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

Caterpillar (NYSE:CAT) had its target price increased by Truist Financial from $454.00 to $471.00 in a report published on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

CAT has been the topic of a number of other reports. Robert W. Baird increased their price target on Caterpillar from $299.00 to $300.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. Evercore ISI downgraded shares of Caterpillar from an “in-line” rating to an “underperform” rating and upped their price target for the stock from $321.00 to $365.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. boosted their target price on shares of Caterpillar from $500.00 to $515.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. StockNews.com raised shares of Caterpillar from a “hold” rating to a “buy” rating in a report on Tuesday, December 10th. Finally, Morgan Stanley lowered Caterpillar from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $349.00 to $332.00 in a research report on Monday, October 14th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $375.63.

Caterpillar Trading Down 1.0 %

Shares of CAT opened at $360.37 on Thursday. The stock has a 50 day simple moving average of $390.30 and a 200-day simple moving average of $361.18. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.33. The stock has a market cap of $173.99 billion, a PE ratio of 16.71, a PEG 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.

Caterpillar (NYSE:CAT) last issued its 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). Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. The firm had revenue of $16.11 billion during the quarter, compared to analyst estimates of $16.37 billion. During the same quarter in the prior year, the firm posted $5.52 EPS. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, sell-side analysts predict that Caterpillar will post 21.68 EPS for the current fiscal year.

Caterpillar Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 20th. Stockholders of record on Tuesday, January 21st will be issued a dividend of $1.41 per share. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend is Tuesday, January 21st. Caterpillar’s dividend payout ratio (DPR) is presently 26.15%.

Insider Activity at Caterpillar

In other news, CAO William E. Schaupp sold 968 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $380.98, for a total value of $368,788.64. Following the completion of the transaction, the chief accounting officer now owns 1,686 shares of the company’s stock, valued at approximately $642,332.28. This represents a 36.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gerald Johnson purchased 100 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were bought at an average cost of $398.57 per share, for a total transaction of $39,857.00. Following the completion of the acquisition, the director now directly owns 2,953 shares in the company, valued at $1,176,977.21. The trade was a 3.51 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 23,868 shares of company stock valued at $9,679,489 over the last three months. 0.29% of the stock is owned by insiders.

Institutional Investors Weigh In On Caterpillar

Several hedge funds have recently added to or reduced their stakes in CAT. Smallwood Wealth Investment Management LLC raised its position in shares of Caterpillar by 2.6% during the third quarter. Smallwood Wealth Investment Management LLC now owns 1,037 shares of the industrial products company’s stock worth $405,000 after acquiring an additional 26 shares during the last quarter. First Bank & Trust increased its stake in shares of Caterpillar by 4.0% in the 3rd quarter. First Bank & Trust now owns 709 shares of the industrial products company’s stock valued at $277,000 after acquiring an additional 27 shares in the last quarter. Washington Trust Bank boosted its stake in Caterpillar by 1.2% during the third quarter. Washington Trust Bank now owns 2,349 shares of the industrial products company’s stock worth $919,000 after acquiring an additional 27 shares in the last quarter. Pacifica Partners Inc. grew its holdings in Caterpillar by 1.6% in the third quarter. Pacifica Partners Inc. now owns 1,807 shares of the industrial products company’s stock worth $707,000 after purchasing an additional 28 shares during the period. Finally, Vanguard Capital Wealth Advisors increased its stake in Caterpillar by 0.8% in the third quarter. Vanguard Capital Wealth Advisors now owns 3,466 shares of the industrial products company’s stock valued at $1,356,000 after purchasing an additional 28 shares in the last quarter. 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.