Truist Financial Raises Caterpillar (NYSE:CAT) Price Target to $507.00

Caterpillar (NYSE:CAT) had its price objective increased by analysts at Truist Financial from $414.00 to $507.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective would indicate a potential upside of 21.56% from the stock’s previous close.

A number of other analysts also recently issued reports on the company. Melius raised Caterpillar from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, July 9th. Barclays boosted their price target on shares of Caterpillar from $335.00 to $383.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Evercore ISI lowered their price objective on shares of Caterpillar from $375.00 to $373.00 and set an “in-line” rating for the company in a research report on Monday, May 19th. Bank of America boosted their target price on shares of Caterpillar from $335.00 to $385.00 and gave the stock a “buy” rating in a report on Friday, May 30th. Finally, Melius Research raised shares of Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 price target for the company in a report on Wednesday, July 9th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $444.00.

Caterpillar Trading Down 2.5%

CAT stock opened at $417.07 on Wednesday. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.77. Caterpillar has a 1-year low of $267.30 and a 1-year high of $441.15. The business has a 50 day simple moving average of $391.99 and a two-hundred day simple moving average of $355.63. The company has a market capitalization of $196.46 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 2.69 and a beta of 1.40.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share for the quarter, missing analysts’ consensus estimates of $4.88 by ($0.16). The company had revenue of $16.57 billion for the quarter, compared to the consensus estimate of $16.14 billion. Caterpillar had a return on equity of 48.95% and a net margin of 14.95%. Caterpillar’s revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.99 EPS. Research analysts anticipate that Caterpillar will post 19.86 EPS for the current fiscal year.

Institutional Trading of Caterpillar

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Mid American Wealth Advisory Group Inc. purchased a new position in Caterpillar in the 2nd quarter worth about $28,000. Family Legacy Financial Solutions LLC bought a new position in Caterpillar in the 2nd quarter worth about $32,000. Harbor Asset Planning Inc. purchased a new position in shares of Caterpillar during the second quarter worth approximately $34,000. Investment Management Corp VA ADV bought a new stake in shares of Caterpillar during the fourth quarter valued at approximately $33,000. Finally, Compass Financial Services Inc boosted its holdings 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 purchasing an additional 31 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Company Profile

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.