Evercore ISI Cuts Caterpillar (NYSE:CAT) Price Target to $321.00

Caterpillar (NYSE:CAT) had its target price decreased by Evercore ISI from $338.00 to $321.00 in a report released on Monday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the industrial products company’s stock.

CAT has been the subject of several other reports. Barclays raised their target price on shares of 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 began coverage on Caterpillar in a research report on Friday, June 28th. They issued a market perform rating on the stock. Truist Financial restated a buy rating and set a $399.00 price target (up previously from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Citigroup started coverage on Caterpillar in a report on Wednesday, June 26th. They set a buy rating and a $380.00 price objective on the stock. Finally, Stifel Nicolaus cut shares of 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 report on Friday, April 26th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Caterpillar presently has a consensus rating of Hold and a consensus target price of $336.31.

Caterpillar Trading Down 0.1 %

Shares of CAT stock opened at $343.06 on Monday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.83 and a current ratio of 1.35. The stock has a fifty day simple moving average of $335.40 and a two-hundred day simple moving average of $341.30. The firm has a market capitalization of $167.77 billion, a PE ratio of 15.49, a PEG ratio of 1.72 and a beta of 1.12. Caterpillar has a 52-week low of $223.76 and a 52-week high of $382.01.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.53 by $0.46. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The company had revenue of $16.69 billion for the quarter, compared to the consensus estimate of $16.91 billion. During the same quarter last year, the company earned $5.55 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. On average, analysts predict that Caterpillar will post 21.57 EPS for the current fiscal year.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd were issued a $1.41 dividend. The ex-dividend date was Monday, July 22nd. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.64%. Caterpillar’s dividend payout ratio is presently 25.46%.

Caterpillar announced that its board has initiated a stock repurchase 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 repurchase up to 12.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Caterpillar

In related news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 20,023 shares in the company, valued at $6,807,820. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CAT. Vanguard Group Inc. increased its holdings in Caterpillar by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 48,353,370 shares of the industrial products company’s stock valued at $14,296,641,000 after buying an additional 129,216 shares during the period. Capital World Investors increased its holdings in shares of Caterpillar by 0.3% in the 4th quarter. Capital World Investors now owns 29,029,953 shares of the industrial products company’s stock valued at $8,583,372,000 after acquiring an additional 96,479 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Caterpillar by 2.3% during the 4th quarter. Fisher Asset Management LLC now owns 8,145,840 shares of the industrial products company’s stock worth $2,408,481,000 after purchasing an additional 179,908 shares during the last quarter. Norges Bank purchased a new position in Caterpillar in the fourth quarter valued at about $1,660,560,000. Finally, Legal & General Group Plc raised its holdings in Caterpillar by 2.0% in the second quarter. Legal & General Group Plc now owns 3,862,443 shares of the industrial products company’s stock worth $1,286,582,000 after purchasing an additional 75,973 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors.

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.