Robert W. Baird Increases Caterpillar (NYSE:CAT) Price Target to $612.00

Key Points

• Robert W. Baird has raised Caterpillar's price target from $540.00 to $612.00, indicating a potential upside of 15.66% from the current stock price.
• Major financial institutions have recently upgraded their price targets for Caterpillar, with JPMorgan Chase & Co. increasing theirs to $650.00 and Bank of America to $594.00.
• Caterpillar reported a quarterly earnings miss with $4.72 earnings per share, falling short of analysts' expectations of $4.88, despite achieving a revenue of $16.57 billion.

Caterpillar (NYSE:CAT - Get Free Report) had its target price hoisted by equities researchers at Robert W. Baird from $540.00 to $612.00 in a report issued on Monday,MarketScreener reports. Robert W. Baird's price target indicates a potential upside of 15.66% from the company's current price.

Several other research analysts also recently commented on the company. UBS Group lifted their price objective on Caterpillar from $450.00 to $506.00 and gave the stock a "neutral" rating in a report on Monday, October 13th. JPMorgan Chase & Co. boosted their price target on Caterpillar from $505.00 to $650.00 and gave the company an "overweight" rating in a report on Tuesday, October 14th. Bank of America boosted their price target on Caterpillar from $517.00 to $594.00 and gave the company a "buy" rating in a report on Wednesday, October 15th. Citigroup boosted their price target on Caterpillar from $540.00 to $570.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. Finally, Truist Financial upped their target price on Caterpillar from $507.00 to $582.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $515.40.

Caterpillar Trading Up 0.4%

NYSE CAT opened at $529.12 on Monday. The stock's 50-day simple moving average is $453.38 and its two-hundred day simple moving average is $391.52. Caterpillar has a twelve month low of $267.30 and a twelve month high of $544.99. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $247.88 billion, a price-to-earnings ratio of 27.02, a PEG ratio of 3.00 and a beta of 1.46.

Caterpillar (NYSE:CAT - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share for the quarter, missing analysts' consensus estimates of $4.88 by ($0.16). The firm had revenue of $16.57 billion for the quarter, compared to analysts' expectations of $16.14 billion. Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The company's revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.99 EPS. Research analysts forecast that Caterpillar will post 19.86 EPS for the current fiscal year.

Insider Transactions at Caterpillar

In other Caterpillar news, Chairman Donald J. Umpleby III sold 17,166 shares of the stock in a transaction on Friday, October 10th. The stock was sold at an average price of $505.29, for a total value of $8,673,808.14. Following the completion of the sale, the chairman owned 448,173 shares in the company, valued at approximately $226,457,335.17. This represents a 3.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Susan C. Schwab sold 2,324 shares of the firm's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $410.00, for a total value of $952,840.00. Following the transaction, the director owned 6,917 shares of the company's stock, valued at approximately $2,835,970. The trade was a 25.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,985 shares of company stock worth $25,559,300 in the last three months. Corporate insiders own 0.33% of the company's stock.

Institutional Trading of Caterpillar

Institutional investors have recently added to or reduced their stakes in the company. Fisher Asset Management LLC increased its holdings in Caterpillar by 2.3% during the second quarter. Fisher Asset Management LLC now owns 9,418,321 shares of the industrial products company's stock valued at $3,656,286,000 after buying an additional 208,196 shares during the period. Valeo Financial Advisors LLC lifted its position in Caterpillar by 36,842.1% during the 2nd quarter. Valeo Financial Advisors LLC now owns 7,299,751 shares of the industrial products company's stock worth $2,833,836,000 after acquiring an additional 7,279,991 shares during the period. Norges Bank acquired a new stake in Caterpillar during the 2nd quarter worth about $2,165,899,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Caterpillar by 6.7% during the first 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 period. Finally, Charles Schwab Investment Management Inc. lifted its position in Caterpillar by 1.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 3,337,915 shares of the industrial products company's stock valued at $1,295,432,000 after purchasing an additional 33,467 shares during the period. Institutional investors own 70.98% of the company's stock.

Caterpillar Company Profile

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.

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