Caterpillar (NYSE:CAT) Price Target Raised to $1,103.00 at Evercore

Key Points

• Evercore raised its price target on Caterpillar from $878 to $1,103, implying about 23% upside from the prior close.
• Other firms have also turned more bullish, with several analysts lifting targets and Caterpillar now holding a Moderate Buy consensus and an average target price of $911.77.
• Caterpillar posted strong quarterly results, with EPS of $5.54 beating estimates and revenue of $17.42 billion topping forecasts, while insider selling and heavy institutional ownership were also noted.

Caterpillar (NYSE:CAT - Get Free Report) had its target price boosted by Evercore from $878.00 to $1,103.00 in a research report issued to clients and investors on Monday,MarketScreener reports. Evercore's target price would indicate a potential upside of 23.08% from the company's previous close.

Several other research firms also recently commented on CAT. Williams Trading set a $825.00 target price on Caterpillar in a research report on Tuesday, March 10th. Oppenheimer set a $980.00 target price on Caterpillar and gave the stock an "outperform" rating in a report on Friday, May 1st. DA Davidson upped their price objective on Caterpillar from $650.00 to $845.00 and gave the stock a "neutral" rating in a report on Monday, May 4th. Jefferies Financial Group raised their price objective on Caterpillar from $900.00 to $1,045.00 and gave the company a "buy" rating in a report on Friday, May 1st. Finally, UBS Group restated a "neutral" rating and set a $677.00 price objective on shares of Caterpillar in a research report on Monday, February 2nd. Sixteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, Caterpillar presently has a consensus rating of "Moderate Buy" and an average target price of $911.77.

Caterpillar Price Performance

NYSE CAT opened at $896.14 on Monday. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.35 and a quick ratio of 0.81. The stock's 50-day moving average is $755.75 and its two-hundred day moving average is $664.91. The firm has a market cap of $412.75 billion, a P/E ratio of 44.61, a price-to-earnings-growth ratio of 1.80 and a beta of 1.63. Caterpillar has a fifty-two week low of $323.31 and a fifty-two week high of $931.35.

Caterpillar (NYSE:CAT - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The industrial products company reported $5.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.65 by $0.89. The firm had revenue of $17.42 billion for the quarter, compared to analyst estimates of $16.53 billion. Caterpillar had a return on equity of 48.21% and a net margin of 13.33%.The company's quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the previous year, the company posted $4.25 earnings per share. On average, analysts anticipate that Caterpillar will post 24.21 earnings per share for the current fiscal year.

Insider Activity

In other Caterpillar news, insider Jason Kaiser sold 5,642 shares of the business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $883.03, for a total transaction of $4,982,055.26. Following the sale, the insider owned 9,594 shares of the company's stock, valued at approximately $8,471,789.82. The trade was a 37.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Lange Bob De sold 24,222 shares of the business's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $922.92, for a total transaction of $22,354,968.24. Following the sale, the insider directly owned 86,029 shares in the company, valued at approximately $79,397,884.68. The trade was a 21.97% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 75,734 shares of company stock valued at $67,054,613. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Caterpillar

A number of institutional investors have recently bought and sold shares of the company. Cornerstone Advisory LLC increased its holdings in shares of Caterpillar by 0.7% during the first quarter. Cornerstone Advisory LLC now owns 1,818 shares of the industrial products company's stock valued at $1,288,000 after acquiring an additional 12 shares in the last quarter. Advisory Resource Group raised its position in shares of Caterpillar by 0.8% during the fourth quarter. Advisory Resource Group now owns 1,632 shares of the industrial products company's stock worth $935,000 after purchasing an additional 13 shares during the period. Sunbeam Capital Management LLC raised its position in shares of Caterpillar by 1.1% during the first quarter. Sunbeam Capital Management LLC now owns 1,164 shares of the industrial products company's stock worth $825,000 after purchasing an additional 13 shares during the period. Brandywine Oak Private Wealth LLC raised its position in shares of Caterpillar by 2.6% during the first quarter. Brandywine Oak Private Wealth LLC now owns 506 shares of the industrial products company's stock worth $358,000 after purchasing an additional 13 shares during the period. Finally, Sylvest Advisors LLC lifted its position in Caterpillar by 3.6% in the 1st quarter. Sylvest Advisors LLC now owns 377 shares of the industrial products company's stock valued at $267,000 after acquiring an additional 13 shares in the last quarter. Institutional investors own 70.98% of the company's stock.

Caterpillar Company Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company's product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

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