Truist Financial Cuts Caterpillar (NYSE:CAT) Price Target to $455.00

Caterpillar (NYSE:CAT) had its target price dropped by equities research analysts at Truist Financial from $471.00 to $455.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price target would suggest a potential upside of 17.87% from the company’s previous close.

Other analysts have also issued reports about the stock. StockNews.com lowered shares of Caterpillar from a “buy” rating to a “hold” rating in a research report on Thursday, January 9th. Citigroup decreased their target price on shares of Caterpillar from $460.00 to $420.00 and set a “buy” rating for the company in a research report on Tuesday. UBS Group upped 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. JPMorgan Chase & Co. boosted their target price on Caterpillar from $500.00 to $515.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Finally, Robert W. Baird raised their price target on Caterpillar from $299.00 to $300.00 and gave the stock an “underperform” rating in a report on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Caterpillar presently has a consensus rating of “Hold” and an average price target of $380.60.

Caterpillar Stock Performance

Shares of CAT stock opened at $386.03 on Thursday. The firm has a market cap of $186.38 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 1.72 and a beta of 1.13. Caterpillar has a 52-week low of $277.66 and a 52-week high of $418.50. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.33. The company’s 50 day moving average is $380.09 and its 200 day moving average is $366.76.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 net margin of 16.26% and a return on equity of 59.09%. The company’s revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.52 earnings per share. On average, sell-side analysts anticipate that Caterpillar will post 21.68 EPS for the current fiscal year.

Insider Buying and Selling at Caterpillar

In related news, insider Cheryl H. Johnson sold 2,664 shares of Caterpillar stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 12,951 shares in the company, valued at approximately $4,906,356.84. This trade represents a 17.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Lange Bob De sold 12,657 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $410.25, for a total value of $5,192,534.25. Following the completion of the sale, the insider now owns 71,107 shares in the company, valued at approximately $29,171,646.75. This represents a 15.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,868 shares of company stock worth $13,480,389. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Caterpillar

Several hedge funds have recently modified their holdings of the company. New Century Financial Group LLC increased its stake in shares of Caterpillar by 3.4% in the 4th quarter. New Century Financial Group LLC now owns 2,147 shares of the industrial products company’s stock valued at $781,000 after purchasing an additional 71 shares in the last quarter. Key Client Fiduciary Advisors LLC increased its position in shares of Caterpillar by 4.8% in the fourth quarter. Key Client Fiduciary Advisors LLC now owns 939 shares of the industrial products company’s stock valued at $341,000 after buying an additional 43 shares in the last quarter. Veracity Capital LLC raised its stake in shares of Caterpillar by 4.5% during the 4th quarter. Veracity Capital LLC now owns 2,536 shares of the industrial products company’s stock worth $920,000 after buying an additional 109 shares during the period. Red Door Wealth Management LLC lifted its position in shares of Caterpillar by 3.2% during the 4th quarter. Red Door Wealth Management LLC now owns 2,043 shares of the industrial products company’s stock valued at $741,000 after buying an additional 64 shares in the last quarter. Finally, Baron Silver Stevens Financial Advisors LLC purchased a new stake in Caterpillar in the 4th quarter worth $280,000. 70.98% of the stock is 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.