 to $420.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

Other analysts have also recently issued reports about the company. Bank of America boosted their price target on Caterpillar from $335.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday, May 30th. DA Davidson boosted their target price on Caterpillar from $325.00 to $331.00 and gave the stock a “neutral” rating in a report on Monday, May 5th. Morgan Stanley upgraded Caterpillar from an “underweight” rating to an “equal weight” rating and reduced their price target for the company from $300.00 to $283.00 in a report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price target on shares of Caterpillar from $490.00 to $380.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Finally, Oppenheimer upgraded shares of Caterpillar from a “market perform” rating to an “outperform” rating and set a $395.00 price objective for the company in a research note on Thursday, May 1st. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $380.83.

Caterpillar Trading Up 1.9%

NYSE CAT opened at $373.26 on Tuesday. The stock’s 50 day moving average is $336.93 and its 200 day moving average is $346.43. The company has a quick ratio of 0.77, a current ratio of 1.32 and a debt-to-equity ratio of 1.43. The firm has a market capitalization of $175.82 billion, a PE ratio of 18.19, a P/E/G ratio of 2.44 and a beta of 1.37. Caterpillar has a twelve month low of $267.30 and a twelve month high of $418.50.

Caterpillar (NYSE:CAT) last released its earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share for the quarter, missing analysts’ consensus estimates of $4.35 by ($0.10). The business had revenue of $14.25 billion during the quarter, compared to analysts’ expectations of $14.64 billion. Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The firm’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period in the prior year, the company earned $5.60 earnings per share. Research analysts forecast that Caterpillar will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Monday, July 21st will be issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 1.62%. This is a boost from Caterpillar’s previous quarterly dividend of $1.41. The ex-dividend date of this dividend is Monday, July 21st. Caterpillar’s dividend payout ratio is presently 27.49%.

Insider Transactions at Caterpillar

In related news, Director David Maclennan acquired 375 shares of the firm’s stock in a transaction dated Wednesday, May 7th. The shares were purchased at an average price of $320.70 per share, with a total value of $120,262.50. Following the completion of the purchase, the director now directly owns 6,653 shares of the company’s stock, valued at $2,133,617.10. This represents a 5.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Caterpillar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Swedbank AB boosted its position in shares of Caterpillar by 18.7% in the first quarter. Swedbank AB now owns 334,218 shares of the industrial products company’s stock worth $110,225,000 after purchasing an additional 52,590 shares during the period. Voya Investment Management LLC boosted its holdings in Caterpillar by 1.0% in the 1st quarter. Voya Investment Management LLC now owns 300,786 shares of the industrial products company’s stock worth $99,199,000 after buying an additional 3,072 shares during the period. Maple Capital Management Inc. increased its stake in Caterpillar by 24.3% in the 1st quarter. Maple Capital Management Inc. now owns 881 shares of the industrial products company’s stock worth $291,000 after buying an additional 172 shares in the last quarter. Peterson Wealth Management raised its holdings in Caterpillar by 3.7% during the first quarter. Peterson Wealth Management now owns 1,749 shares of the industrial products company’s stock valued at $577,000 after acquiring an additional 63 shares during the period. Finally, Compass Financial Services Inc lifted its position in shares of Caterpillar by 49.2% in the first quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 31 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other 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.