Citigroup Issues Positive Forecast for Caterpillar (NYSE:CAT) Stock Price

Caterpillar (NYSE:CAT) had its price objective raised by Citigroup from $670.00 to $690.00 in a research report released on Wednesday,MarketScreener reports. The brokerage currently has a buy rating on the industrial products company’s stock.

Other research analysts also recently issued reports about the stock. Morgan Stanley raised their price target on shares of Caterpillar from $380.00 to $395.00 and gave the company an “underweight” rating in a report on Wednesday. Argus lifted their price objective on Caterpillar from $460.00 to $625.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Truist Financial restated a “buy” rating and issued a $729.00 target price (up from $582.00) on shares of Caterpillar in a research note on Thursday, October 30th. Bank of America lifted their price target on Caterpillar from $594.00 to $650.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Finally, Hsbc Global Res raised Caterpillar from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 6th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Caterpillar presently has a consensus rating of “Moderate Buy” and an average target price of $612.16.

Caterpillar Stock Up 3.4%

CAT stock opened at $614.80 on Wednesday. The stock has a 50-day simple moving average of $549.95 and a two-hundred day simple moving average of $457.87. Caterpillar has a twelve month low of $267.30 and a twelve month high of $617.23. The firm has a market capitalization of $287.71 billion, a PE ratio of 31.56, a PEG ratio of 2.80 and a beta of 1.57. The company has a quick ratio of 0.86, a current ratio of 1.38 and a debt-to-equity ratio of 1.34.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.52 by $0.43. The firm had revenue of $17.64 billion for the quarter, compared to the consensus estimate of $16.72 billion. Caterpillar had a net margin of 14.34% and a return on equity of 47.16%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the prior year, the firm posted $5.17 earnings per share. On average, equities analysts predict that Caterpillar will post 19.86 EPS for the current fiscal year.

Caterpillar Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 19th. Investors of record on Tuesday, January 20th will be given a $1.51 dividend. The ex-dividend date is Tuesday, January 20th. This represents a $6.04 dividend on an annualized basis and a yield of 1.0%. Caterpillar’s payout ratio is presently 31.01%.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, Chairman Donald J. Umpleby III sold 17,166 shares of Caterpillar stock in a transaction that occurred on Friday, October 10th. The shares were sold at an average price of $505.29, for a total transaction of $8,673,808.14. Following the transaction, the chairman directly owned 448,173 shares of the company’s stock, valued at approximately $226,457,335.17. This trade represents a 3.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Lange Bob De sold 14,638 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $562.36, for a total transaction of $8,231,825.68. Following the completion of the sale, the insider owned 80,209 shares of the company’s stock, valued at approximately $45,106,333.24. The trade was a 15.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 79,061 shares of company stock valued at $41,949,366. 0.33% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CAT. Marquette Asset Management LLC increased its stake in Caterpillar by 1,060.0% in the 3rd quarter. Marquette Asset Management LLC now owns 58 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 53 shares during the period. Joseph Group Capital Management purchased a new position in shares of Caterpillar in the third quarter worth $32,000. Kilter Group LLC bought a new stake in Caterpillar during the 2nd quarter valued at $27,000. Mid American Wealth Advisory Group Inc. purchased a new stake in Caterpillar during the 2nd quarter valued at $28,000. Finally, Sellwood Investment Partners LLC bought a new stake in Caterpillar in the 3rd quarter worth $35,000. 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.