Evercore ISI Boosts Caterpillar (NYSE:CAT) Price Target to $630.00

Caterpillar (NYSE:CAT) had its target price raised by analysts at Evercore ISI from $476.00 to $630.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. Evercore ISI’s price objective points to a potential upside of 13.61% from the company’s previous close.

A number of other equities analysts have also recently commented on CAT. Royal Bank Of Canada began coverage on Caterpillar in a report on Wednesday, October 22nd. They set a “sector perform” rating and a $560.00 target price for the company. Erste Group Bank raised Caterpillar from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Argus lifted their target price on shares of Caterpillar from $460.00 to $625.00 and gave the stock a “buy” rating in a research note on Wednesday. Truist Financial reiterated a “buy” rating and issued a $729.00 target price (up from $582.00) on shares of Caterpillar in a research report on Thursday, October 30th. Finally, Wells Fargo & Company initiated coverage on shares of Caterpillar in a research report on Thursday, November 13th. They set an “overweight” rating and a $675.00 price target on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $610.32.

Caterpillar Price Performance

NYSE:CAT opened at $554.54 on Monday. The company has a quick ratio of 0.81, 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 $596.21. The stock’s 50-day moving average price is $511.40 and its 200-day moving average price is $431.86. The stock has a market capitalization of $259.51 billion, a PE ratio of 28.37, a price-to-earnings-growth ratio of 3.33 and a beta of 1.51.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $16.72 billion. During the same period in the prior year, the business posted $5.17 earnings per share. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, equities analysts expect that Caterpillar will post 19.86 EPS for the current fiscal year.

Insider Activity

In related news, CAO William E. Schaupp sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $572.22, for a total value of $686,664.00. Following the transaction, the chief accounting officer directly owned 1,323 shares in the company, valued at approximately $757,047.06. This represents a 47.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Anthony D. Fassino sold 8,184 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $570.18, for a total value of $4,666,353.12. Following the sale, the insider directly owned 41,512 shares of the company’s stock, valued at approximately $23,669,312.16. This trade represents a 16.47% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 86,229 shares of company stock worth $43,323,118. 0.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Marquette Asset Management LLC grew its stake in shares of Caterpillar by 1,060.0% in the third quarter. Marquette Asset Management LLC now owns 58 shares of the industrial products company’s stock valued at $28,000 after buying an additional 53 shares in the last quarter. Joseph Group Capital Management acquired a new stake in Caterpillar during the 3rd quarter worth approximately $32,000. Kilter Group LLC purchased a new position in Caterpillar in the 2nd quarter valued at approximately $27,000. Mid American Wealth Advisory Group Inc. purchased a new stake in shares of Caterpillar during the second quarter worth $28,000. Finally, Sellwood Investment Partners LLC acquired a new stake in shares of Caterpillar in the third quarter valued at $35,000. Hedge funds and other institutional investors 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.