Caterpillar (NYSE:CAT) Given New $320.00 Price Target at Citigroup

Caterpillar (NYSE:CAT - Get Free Report) had its price objective reduced by Citigroup from $430.00 to $320.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the industrial products company's stock. Citigroup's target price suggests a potential upside of 9.08% from the company's previous close.

A number of other equities research analysts also recently issued reports on the company. Truist Financial reduced their price objective on Caterpillar from $438.00 to $389.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Bank of America decreased their price target on shares of Caterpillar from $452.00 to $414.00 and set a "buy" rating on the stock in a report on Friday, January 31st. Evercore ISI increased their price objective on shares of Caterpillar from $365.00 to $375.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Morgan Stanley decreased their target price on shares of Caterpillar from $330.00 to $300.00 and set an "underweight" rating on the stock in a research note on Friday, January 31st. Finally, Raymond James raised Caterpillar from a "market perform" rating to an "outperform" rating in a report on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $373.20.

Remove Ads

Caterpillar Stock Performance

Shares of NYSE CAT traded up $4.19 during mid-day trading on Tuesday, reaching $293.35. 3,197,039 shares of the company were exchanged, compared to its average volume of 2,625,986. The stock has a market capitalization of $140.20 billion, a P/E ratio of 13.29, a P/E/G ratio of 1.87 and a beta of 1.21. The company has a quick ratio of 0.89, a current ratio of 1.42 and a debt-to-equity ratio of 1.40. Caterpillar has a twelve month low of $267.30 and a twelve month high of $418.50. The company's 50-day simple moving average is $333.97 and its 200-day simple moving average is $367.17.

Caterpillar (NYSE:CAT - Get Free Report) last announced its earnings results on Thursday, January 30th. The industrial products company reported $5.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.17. Caterpillar had a net margin of 16.65% and a return on equity of 58.18%. As a group, research analysts predict that Caterpillar will post 19.86 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Jason Kaiser sold 2,425 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $354.70, for a total value of $860,147.50. Following the sale, the insider now owns 6,275 shares in the company, valued at $2,225,742.50. This represents a 27.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Andrew R. J. Bonfield sold 10,000 shares of the firm's stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $380.09, for a total transaction of $3,800,900.00. Following the completion of the transaction, the chief financial officer now directly owns 45,182 shares in the company, valued at approximately $17,173,226.38. The trade was a 18.12 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by corporate insiders.

Institutional Trading of Caterpillar

Several institutional investors and hedge funds have recently modified their holdings of the stock. Flagship Wealth Advisors LLC bought a new position in Caterpillar during the 4th quarter valued at $26,000. Halbert Hargrove Global Advisors LLC bought a new position in shares of Caterpillar during the fourth quarter valued at about $27,000. Cyrus J. Lawrence LLC purchased a new position in Caterpillar during the fourth quarter worth about $27,000. Noble Wealth Management PBC purchased a new stake in Caterpillar in the 4th quarter valued at about $31,000. Finally, Investment Management Corp VA ADV bought a new position in shares of Caterpillar during the 4th quarter worth approximately $33,000. 70.98% of the stock is owned by hedge funds and other 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.