Caterpillar (NYSE:CAT) Price Target Raised to $650.00 at JPMorgan Chase & Co.

Caterpillar (NYSE:CAT) had its target price lifted by JPMorgan Chase & Co. from $505.00 to $650.00 in a research note released on Tuesday,Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Several other research firms have also recently issued reports on CAT. Bank of America boosted their target price on Caterpillar from $495.00 to $517.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Truist Financial boosted their target price on Caterpillar from $507.00 to $582.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Barclays boosted their target price on Caterpillar from $383.00 to $425.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 6th. UBS Group boosted their target price on Caterpillar from $450.00 to $506.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Oppenheimer boosted their target price on Caterpillar from $480.00 to $513.00 and gave the stock an “outperform” rating in a research report on Monday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $501.47.

Caterpillar Stock Performance

Shares of CAT stock opened at $528.75 on Tuesday. The stock has a market capitalization of $247.71 billion, a PE ratio of 26.89, a price-to-earnings-growth ratio of 3.09 and a beta of 1.46. Caterpillar has a 52-week low of $267.30 and a 52-week high of $531.56. The stock’s 50-day moving average price is $446.55 and its 200 day moving average price is $386.71. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 1.50.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.88 by ($0.16). The company had revenue of $16.57 billion during the quarter, compared to analyst estimates of $16.14 billion. Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The business’s revenue was down .7% on a year-over-year basis. During the same quarter last year, the firm earned $5.99 EPS. As a group, equities research analysts forecast that Caterpillar will post 19.86 EPS for the current year.

Caterpillar Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, October 20th will be paid a $1.51 dividend. The ex-dividend date of this dividend is Monday, October 20th. This represents a $6.04 dividend on an annualized basis and a yield of 1.1%. Caterpillar’s dividend payout ratio is presently 30.72%.

Insider Activity at Caterpillar

In related news, Chairman Donald J. Umpleby III sold 17,166 shares of the company’s stock in a transaction that occurred on Friday, October 10th. The stock was sold at an average price of $505.29, for a total value of $8,673,808.14. Following the sale, the chairman owned 448,173 shares of the company’s stock, valued at approximately $226,457,335.17. This represents a 3.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Susan C. Schwab sold 2,324 shares of the company’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $410.00, for a total value of $952,840.00. Following the completion of the sale, the director directly owned 6,917 shares in the company, valued at approximately $2,835,970. The trade was a 25.15% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,985 shares of company stock valued at $25,559,300. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Caterpillar

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pacific Point Advisors LLC purchased a new position in shares of Caterpillar during the 4th quarter worth $579,000. Brighton Jones LLC lifted its stake in shares of Caterpillar by 51.5% during the 4th quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company’s stock worth $2,688,000 after purchasing an additional 2,519 shares during the period. GAMMA Investing LLC lifted its stake in shares of Caterpillar by 32.0% during the 1st quarter. GAMMA Investing LLC now owns 11,311 shares of the industrial products company’s stock worth $3,730,000 after purchasing an additional 2,745 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Caterpillar by 18.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 191,640 shares of the industrial products company’s stock worth $63,202,000 after purchasing an additional 30,070 shares during the period. Finally, Mission Wealth Management LP lifted its stake in shares of Caterpillar by 32.3% during the 1st quarter. Mission Wealth Management LP now owns 10,612 shares of the industrial products company’s stock worth $3,500,000 after purchasing an additional 2,593 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.