Truist Financial Boosts Caterpillar (NYSE:CAT) Price Target to $456.00

Caterpillar (NYSE:CAT) had its target price raised by Truist Financial from $399.00 to $456.00 in a research note released on Wednesday, Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

Other research analysts have also issued research reports about the stock. Citigroup started coverage on shares of Caterpillar in a research note on Wednesday, June 26th. They issued a buy rating and a $380.00 target price on the stock. Evercore ISI lowered their target price on shares of Caterpillar from $338.00 to $321.00 and set an in-line rating for the company in a report on Monday, August 19th. Barclays increased their price target on Caterpillar from $315.00 to $335.00 and gave the company an equal weight rating in a research note on Wednesday, August 7th. Raymond James initiated coverage on Caterpillar in a research note on Friday, June 28th. They set a market perform rating for the company. Finally, Bank of America raised their target price on Caterpillar from $376.00 to $434.00 and gave the stock a buy rating in a report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Caterpillar has an average rating of Hold and an average target price of $347.56.

Caterpillar Stock Performance

NYSE CAT opened at $402.02 on Wednesday. The firm has a market cap of $196.61 billion, a price-to-earnings ratio of 18.15, a PEG ratio of 1.85 and a beta of 1.10. The company has a current ratio of 1.28, a quick ratio of 0.78 and a debt-to-equity ratio of 1.39. Caterpillar has a 1-year low of $223.76 and a 1-year high of $403.60. The company has a 50 day moving average of $357.45 and a 200-day moving average of $349.37.

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

Caterpillar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Monday, October 21st will be issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date is Monday, October 21st. Caterpillar’s dividend payout ratio is 25.46%.

Insider Activity

In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total value of $527,800.00. Following the completion of the sale, the insider now owns 18,515 shares of the company’s stock, valued at $6,480,250. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Caterpillar news, Director Gerald Johnson bought 100 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were purchased at an average price of $338.59 per share, for a total transaction of $33,859.00. Following the completion of the transaction, the director now directly owns 2,842 shares in the company, valued at approximately $962,272.78. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total transaction of $527,800.00. Following the transaction, the insider now owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,668 shares of company stock valued at $2,665,760. 0.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CAT. Canada Pension Plan Investment Board raised its position in Caterpillar by 306.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 407,677 shares of the industrial products company’s stock worth $149,385,000 after purchasing an additional 307,479 shares during the last quarter. Altshuler Shaham Ltd increased its position in shares of Caterpillar by 3,319.7% during the second quarter. Altshuler Shaham Ltd now owns 275,011 shares of the industrial products company’s stock worth $91,606,000 after buying an additional 266,969 shares during the period. Swedbank AB bought a new position in shares of Caterpillar in the 1st quarter worth about $97,042,000. Capital International Investors boosted its position in shares of Caterpillar by 99.9% during the 1st quarter. Capital International Investors now owns 488,660 shares of the industrial products company’s stock valued at $179,060,000 after purchasing an additional 244,253 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in Caterpillar by 104.6% during the second quarter. National Bank of Canada FI now owns 391,428 shares of the industrial products company’s stock worth $128,768,000 after purchasing an additional 200,134 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

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.