Caterpillar (NYSE:CAT) Upgraded to "Neutral" at Robert W. Baird

Caterpillar (NYSE:CAT - Get Free Report) was upgraded by analysts at Robert W. Baird from an "underperform" rating to a "neutral" rating in a note issued to investors on Thursday, MarketBeat Ratings reports. The firm presently has a $309.00 price target on the industrial products company's stock, up from their prior price target of $300.00. Robert W. Baird's price objective would indicate a potential downside of 4.55% from the stock's previous close.

CAT has been the topic of several other reports. JPMorgan Chase & Co. lowered their price objective on Caterpillar from $490.00 to $380.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Wedbush raised Caterpillar to an "outperform" rating in a research note on Monday, February 3rd. Truist Financial reduced their price objective on Caterpillar from $438.00 to $389.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Raymond James raised shares of Caterpillar from a "market perform" rating to an "outperform" rating in a research note on Monday, February 3rd. Finally, Bank of America dropped their target price on shares of Caterpillar from $452.00 to $414.00 and set a "buy" rating for the company in a report on Friday, January 31st. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $366.00.

Caterpillar Price Performance

Shares of Caterpillar stock traded up $9.78 on Thursday, reaching $323.74. The company's stock had a trading volume of 3,764,228 shares, compared to its average volume of 2,631,022. Caterpillar has a 52-week low of $267.30 and a 52-week high of $418.50. The company has a market capitalization of $154.73 billion, a P/E ratio of 14.67, a PEG 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. The stock has a 50-day moving average price of $318.18 and a 200-day moving average price of $357.53.

Caterpillar (NYSE:CAT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share for the quarter, missing analysts' consensus estimates of $4.35 by ($0.10). The company had revenue of $14.25 billion for the quarter, compared to analyst estimates of $14.64 billion. Caterpillar had a return on equity of 58.18% and a net margin of 16.65%. During the same quarter in the prior year, the company posted $5.60 earnings per share. The business's revenue was down 9.8% on a year-over-year basis. Analysts expect that Caterpillar will post 19.86 EPS for the current year.

Insider Activity

In other news, insider Jason Kaiser sold 2,425 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $354.70, for a total value of $860,147.50. Following the transaction, the insider now directly owns 6,275 shares in the company, valued at approximately $2,225,742.50. This represents a 27.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gerald Johnson bought 100 shares of the company's stock in a transaction that occurred on Tuesday, February 4th. The stock was bought at an average price of $365.57 per share, with a total value of $36,557.00. Following the acquisition, the director now directly owns 3,053 shares in the company, valued at $1,116,085.21. The trade was a 3.39 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.29% of the company's stock.

Hedge Funds Weigh In On Caterpillar

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