Caterpillar (NYSE:CAT) Given New $483.00 Price Target at Oppenheimer

Caterpillar (NYSE:CAT - Get Free Report) had its price target lifted by equities research analysts at Oppenheimer from $395.00 to $483.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the industrial products company's stock. Oppenheimer's target price would suggest a potential upside of 16.70% from the stock's previous close.

A number of other analysts also recently commented on CAT. UBS Group upgraded shares of Caterpillar from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $272.00 to $357.00 in a research report on Friday, May 16th. Morgan Stanley upgraded shares of Caterpillar from an "underweight" rating to an "equal weight" rating and dropped their price target for the stock from $300.00 to $283.00 in a research report on Wednesday, April 16th. Robert W. Baird boosted their target price on shares of Caterpillar from $395.00 to $422.00 and gave the stock an "outperform" rating in a report on Friday, June 20th. JPMorgan Chase & Co. boosted their price objective on shares of Caterpillar from $395.00 to $475.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, Truist Financial boosted their target price on shares of Caterpillar from $396.00 to $414.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $412.33.

Caterpillar Stock Performance

Shares of NYSE CAT traded down $4.19 during midday trading on Thursday, hitting $413.88. The company's stock had a trading volume of 2,525,098 shares, compared to its average volume of 2,517,427. Caterpillar has a 1-year low of $267.30 and a 1-year high of $419.90. The firm's fifty day moving average price is $367.85 and its 200-day moving average price is $349.43. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.77 and a current ratio of 1.32. The firm has a market cap of $194.95 billion, a P/E ratio of 20.17, a P/E/G ratio of 2.73 and a beta of 1.38.

Caterpillar (NYSE:CAT - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $4.25 EPS for the quarter, missing analysts' consensus estimates of $4.35 by ($0.10). Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The company had revenue of $14.25 billion for the quarter, compared to the consensus estimate of $14.64 billion. During the same quarter last year, the firm posted $5.60 earnings per share. The firm's quarterly revenue was down 9.8% compared to the same quarter last year. On average, sell-side analysts forecast that Caterpillar will post 19.86 EPS for the current fiscal year.

Insider Buying and Selling at Caterpillar

In other news, Director David Maclennan bought 375 shares of the stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average price of $320.70 per share, with a total value of $120,262.50. Following the acquisition, the director owned 6,653 shares in the company, valued at $2,133,617.10. This trade represents a 5.97% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Caterpillar

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Caterpillar by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 46,809,540 shares of the industrial products company's stock worth $16,980,629,000 after acquiring an additional 284,366 shares during the last quarter. Geode Capital Management LLC grew its holdings in Caterpillar by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 10,449,770 shares of the industrial products company's stock worth $3,790,841,000 after acquiring an additional 236,315 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Caterpillar by 11.8% in the 4th quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company's stock valued at $2,483,937,000 after purchasing an additional 724,477 shares during the last quarter. Norges Bank bought a new position in shares of Caterpillar in the 4th quarter valued at about $2,184,364,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Caterpillar by 6.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,204,445 shares of the industrial products company's stock valued at $1,386,626,000 after purchasing an additional 264,054 shares during the last quarter. 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.