Truist Financial Forecasts Strong Price Appreciation for Caterpillar (NYSE:CAT) Stock

Caterpillar (NYSE:CAT) had its price objective boosted by investment analysts at Truist Financial from $454.00 to $471.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective would suggest a potential upside of 27.98% from the stock’s previous close.

CAT has been the topic of several other reports. Morgan Stanley cut Caterpillar from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $349.00 to $332.00 in a report on Monday, October 14th. UBS Group boosted their price target on Caterpillar from $285.00 to $295.00 and gave the stock a “sell” rating in a research report on Monday, November 4th. Robert W. Baird raised their price objective on Caterpillar from $299.00 to $300.00 and gave the company an “underperform” rating in a report on Thursday, October 31st. Jefferies Financial Group increased their target price on shares of Caterpillar from $455.00 to $475.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Bank of America boosted their price target on shares of Caterpillar from $376.00 to $434.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $375.63.

Caterpillar Price Performance

NYSE CAT traded up $4.13 during trading hours on Thursday, reaching $368.02. The company’s stock had a trading volume of 77,255 shares, compared to its average volume of 2,537,383. The firm has a market capitalization of $177.68 billion, a price-to-earnings ratio of 17.06, a P/E/G ratio of 1.92 and a beta of 1.10. Caterpillar has a 1-year low of $276.94 and a 1-year high of $418.50. The company’s 50-day moving average is $391.02 and its two-hundred day moving average is $361.18. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.40 and a quick ratio of 0.86.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $5.17 EPS for the quarter, missing the consensus estimate of $5.33 by ($0.16). The company had revenue of $16.11 billion during the quarter, compared to analysts’ expectations of $16.37 billion. Caterpillar had a return on equity of 59.09% and a net margin of 16.26%. Caterpillar’s revenue was down 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.52 EPS. On average, equities analysts predict that Caterpillar will post 21.68 EPS for the current year.

Insider Buying and Selling at Caterpillar

In related news, insider Cheryl H. Johnson sold 2,664 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $378.84, for a total transaction of $1,009,229.76. Following the transaction, the insider now owns 12,951 shares of the company’s stock, valued at $4,906,356.84. This trade represents a 17.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Gerald Johnson bought 100 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was bought at an average cost of $398.57 per share, for a total transaction of $39,857.00. Following the acquisition, the director now owns 2,953 shares of the company’s stock, valued at approximately $1,176,977.21. This trade represents a 3.51 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 23,868 shares of company stock worth $9,679,489. 0.29% of the stock is owned by insiders.

Hedge Funds Weigh In On Caterpillar

A number of hedge funds and other institutional investors have recently bought and sold shares of CAT. Financial Connections Group Inc. acquired a new position in shares of Caterpillar during the second quarter worth about $28,000. Fairscale Capital LLC acquired a new position in Caterpillar during the 2nd quarter worth approximately $36,000. Capital Performance Advisors LLP acquired a new stake in shares of Caterpillar in the 3rd quarter valued at approximately $36,000. POM Investment Strategies LLC boosted its stake in shares of Caterpillar by 2,160.0% in the second quarter. POM Investment Strategies LLC now owns 113 shares of the industrial products company’s stock valued at $38,000 after buying an additional 108 shares in the last quarter. Finally, Kimelman & Baird LLC lifted its holdings in Caterpillar by 42.9% in the third quarter. Kimelman & Baird LLC now owns 100 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 30 shares during the period. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

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.