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

Caterpillar (NYSE:CAT) had its price objective hoisted by The Goldman Sachs Group from $357.00 to $408.00 in a report published on Tuesday morning, Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other analysts have also recently weighed in on CAT. Morgan Stanley began coverage on shares of Caterpillar in a report on Monday, January 8th. They issued an equal weight rating and a $270.00 price target on the stock. Evercore ISI lowered shares of Caterpillar from an outperform rating to an in-line rating and lifted their price target for the stock from $321.00 to $338.00 in a report on Tuesday, February 20th. Stifel Nicolaus increased their price objective on Caterpillar from $285.00 to $293.00 and gave the company a buy rating in a report on Tuesday, December 19th. Citigroup boosted their target price on Caterpillar from $255.00 to $340.00 and gave the stock a neutral rating in a research note on Monday, February 12th. Finally, Wells Fargo & Company raised their price target on Caterpillar from $290.00 to $325.00 and gave the stock an equal weight rating in a report on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $307.56.

Caterpillar Stock Performance

Shares of CAT stock opened at $354.68 on Tuesday. The firm has a market cap of $177.13 billion, a price-to-earnings ratio of 17.61, a PEG ratio of 1.59 and a beta of 1.17. Caterpillar has a 52-week low of $204.04 and a 52-week high of $382.01. The company has a quick ratio of 0.87, a current ratio of 1.35 and a debt-to-equity ratio of 1.25. The company’s 50 day moving average is $346.70 and its 200 day moving average is $297.78.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Monday, February 5th. The industrial products company reported $5.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.76 by $0.47. The business had revenue of $17.07 billion for the quarter, compared to the consensus estimate of $17.06 billion. Caterpillar had a return on equity of 56.99% and a net margin of 15.41%. The business’s revenue was up 2.8% compared to the same quarter last year. During the same period last year, the business posted $3.86 EPS. On average, sell-side analysts anticipate that Caterpillar will post 21.4 EPS for the current fiscal year.

Caterpillar Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Monday, April 22nd will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Friday, April 19th. Caterpillar’s dividend payout ratio is currently 25.82%.

Insider Buying and Selling at Caterpillar

In related news, insider Lange Bob De sold 21,194 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $325.52, for a total transaction of $6,899,070.88. Following the sale, the insider now directly owns 61,092 shares of the company’s stock, valued at $19,886,667.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Caterpillar news, insider Lange Bob De sold 21,194 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $325.52, for a total value of $6,899,070.88. Following the completion of the transaction, the insider now directly owns 61,092 shares of the company’s stock, valued at $19,886,667.84. The sale 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 Caterpillar stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $310.10, for a total transaction of $3,101,000.00. Following the transaction, the chief financial officer now directly owns 57,317 shares of the company’s stock, valued at $17,774,001.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,769 shares of company stock worth $14,509,306. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Caterpillar

Several hedge funds have recently modified their holdings of CAT. BCK Partners Inc. purchased a new stake in shares of Caterpillar in the first quarter valued at approximately $2,580,000. Sei Investments Co. increased its holdings in Caterpillar by 17.3% in the 1st quarter. Sei Investments Co. now owns 65,643 shares of the industrial products company’s stock worth $14,634,000 after acquiring an additional 9,695 shares in the last quarter. Dakota Wealth Management acquired a new position in Caterpillar during the first quarter worth $405,000. Mather Group LLC. lifted its holdings in Caterpillar by 6.8% during the first quarter. Mather Group LLC. now owns 2,592 shares of the industrial products company’s stock valued at $577,000 after purchasing an additional 165 shares in the last quarter. Finally, NewEdge Advisors LLC grew its position in shares of Caterpillar by 4.4% in the first quarter. NewEdge Advisors LLC now owns 49,705 shares of the industrial products company’s stock valued at $11,075,000 after purchasing an additional 2,076 shares during the period. 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.