Caterpillar (NYSE:CAT) Now Covered by Analysts at Raymond James

Raymond James initiated coverage on shares of Caterpillar (NYSE:CAT) in a research report sent to investors on Friday, MarketBeat reports. The brokerage issued a market perform rating on the industrial products company’s stock.

Several other analysts have also commented on CAT. HSBC raised their price target on shares of Caterpillar from $330.00 to $360.00 and gave the company a hold rating in a research report on Tuesday, April 30th. The Goldman Sachs Group raised their price target on shares of Caterpillar from $357.00 to $408.00 and gave the company a buy rating in a research report on Tuesday, April 16th. Citigroup assumed coverage on shares of Caterpillar in a research report on Wednesday, June 26th. They issued a buy rating and a $380.00 target price on the stock. Oppenheimer reiterated a market perform rating on shares of Caterpillar in a research report on Thursday, April 18th. Finally, Stifel Nicolaus lowered shares of Caterpillar from a buy rating to a hold rating and lifted their target price for the company from $293.00 to $350.00 in a research report on Friday, April 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $329.63.

Caterpillar Trading Down 1.2 %

Shares of Caterpillar stock opened at $329.08 on Friday. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.83. The firm has a fifty day moving average price of $339.74 and a 200 day moving average price of $329.78. Caterpillar has a 1 year low of $223.76 and a 1 year high of $382.01. The stock has a market cap of $160.94 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12.

Caterpillar (NYSE:CAT) last issued its earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.12 by $0.48. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. The firm had revenue of $15.80 billion during the quarter, compared to analysts’ expectations of $16.07 billion. Equities research analysts predict that Caterpillar will post 21.84 earnings per share for the current year.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd will be paid a dividend of $1.41 per share. The ex-dividend date of this dividend is Monday, July 22nd. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 dividend on an annualized basis and a yield of 1.71%. Caterpillar’s payout ratio is 23.48%.

Caterpillar announced that its board has initiated a share repurchase plan on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to repurchase up to 12.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, insider Lange Bob De sold 21,847 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $356.90, for a total value of $7,797,194.30. Following the sale, the insider now directly owns 71,115 shares of the company’s stock, valued at approximately $25,380,943.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Caterpillar news, Director David Maclennan bought 500 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were purchased at an average cost of $337.39 per share, with a total value of $168,695.00. Following the purchase, the director now directly owns 5,738 shares in the company, valued at $1,935,943.82. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lange Bob De sold 21,847 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $356.90, for a total transaction of $7,797,194.30. Following the transaction, the insider now owns 71,115 shares of the company’s stock, valued at approximately $25,380,943.50. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CAT. Thompson Investment Management Inc. purchased a new position in shares of Caterpillar in the 1st quarter valued at $27,000. Fairman Group LLC purchased a new position in shares of Caterpillar in the 1st quarter valued at $29,000. Partnership Wealth Management LLC purchased a new position in shares of Caterpillar in the 4th quarter valued at $26,000. Richardson Financial Services Inc. purchased a new position in shares of Caterpillar in the 4th quarter valued at $27,000. Finally, Vima LLC purchased a new position in shares of Caterpillar in the 4th quarter valued at $30,000. Institutional investors and hedge funds 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.