JPMorgan Chase & Co. Raises Caterpillar (NYSE:CAT) Price Target to $500.00

Caterpillar (NYSE:CAT) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $435.00 to $500.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 27.54% from the stock’s current price.

A number of other research analysts have also weighed in on CAT. Morgan Stanley lowered shares of Caterpillar from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $349.00 to $332.00 in a research note on Monday. Citigroup raised their price target on shares of Caterpillar from $380.00 to $445.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Truist Financial lifted their price target on Caterpillar from $399.00 to $456.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. StockNews.com downgraded Caterpillar from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Finally, Raymond James initiated coverage on Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Caterpillar presently has a consensus rating of “Hold” and a consensus price target of $355.50.

Caterpillar Stock Down 2.5 %

Shares of CAT stock traded down $9.98 on Monday, reaching $392.04. 1,285,502 shares of the company were exchanged, compared to its average volume of 2,643,679. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.28 and a quick ratio of 0.78. The company has a 50-day moving average of $357.45 and a 200-day moving average of $349.26. The company has a market cap of $191.73 billion, a price-to-earnings ratio of 17.70, a PEG ratio of 1.85 and a beta of 1.10. Caterpillar has a one year low of $223.76 and a one year high of $403.60.

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

Insider Buying and Selling

In other news, Director Gerald Johnson acquired 100 shares of Caterpillar stock in a transaction on Wednesday, September 4th. The stock was acquired at an average cost of $338.59 per share, with a total value of $33,859.00. Following the completion of the acquisition, the director now owns 2,842 shares in the company, valued at approximately $962,272.78. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Anthony D. Fassino sold 3,185 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $351.36, for a total transaction of $1,119,081.60. Following the sale, the insider now directly owns 33,442 shares in the company, valued at approximately $11,750,181.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gerald Johnson acquired 100 shares of Caterpillar stock in a transaction that occurred on Wednesday, September 4th. The stock was acquired at an average price of $338.59 per share, with a total value of $33,859.00. Following the completion of the purchase, the director now directly owns 2,842 shares in the company, valued at $962,272.78. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 7,668 shares of company stock valued at $2,665,760. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Caterpillar

Several hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc lifted its holdings in shares of 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 buying an additional 75,973 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Caterpillar by 5.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,069,840 shares of the industrial products company’s stock worth $1,022,488,000 after purchasing an additional 165,358 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Caterpillar by 10.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,108,817 shares of the industrial products company’s stock valued at $702,431,000 after purchasing an additional 198,123 shares during the period. Capital Research Global Investors grew its position in shares of Caterpillar by 6.3% during the 1st quarter. Capital Research Global Investors now owns 2,020,100 shares of the industrial products company’s stock valued at $740,225,000 after purchasing an additional 119,326 shares in the last quarter. Finally, Capital Wealth Planning LLC raised its position in shares of Caterpillar by 6.4% in the second quarter. Capital Wealth Planning LLC now owns 1,381,453 shares of the industrial products company’s stock worth $460,162,000 after buying an additional 83,571 shares in the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

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.