Bank of America Reaffirms Buy Rating for Caterpillar (CAT)
Bank of America reaffirmed their buy rating on shares of Caterpillar (NYSE:CAT) in a report issued on Friday morning, Marketbeat reports. They currently have a $189.00 price objective on the industrial products company’s stock, up from their previous price objective of $158.00.
CAT has been the subject of several other research reports. BMO Capital Markets lifted their price target on Caterpillar from $130.00 to $150.00 and gave the stock an outperform rating in a research note on Thursday, September 14th. Citigroup lifted their price target on Caterpillar from $145.00 to $160.00 and gave the stock a neutral rating in a research note on Thursday, December 21st. Vetr raised Caterpillar from a sell rating to a hold rating and set a $131.05 price target for the company in a research note on Thursday, October 19th. Zacks Investment Research downgraded Caterpillar from a strong-buy rating to a hold rating in a research note on Tuesday, September 26th. Finally, Argus lifted their price target on Caterpillar from $130.00 to $155.00 and gave the stock a buy rating in a research note on Thursday, October 26th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the company. Caterpillar has a consensus rating of Hold and an average target price of $148.24.
Caterpillar (NYSE:CAT) opened at $170.30 on Friday. The stock has a market capitalization of $101,317.20, a price-to-earnings ratio of 118.26, a PEG ratio of 2.09 and a beta of 1.29. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.04 and a current ratio of 1.44. Caterpillar has a one year low of $90.34 and a one year high of $170.67.
Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.68. The business had revenue of $11.41 billion during the quarter, compared to the consensus estimate of $10.69 billion. Caterpillar had a return on equity of 23.22% and a net margin of 2.09%. The business’s revenue was up 24.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.85 EPS. research analysts forecast that Caterpillar will post 6.46 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 20th. Shareholders of record on Monday, January 22nd will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 1.83%. The ex-dividend date is Friday, January 19th. Caterpillar’s dividend payout ratio (DPR) is 216.67%.
In other Caterpillar news, insider Thomas A. Pellette sold 24,547 shares of Caterpillar stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $135.69, for a total value of $3,330,782.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jananne A. Copeland sold 3,247 shares of Caterpillar stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $136.95, for a total value of $444,676.65. Following the completion of the sale, the insider now owns 8,908 shares of the company’s stock, valued at approximately $1,219,950.60. The disclosure for this sale can be found here. Insiders sold a total of 52,989 shares of company stock valued at $7,235,850 in the last 90 days. 0.14% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of CAT. Quadrant Capital Group LLC grew its holdings in shares of Caterpillar by 10.6% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,339 shares of the industrial products company’s stock worth $102,000 after purchasing an additional 128 shares during the period. Baker Ellis Asset Management LLC purchased a new stake in shares of Caterpillar during the 2nd quarter worth about $104,000. Motco grew its holdings in shares of Caterpillar by 264.9% during the 2nd quarter. Motco now owns 989 shares of the industrial products company’s stock worth $106,000 after purchasing an additional 718 shares during the period. Acrospire Investment Management LLC grew its holdings in shares of Caterpillar by 900.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,000 shares of the industrial products company’s stock worth $107,000 after purchasing an additional 900 shares during the period. Finally, Chicago Partners Investment Group LLC grew its holdings in shares of Caterpillar by 75.6% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 1,152 shares of the industrial products company’s stock worth $118,000 after purchasing an additional 496 shares during the period. Institutional investors and hedge funds own 68.55% of the company’s stock.
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