Caterpillar (NYSE:CAT) Stock Rating Reaffirmed by Truist Financial

Caterpillar (NYSE:CAT)‘s stock had its “buy” rating reissued by stock analysts at Truist Financial in a research note issued on Wednesday, Benzinga reports. They currently have a $399.00 price target on the industrial products company’s stock, up from their prior price target of $390.00. Truist Financial’s price target indicates a potential upside of 22.24% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. TD Cowen increased their target price on shares of Caterpillar from $338.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Oppenheimer restated a “market perform” rating on shares of Caterpillar in a research note on Thursday, April 18th. Citigroup assumed coverage on Caterpillar in a research note on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price target for the company. Stifel Nicolaus lowered Caterpillar from a “buy” rating to a “hold” rating and boosted their price target for the stock from $293.00 to $350.00 in a research note on Friday, April 26th. Finally, HSBC lifted their target price on shares of Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a research note on Tuesday, April 30th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $335.64.

Caterpillar Stock Up 3.0 %

Shares of NYSE CAT opened at $326.42 on Wednesday. Caterpillar has a 12-month low of $223.76 and a 12-month high of $382.01. The stock’s fifty day simple moving average is $333.67 and its two-hundred day simple moving average is $338.54. The stock has a market capitalization of $159.64 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41.

Caterpillar (NYSE:CAT) last issued its quarterly earnings data 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 company had revenue of $16.69 billion for the quarter, compared to the consensus estimate of $16.91 billion. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $5.55 earnings per share. As a group, analysts expect that Caterpillar will post 21.57 EPS for the current fiscal year.

Caterpillar declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the industrial products company to purchase up to 12.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Lange Bob De sold 21,847 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now directly owns 71,115 shares in the company, valued at approximately $25,380,943.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Lange Bob De sold 21,847 shares of Caterpillar stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $356.90, for a total value of $7,797,194.30. Following the completion of the transaction, the insider now owns 71,115 shares in the company, valued at approximately $25,380,943.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $340.00, for a total value of $512,720.00. Following the completion of the transaction, the insider now directly owns 20,023 shares of the company’s stock, valued at approximately $6,807,820. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,863 shares of company stock worth $8,837,714. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Caterpillar

Several institutional investors and hedge funds have recently added to or reduced their stakes in CAT. Axxcess Wealth Management LLC raised its position in shares of Caterpillar by 20.0% during the 4th quarter. Axxcess Wealth Management LLC now owns 21,343 shares of the industrial products company’s stock worth $6,310,000 after purchasing an additional 3,558 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of Caterpillar by 17.2% during the first quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock valued at $3,308,000 after acquiring an additional 1,327 shares during the last quarter. Catalyst Financial Partners LLC lifted its position in shares of Caterpillar by 1.5% in the fourth quarter. Catalyst Financial Partners LLC now owns 4,295 shares of the industrial products company’s stock valued at $1,270,000 after acquiring an additional 63 shares in the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of Caterpillar in the first quarter worth approximately $926,000. Finally, Aigen Investment Management LP purchased a new stake in shares of Caterpillar during the fourth quarter worth approximately $222,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

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.