Citigroup Issues Positive Forecast for Caterpillar (NYSE:CAT) Stock Price

Caterpillar (NYSE:CAT) had its price target upped by stock analysts at Citigroup from $670.00 to $690.00 in a research report issued on Wednesday,MarketScreener reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Citigroup’s price objective indicates a potential upside of 14.21% from the company’s current price.

A number of other research firms also recently commented on CAT. Truist Financial reiterated a “buy” rating and issued a $729.00 price objective (up previously from $582.00) on shares of Caterpillar in a report on Thursday, October 30th. Evercore ISI increased their price target on shares of Caterpillar from $476.00 to $630.00 and gave the company an “outperform” rating in a research report on Monday, November 17th. Bank of America boosted their price objective on shares of Caterpillar from $594.00 to $650.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Royal Bank Of Canada started coverage on shares of Caterpillar in a report on Wednesday, October 22nd. They issued a “sector perform” rating and a $560.00 target price on the stock. Finally, Jefferies Financial Group boosted their price target on shares of Caterpillar from $570.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $612.16.

Caterpillar Price Performance

CAT opened at $604.16 on Wednesday. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.38 and a quick ratio of 0.86. The stock has a market capitalization of $282.73 billion, a P/E ratio of 31.00, a price-to-earnings-growth ratio of 2.81 and a beta of 1.57. The company’s 50 day simple moving average is $547.27 and its 200-day simple moving average is $456.77. Caterpillar has a one year low of $267.30 and a one year high of $607.00.

Caterpillar (NYSE:CAT) last released its earnings results on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.52 by $0.43. Caterpillar had a net margin of 14.34% and a return on equity of 47.16%. The company had revenue of $17.64 billion for the quarter, compared to the consensus estimate of $16.72 billion. During the same period in the prior year, the company posted $5.17 EPS. The company’s revenue was up 9.5% compared to the same quarter last year. Sell-side analysts anticipate that Caterpillar will post 19.86 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Lange Bob De sold 14,638 shares of Caterpillar 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 sale, the insider owned 80,209 shares of the company’s stock, valued at approximately $45,106,333.24. This trade represents a 15.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Kaiser sold 10,707 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $563.60, for a total value of $6,034,465.20. Following the transaction, the insider directly owned 8,649 shares of the company’s stock, valued at approximately $4,874,576.40. This trade represents a 55.32% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 79,061 shares of company stock worth $41,949,366. 0.33% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Pacific Point Advisors LLC acquired a new stake in shares of Caterpillar in the fourth quarter valued at about $579,000. Brighton Jones LLC increased its position in shares of Caterpillar by 51.5% during the 4th quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company’s stock worth $2,688,000 after purchasing an additional 2,519 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Caterpillar by 9.8% during the 1st quarter. Russell Investments Group Ltd. now owns 173,702 shares of the industrial products company’s stock worth $57,284,000 after purchasing an additional 15,455 shares in the last quarter. LGT Group Foundation boosted its holdings in shares of Caterpillar by 2.8% in the 1st quarter. LGT Group Foundation now owns 5,810 shares of the industrial products company’s stock valued at $1,916,000 after buying an additional 160 shares during the last quarter. Finally, Fox Hill Wealth Management grew its stake in shares of Caterpillar by 152.2% in the first quarter. Fox Hill Wealth Management now owns 3,160 shares of the industrial products company’s stock valued at $1,042,000 after buying an additional 1,907 shares in 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.