Caterpillar (NYSE:CAT) Price Target Raised to $700.00

Caterpillar (NYSE:CAT) had its target price raised by investment analysts at Jefferies Financial Group from $570.00 to $700.00 in a research report issued on Wednesday,MarketScreener reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Jefferies Financial Group’s target price suggests a potential upside of 24.37% from the stock’s previous close.

Several other research firms have also recently issued reports on CAT. Citigroup upped their price target on shares of Caterpillar from $570.00 to $670.00 and gave the company a “buy” rating in a report on Friday, October 31st. Morgan Stanley boosted their target price on shares of Caterpillar from $350.00 to $380.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Royal Bank Of Canada initiated coverage on shares of Caterpillar in a research report on Wednesday, October 22nd. They set a “sector perform” rating and a $560.00 price target on the stock. HSBC raised Caterpillar from a “hold” rating to a “buy” rating and boosted their price objective for the company from $405.00 to $660.00 in a report on Wednesday. Finally, Barclays lifted their target price on Caterpillar from $485.00 to $555.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $596.59.

Caterpillar Stock Performance

Caterpillar stock opened at $562.82 on Wednesday. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.38 and a quick ratio of 0.81. The firm’s fifty day moving average price is $491.77 and its 200 day moving average price is $417.84. The company has a market capitalization of $263.39 billion, a price-to-earnings ratio of 28.89, a price-to-earnings-growth ratio of 3.33 and a beta of 1.51. Caterpillar has a 12-month low of $267.30 and a 12-month high of $596.21.

Caterpillar (NYSE:CAT) last announced its earnings results on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.52 by $0.43. Caterpillar had a return on equity of 47.16% and a net margin of 14.34%.The business had revenue of $17.64 billion for the quarter, compared to analyst estimates of $16.72 billion. During the same period in the previous year, the company earned $5.17 earnings per share. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, research analysts forecast that Caterpillar will post 19.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other Caterpillar news, Chairman Donald J. Umpleby III sold 17,166 shares of the firm’s stock in a transaction that occurred on Friday, October 10th. The shares were sold at an average price of $505.29, for a total value of $8,673,808.14. Following the sale, the chairman owned 448,173 shares in the company, valued at approximately $226,457,335.17. This trade represents a 3.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lange Bob De sold 14,638 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $562.36, for a total value of $8,231,825.68. Following the transaction, the insider owned 80,209 shares of the company’s stock, valued at approximately $45,106,333.24. This represents a 15.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 71,823 shares of company stock worth $34,477,790. 0.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Caterpillar

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kilter Group LLC acquired a new stake in shares of Caterpillar in the second quarter worth $27,000. Mid American Wealth Advisory Group Inc. acquired a new stake in Caterpillar during the 2nd quarter worth about $28,000. Marquette Asset Management LLC grew its stake in Caterpillar by 1,060.0% during the 3rd quarter. Marquette Asset Management LLC now owns 58 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 53 shares in the last quarter. Compass Financial Services Inc increased its holdings in shares of Caterpillar by 49.2% in the 1st quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 31 shares during the period. Finally, Family Legacy Financial Solutions LLC purchased a new stake in shares of Caterpillar in the second quarter worth approximately $32,000. 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.