Caterpillar (NYSE:CAT) Sets New 12-Month High at $389.43

Caterpillar Inc. (NYSE:CAT)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $389.43 and last traded at $384.82, with a volume of 1165065 shares trading hands. The stock had previously closed at $371.17.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CAT shares. Bank of America decreased their price target on Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Raymond James initiated coverage on shares of Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Citigroup assumed coverage on shares of Caterpillar in a research report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price objective for the company. Truist Financial restated a “buy” rating and issued a $399.00 target price (up previously from $390.00) on shares of Caterpillar in a report on Wednesday, August 7th. Finally, StockNews.com raised shares of Caterpillar from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $336.31.

Caterpillar Trading Up 3.8 %

The firm has a market capitalization of $188.40 billion, a price-to-earnings ratio of 16.76, a price-to-earnings-growth ratio of 1.56 and a beta of 1.10. The business’s 50 day moving average price is $344.19 and its 200-day moving average price is $345.12. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.28 and a quick ratio of 0.78.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. Caterpillar had a return on equity of 59.88% and a net margin of 16.58%. The business had revenue of $16.69 billion during the quarter, compared to the consensus estimate of $16.91 billion. During the same period in the prior year, the business posted $5.55 EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. Equities analysts forecast that Caterpillar Inc. will post 21.88 EPS for the current fiscal year.

Caterpillar declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 12th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Caterpillar

In related news, Director Gerald Johnson bought 100 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was bought at an average cost of $338.59 per share, with a total value of $33,859.00. Following the completion of the acquisition, the director now owns 2,842 shares in the company, valued at approximately $962,272.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Caterpillar news, Director Gerald Johnson acquired 100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were acquired at an average cost of $338.59 per share, for a total transaction of $33,859.00. Following the transaction, the director now directly owns 2,842 shares of the company’s stock, valued at $962,272.78. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $350.00, for a total transaction of $527,800.00. Following the transaction, the insider now owns 18,515 shares of the company’s stock, valued at $6,480,250. The disclosure for this sale can be found here. Insiders sold 7,668 shares of company stock worth $2,665,760 over the last 90 days. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Caterpillar

Several hedge funds have recently bought and sold shares of CAT. Gilbert & Cook Inc. grew its holdings in shares of Caterpillar by 3.9% during the fourth quarter. Gilbert & Cook Inc. now owns 5,059 shares of the industrial products company’s stock worth $1,496,000 after buying an additional 192 shares in the last quarter. 9258 Wealth Management LLC increased its stake in shares of Caterpillar by 1.5% during the 4th quarter. 9258 Wealth Management LLC now owns 3,839 shares of the industrial products company’s stock valued at $1,135,000 after acquiring an additional 55 shares during the last quarter. Rollins Financial lifted its holdings in shares of Caterpillar by 49.1% during the 4th quarter. Rollins Financial now owns 6,395 shares of the industrial products company’s stock worth $1,891,000 after acquiring an additional 2,107 shares during the period. Gryphon Financial Partners LLC boosted its position in shares of Caterpillar by 6.6% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,496 shares of the industrial products company’s stock worth $420,000 after acquiring an additional 92 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in Caterpillar in the fourth quarter valued at approximately $278,000. 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.