Caterpillar (NYSE:CAT) Hits New 52-Week High – Here’s What Happened

Caterpillar Inc. (NYSE:CAT)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $743.50 and last traded at $742.51, with a volume of 2493254 shares trading hands. The stock had previously closed at $726.20.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Argus raised their price objective on Caterpillar from $460.00 to $625.00 and gave the stock a “buy” rating in a report on Wednesday, November 19th. William Blair set a $735.00 price objective on shares of Caterpillar in a research note on Friday, January 30th. DA Davidson boosted their price target on shares of Caterpillar from $569.00 to $650.00 and gave the company a “neutral” rating in a report on Monday, February 2nd. HSBC upped their price target on shares of Caterpillar from $660.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Finally, Jefferies Financial Group lifted their price objective on shares of Caterpillar from $700.00 to $750.00 and gave the company a “buy” rating in a report on Tuesday, January 27th. Sixteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $690.90.

Caterpillar Trading Up 2.2%

The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.94 and a current ratio of 1.44. The company has a 50 day simple moving average of $620.65 and a two-hundred day simple moving average of $532.69. The firm has a market cap of $347.48 billion, a PE ratio of 39.45, a P/E/G ratio of 1.72 and a beta of 1.58.

Caterpillar (NYSE:CAT) last issued its earnings results on Thursday, January 29th. The industrial products company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.49. The firm had revenue of $19.13 billion during the quarter, compared to analysts’ expectations of $17.81 billion. Caterpillar had a net margin of 13.14% and a return on equity of 45.76%. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same quarter last year, the company posted $5.14 earnings per share. Analysts expect that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 19th. Stockholders of record on Tuesday, January 20th will be paid a $1.51 dividend. The ex-dividend date is Tuesday, January 20th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 0.8%. Caterpillar’s dividend payout ratio is presently 32.09%.

Insider Buying and Selling

In related news, insider Lange Bob De sold 22,656 shares of the business’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $720.11, for a total value of $16,314,812.16. Following the completion of the transaction, the insider directly owned 79,953 shares in the company, valued at $57,574,954.83. The trade was a 22.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Anthony D. Fassino sold 10,671 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $680.45, for a total transaction of $7,261,081.95. Following the sale, the insider owned 41,151 shares in the company, valued at approximately $28,001,197.95. This represents a 20.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 130,545 shares of company stock valued at $88,294,733 in the last ninety days. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Caterpillar

A number of institutional investors have recently modified their holdings of the business. Norges Bank acquired a new stake in shares of Caterpillar in the 2nd quarter valued at $2,165,899,000. Groupe la Francaise increased its position in shares of Caterpillar by 82.0% during the second quarter. Groupe la Francaise now owns 27,246 shares of the industrial products company’s stock worth $10,820,000 after purchasing an additional 12,278 shares in the last quarter. Union Bancaire Privee UBP SA lifted its holdings in shares of Caterpillar by 155.9% in the 3rd quarter. Union Bancaire Privee UBP SA now owns 47,231 shares of the industrial products company’s stock valued at $21,014,000 after purchasing an additional 28,773 shares during the last quarter. ZEGA Investments LLC boosted its position in shares of Caterpillar by 149.6% in the 3rd quarter. ZEGA Investments LLC now owns 4,184 shares of the industrial products company’s stock valued at $1,996,000 after purchasing an additional 2,508 shares during the period. Finally, Palmer Knight Co acquired a new position in Caterpillar during the second quarter worth approximately $5,884,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

About Caterpillar

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.