Caterpillar (NYSE:CAT) Price Target Raised to $360.00

Caterpillar (NYSE:CAT) had its price objective raised by investment analysts at HSBC from $330.00 to $360.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “hold” rating on the industrial products company’s stock. HSBC’s target price would indicate a potential upside of 7.05% from the company’s current price.

Other research analysts have also issued reports about the company. Truist Financial started coverage on Caterpillar in a report on Thursday, March 14th. They issued a “buy” rating and a $390.00 price objective on the stock. TD Cowen increased their price objective on Caterpillar from $338.00 to $340.00 and gave the company a “buy” rating in a report on Friday. Morgan Stanley started coverage on Caterpillar in a report on Monday, January 8th. They issued an “equal weight” rating and a $270.00 price objective on the stock. Evercore ISI lowered Caterpillar from an “outperform” rating to an “in-line” rating and increased their price objective for the company from $321.00 to $338.00 in a report on Tuesday, February 20th. Finally, Oppenheimer reissued a “market perform” rating on shares of Caterpillar in a report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Caterpillar has an average rating of “Hold” and an average target price of $323.35.

Caterpillar Stock Down 3.9 %

NYSE:CAT traded down $13.51 during mid-day trading on Tuesday, hitting $336.29. 1,399,747 shares of the company’s stock traded hands, compared to its average volume of 2,478,419. The company has a fifty day moving average of $350.66 and a 200 day moving average of $301.75. Caterpillar has a twelve month low of $205.60 and a twelve month high of $382.01. The company has a market capitalization of $167.94 billion, a P/E ratio of 15.20, a P/E/G ratio of 1.52 and a beta of 1.17. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.83 and a current ratio of 1.35.

Caterpillar (NYSE:CAT) last announced its earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.12 by $0.48. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The company had revenue of $15.80 billion for the quarter, compared to analyst estimates of $16.07 billion. On average, analysts forecast that Caterpillar will post 21.44 EPS for the current year.

Insiders Place Their Bets

In other Caterpillar news, CFO Andrew R. J. Bonfield sold 10,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $310.10, for a total transaction of $3,101,000.00. Following the transaction, the chief financial officer now owns 57,317 shares in the company, valued at $17,774,001.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Caterpillar news, insider Anthony D. Fassino sold 4,575 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $329.80, for a total transaction of $1,508,835.00. Following the completion of the transaction, the insider now owns 23,474 shares of the company’s stock, valued at $7,741,725.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Andrew R. J. Bonfield sold 10,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $310.10, for a total value of $3,101,000.00. Following the transaction, the chief financial officer now directly owns 57,317 shares of the company’s stock, valued at approximately $17,774,001.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,769 shares of company stock worth $11,508,906. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Caterpillar

A number of hedge funds have recently made changes to their positions in CAT. Norges Bank acquired a new stake in shares of Caterpillar in the fourth quarter valued at approximately $1,660,560,000. International Assets Investment Management LLC increased its holdings in shares of Caterpillar by 28,603.5% in the fourth quarter. International Assets Investment Management LLC now owns 1,494,018 shares of the industrial products company’s stock valued at $4,417,360,000 after purchasing an additional 1,488,813 shares during the last quarter. Capital Wealth Planning LLC increased its holdings in shares of Caterpillar by 27,495.2% in the fourth quarter. Capital Wealth Planning LLC now owns 1,182,453 shares of the industrial products company’s stock valued at $349,616,000 after purchasing an additional 1,178,168 shares during the last quarter. Winslow Capital Management LLC increased its holdings in shares of Caterpillar by 2,265.3% in the third quarter. Winslow Capital Management LLC now owns 1,117,830 shares of the industrial products company’s stock valued at $305,168,000 after purchasing an additional 1,070,570 shares during the last quarter. Finally, FMR LLC increased its holdings in shares of Caterpillar by 14.9% in the third quarter. FMR LLC now owns 6,038,207 shares of the industrial products company’s stock valued at $1,648,431,000 after purchasing an additional 781,111 shares during the last quarter. Institutional investors and hedge funds 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.