Caterpillar (NYSE:CAT) Stock Price Up 0.7%

Caterpillar Inc. (NYSE:CAT) shot up 0.7% during trading on Thursday . The stock traded as high as $329.15 and last traded at $328.88. 417,466 shares were traded during mid-day trading, a decline of 84% from the average session volume of 2,657,287 shares. The stock had previously closed at $326.73.

Analysts Set New Price Targets

CAT has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price target on shares of Caterpillar from $385.00 to $435.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. TD Cowen increased their target price on shares of Caterpillar from $338.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Oppenheimer restated a “market perform” rating on shares of Caterpillar in a report on Thursday, April 18th. Citigroup began coverage on Caterpillar in a research report on Wednesday. They set a “buy” rating and a $380.00 price target for the company. Finally, Truist Financial initiated coverage on Caterpillar in a research report on Thursday, March 14th. They issued a “buy” rating and a $390.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Caterpillar currently has an average rating of “Hold” and a consensus price target of $329.63.

Caterpillar Stock Up 0.1 %

The stock has a market capitalization of $159.93 billion, a PE ratio of 14.79, a P/E/G ratio of 1.68 and a beta of 1.14. The stock’s 50-day moving average price is $341.98 and its two-hundred day moving average price is $328.08. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.83 and a current ratio of 1.35.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.60 earnings per share for the quarter, topping analysts’ consensus estimates of $5.12 by $0.48. The business had revenue of $15.80 billion for the quarter, compared to analysts’ expectations of $16.07 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. As a group, analysts expect that Caterpillar Inc. will post 21.84 EPS for the current fiscal year.

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd will be paid a dividend of $1.41 per share. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Monday, July 22nd. Caterpillar’s dividend payout ratio (DPR) is currently 23.48%.

Caterpillar declared that its board has initiated a stock repurchase plan on Wednesday, June 12th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 12.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, Director David Maclennan purchased 500 shares of the stock in a transaction dated Friday, May 3rd. The shares were purchased at an average cost of $337.39 per share, with a total value of $168,695.00. Following the completion of the acquisition, the director now directly owns 5,738 shares in the company, valued at approximately $1,935,943.82. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director David Maclennan acquired 500 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was purchased at an average cost of $337.39 per share, with a total value of $168,695.00. Following the completion of the acquisition, the director now directly owns 5,738 shares of the company’s stock, valued at $1,935,943.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $340.00, for a total transaction of $512,720.00. Following the completion of the sale, the insider now directly owns 20,023 shares of the company’s stock, valued at approximately $6,807,820. The disclosure for this sale can be found here. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Caterpillar

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Waterway Wealth Management LLC purchased a new position in shares of Caterpillar during the 4th quarter worth $352,000. Farmers Trust Co. raised its stake in Caterpillar by 2.7% during the 4th quarter. Farmers Trust Co. now owns 4,490 shares of the industrial products company’s stock worth $1,328,000 after acquiring an additional 120 shares during the period. Firethorn Wealth Partners LLC boosted its position in shares of Caterpillar by 19.4% in the fourth quarter. Firethorn Wealth Partners LLC now owns 1,825 shares of the industrial products company’s stock worth $540,000 after purchasing an additional 296 shares during the period. Axxcess Wealth Management LLC increased its stake in shares of Caterpillar by 20.0% in the fourth quarter. Axxcess Wealth Management LLC now owns 21,343 shares of the industrial products company’s stock worth $6,310,000 after purchasing an additional 3,558 shares in the last quarter. Finally, Rise Advisors LLC raised its position in shares of Caterpillar by 7.8% during the 4th quarter. Rise Advisors LLC now owns 1,074 shares of the industrial products company’s stock valued at $318,000 after purchasing an additional 78 shares during the period. Hedge funds and other 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.