Caterpillar shares have hit record highs in recent months. Here's how it's recovering from the pandemic

Caterpillar is one of the world's leading industrials companies, and it is poised for some growth in the next few years, industry analysts say.

Shares of the company have hit record highs in recent weeks, most recently a high of $203.29 on Feb. 16.

Rising commodity prices, expected construction activity growth, and possibly new infrastructure legislation in Washington are all positive signs for Caterpillar in the near future.

It is good news for a company that has experienced some tough times in recent years. The company bet heavily on expanding its mining equipment business about a decade ago when commodity prices were sky high, only to watch prices fall again. Caterpillar sales fell along with them.

Since then, the firm known for its big yellow iron equipment has been restructuring and is developing some new products and solutions that could contribute to its growth, including self-driving vehicles, remotely operated equipment and telematics software.

In the meantime, analysts say rising commodity prices are a sign at least some parts of the world are ready to get back to work again.