Caterpillar (NYSE:CAT) Given New $708.00 Price Target at Bank of America

Caterpillar (NYSE:CAT) had its target price lifted by stock analysts at Bank of America from $650.00 to $708.00 in a report issued on Wednesday,MarketScreener reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Bank of America‘s target price points to a potential upside of 9.42% from the stock’s current price.

A number of other analysts also recently weighed in on CAT. Oppenheimer upped their price target on shares of Caterpillar from $513.00 to $645.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. Hsbc Global Res raised Caterpillar from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 6th. JPMorgan Chase & Co. boosted their price target on Caterpillar from $730.00 to $740.00 and gave the stock an “overweight” rating in a report on Wednesday. HSBC raised Caterpillar from a “hold” rating to a “buy” rating and raised their price objective for the company from $405.00 to $660.00 in a research note on Wednesday, November 5th. Finally, Wolfe Research boosted their target price on Caterpillar from $470.00 to $670.00 and gave the stock an “outperform” rating in a research note on Friday, January 2nd. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Caterpillar presently has an average rating of “Moderate Buy” and a consensus price target of $623.10.

Caterpillar Stock Performance

Shares of CAT traded up $8.30 during mid-day trading on Wednesday, hitting $647.05. 2,051,809 shares of the company’s stock were exchanged, compared to its average volume of 2,409,672. The company has a quick ratio of 0.86, a current ratio of 1.38 and a debt-to-equity ratio of 1.34. Caterpillar has a 52 week low of $267.30 and a 52 week high of $652.36. The stock’s 50-day simple moving average is $583.66 and its 200-day simple moving average is $499.29. The firm has a market cap of $302.81 billion, a price-to-earnings ratio of 33.22, a price-to-earnings-growth ratio of 2.47 and a beta of 1.57.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Monday, November 3rd. The industrial products company reported $4.95 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $16.72 billion. During the same period in the previous year, the company posted $5.17 earnings per share. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, equities research analysts expect that Caterpillar will post 19.86 EPS for the current year.

Insider Activity at Caterpillar

In related news, Director David Maclennan acquired 300 shares of the stock in a transaction dated Thursday, November 6th. The stock was bought at an average price of $568.86 per share, for a total transaction of $170,658.00. Following the purchase, the director directly owned 7,947 shares of the company’s stock, valued at $4,520,730.42. The trade was a 3.92% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew R. J. Bonfield sold 10,000 shares of the firm’s stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $575.06, for a total transaction of $5,750,600.00. Following the completion of the sale, the chief financial officer owned 45,460 shares of the company’s stock, valued at $26,142,227.60. The trade was a 18.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 54,729 shares of company stock worth $31,084,308. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Caterpillar

A number of hedge funds have recently added to or reduced their stakes in the company. Lodestone Wealth Management LLC bought a new stake in shares of Caterpillar during the fourth quarter valued at approximately $93,000. Frank Rimerman Advisors LLC increased its position in shares of Caterpillar by 14.0% during the fourth quarter. Frank Rimerman Advisors LLC now owns 5,391 shares of the industrial products company’s stock worth $3,088,000 after acquiring an additional 661 shares in the last quarter. Nilsine Partners LLC raised its holdings in shares of Caterpillar by 0.6% in the 4th quarter. Nilsine Partners LLC now owns 9,333 shares of the industrial products company’s stock worth $5,347,000 after acquiring an additional 57 shares during the last quarter. Three Seasons Wealth LLC bought a new position in Caterpillar in the 4th quarter valued at about $682,000. Finally, KRS Capital Management LLC acquired a new position in Caterpillar during the 4th quarter valued at about $215,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Caterpillar Company Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.