Caterpillar (NYSE:CAT) Price Target Raised to $500.00

Caterpillar (NYSE:CAT) had its price target lifted by JPMorgan Chase & Co. from $435.00 to $500.00 in a report issued on Monday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the industrial products company’s stock.

Other analysts also recently issued reports about the company. Raymond James began coverage on Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating for the company. Morgan Stanley downgraded Caterpillar from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $349.00 to $332.00 in a research report on Monday. Truist Financial raised their target price on Caterpillar from $399.00 to $456.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Barclays raised their target price on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Finally, UBS Group raised their target price on Caterpillar from $270.00 to $285.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $355.50.

Caterpillar Stock Performance

Shares of CAT opened at $393.66 on Monday. The company has a current ratio of 1.28, a quick ratio of 0.78 and a debt-to-equity ratio of 1.39. The company has a market capitalization of $192.52 billion, a price-to-earnings ratio of 17.77, a PEG ratio of 1.85 and a beta of 1.10. The stock has a 50 day moving average of $361.58 and a 200 day moving average of $349.92. Caterpillar has a 12 month low of $223.76 and a 12 month high of $403.60.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, beating analysts’ consensus estimates of $5.53 by $0.46. The company had revenue of $16.69 billion during the quarter, compared to the consensus estimate of $16.91 billion. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. Caterpillar’s revenue was down 3.6% on a year-over-year basis. During the same period last year, the business posted $5.55 earnings per share. As a group, sell-side analysts forecast that Caterpillar will post 21.91 earnings per share for the current year.

Caterpillar Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Monday, October 21st will be paid a dividend of $1.41 per share. This represents a $5.64 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend is Monday, October 21st. Caterpillar’s dividend payout ratio is 25.46%.

Insider Activity at Caterpillar

In related news, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction 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 completion of the sale, the insider now owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction 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 completion of the sale, the insider now owns 33,442 shares of the company’s stock, valued at approximately $11,750,181.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Cheryl H. Johnson sold 2,975 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total value of $1,018,878.00. Following the sale, the insider now owns 15,615 shares in the company, valued at $5,347,825.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Caterpillar

Large investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC raised its position in Caterpillar by 17.2% during the first quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock valued at $3,308,000 after purchasing an additional 1,327 shares in the last quarter. Alpha Cubed Investments LLC raised its position in Caterpillar by 5.6% during the third quarter. Alpha Cubed Investments LLC now owns 116,566 shares of the industrial products company’s stock valued at $45,591,000 after purchasing an additional 6,212 shares in the last quarter. Diversify Advisory Services LLC purchased a new position in shares of Caterpillar in the first quarter worth about $926,000. First Affirmative Financial Network purchased a new position in shares of Caterpillar in the third quarter worth about $204,000. Finally, Natixis Advisors LLC increased its holdings in shares of Caterpillar by 3.5% in the second quarter. Natixis Advisors LLC now owns 278,259 shares of the industrial products company’s stock worth $92,688,000 after buying an additional 9,321 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

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.