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

by · The Cerbat Gem

Caterpillar (NYSE:CAT – Get Free Report) had its price target raised by research analysts at Citigroup from $370.00 to $420.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Citigroup’s price target points to a potential upside of 12.69% from the stock’s current price.

A number of other analysts have also commented on CAT. Robert W. Baird boosted their price objective on shares of Caterpillar from $395.00 to $422.00 and gave the stock an “outperform” rating in a research report on Friday. Morgan Stanley upgraded Caterpillar from an “underweight” rating to an “equal weight” rating and dropped their target price for the stock from $300.00 to $283.00 in a report on Wednesday, April 16th. UBS Group upgraded shares of Caterpillar from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $272.00 to $357.00 in a report on Friday, May 16th. Truist Financial increased their price target on Caterpillar from $396.00 to $414.00 and gave the company a “buy” rating in a research note on Monday. Finally, Baird R W upgraded shares of Caterpillar from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 13th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $380.83.

Read Our Latest Stock Analysis on Caterpillar

Caterpillar Trading Up 1.8%

Shares of CAT traded up $6.47 during trading hours on Tuesday, reaching $372.70. The stock had a trading volume of 846,403 shares, compared to its average volume of 2,528,097. The firm has a 50-day moving average of $335.33 and a 200 day moving average of $346.24. 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 company has a market cap of $175.55 billion, a P/E ratio of 18.15, a P/E/G ratio of 2.40 and a beta of 1.37. Caterpillar has a 52 week low of $267.30 and a 52 week high of $418.50.

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

Insider Activity

In other news, Director David Maclennan bought 375 shares of the business’s stock in a transaction that occurred on Wednesday, May 7th. The shares were bought at an average cost of $320.70 per share, for a total transaction of $120,262.50. Following the acquisition, the director now directly owns 6,653 shares in the company, valued at approximately $2,133,617.10. This trade represents a 5.97% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

Institutional Trading of Caterpillar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Flagship Wealth Advisors LLC purchased a new stake in Caterpillar in the 4th quarter valued at $26,000. Halbert Hargrove Global Advisors LLC bought a new stake in shares of Caterpillar in the 4th quarter worth $27,000. Cyrus J. Lawrence LLC bought a new position in shares of Caterpillar during the fourth quarter valued at about $27,000. Noble Wealth Management PBC bought a new stake in Caterpillar in the 4th quarter worth about $31,000. Finally, Compass Financial Services Inc increased its stake in Caterpillar by 49.2% in the 1st quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock valued at $31,000 after buying an additional 31 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

About Caterpillar

(Get Free Report)

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.

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