The Goldman Sachs Group Boosts Caterpillar (NYSE:CAT) Price Target to $408.00

Caterpillar (NYSE:CAT) had its price target lifted by investment analysts at The Goldman Sachs Group from $357.00 to $408.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 13.01% from the company’s previous close.

A number of other analysts also recently issued reports on the stock. Morgan Stanley started coverage on shares of Caterpillar in a report on Monday, January 8th. They set an “equal weight” rating and a $270.00 price target for the company. StockNews.com downgraded shares of Caterpillar from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 20th. JPMorgan Chase & Co. raised their price target on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a report on Tuesday. Truist Financial started coverage on shares of Caterpillar in a report on Thursday, March 14th. They set a “buy” rating and a $390.00 price target for the company. Finally, Stifel Nicolaus raised their price target on shares of Caterpillar from $285.00 to $293.00 and gave the stock a “buy” rating in a report on Tuesday, December 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $307.56.

Caterpillar Price Performance

Shares of CAT stock traded down $2.88 during mid-day trading on Tuesday, hitting $361.03. 371,404 shares of the stock were exchanged, compared to its average volume of 2,405,770. The company has a market cap of $180.30 billion, a PE ratio of 17.91, a price-to-earnings-growth ratio of 1.63 and a beta of 1.17. Caterpillar has a 52-week low of $204.04 and a 52-week high of $382.01. The firm has a fifty day moving average of $343.80 and a 200 day moving average of $295.74. The company has a quick ratio of 0.87, a current ratio of 1.35 and a debt-to-equity ratio of 1.25.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Monday, February 5th. The industrial products company reported $5.23 earnings per share for the quarter, beating analysts’ consensus estimates of $4.76 by $0.47. The firm had revenue of $17.07 billion for the quarter, compared to analyst estimates of $17.06 billion. Caterpillar had a net margin of 15.41% and a return on equity of 56.99%. Caterpillar’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period last year, the company posted $3.86 EPS. Research analysts anticipate that Caterpillar will post 21.33 earnings per share for the current year.

Insider Buying and Selling at Caterpillar

In other news, CFO Andrew R. J. Bonfield sold 10,000 shares of Caterpillar stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $300.04, for a total transaction of $3,000,400.00. Following the completion of the sale, the chief financial officer now directly owns 67,317 shares of the company’s stock, valued at approximately $20,197,792.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director David Maclennan acquired 350 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was acquired at an average cost of $323.37 per share, with a total value of $113,179.50. Following the transaction, the director now owns 5,238 shares in the company, valued at $1,693,812.06. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Andrew R. J. Bonfield sold 10,000 shares of Caterpillar stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $300.04, for a total transaction of $3,000,400.00. Following the sale, the chief financial officer now directly owns 67,317 shares of the company’s stock, valued at $20,197,792.68. The disclosure for this sale can be found here. Insiders sold 45,769 shares of company stock valued at $14,509,306 in the last 90 days. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Caterpillar

Institutional investors and hedge funds have recently bought and sold shares of the stock. Atlas Capital Advisors LLC lifted its position in Caterpillar by 272.4% in the first quarter. Atlas Capital Advisors LLC now owns 108 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 79 shares during the last quarter. Aspect Partners LLC purchased a new stake in Caterpillar in the fourth quarter valued at $25,000. Kayne Anderson Rudnick Investment Management LLC lifted its position in Caterpillar by 730.8% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 108 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 95 shares during the last quarter. Partnership Wealth Management LLC purchased a new stake in Caterpillar in the fourth quarter valued at $26,000. Finally, Richardson Financial Services Inc. purchased a new stake in Caterpillar in the fourth quarter valued at $27,000. 70.98% of the stock is 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.