Caterpillar, Inc. (CAT) Rating Reiterated by Bank of America Corporation
Bank of America Corporation reiterated their buy rating on shares of Caterpillar, Inc. (NYSE:CAT) in a research report sent to investors on Thursday morning. Bank of America Corporation currently has a $135.00 price objective on the industrial products company’s stock, up from their previous price objective of $120.00.
Several other equities research analysts have also recently commented on the company. Goldman Sachs Group, Inc. (The) raised Caterpillar from a buy rating to a conviction-buy rating and set a $120.00 target price for the company in a research note on Tuesday, April 4th. Stifel Nicolaus lowered their target price on Caterpillar from $111.00 to $95.00 and set a hold rating for the company in a research note on Wednesday, April 26th. Axiom Securities reissued a sell rating on shares of Caterpillar in a research note on Friday, June 16th. Vetr cut Caterpillar from a sell rating to a strong sell rating and set a $86.90 target price for the company. in a research note on Tuesday, April 25th. Finally, Zacks Investment Research cut Caterpillar from a strong-buy rating to a hold rating in a research note on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $105.78.
Caterpillar (CAT) opened at 114.10 on Thursday. The company has a market cap of $67.34 billion, a PE ratio of 637.43 and a beta of 1.23. Caterpillar has a 52 week low of $79.93 and a 52 week high of $114.90. The company’s 50-day moving average price is $107.50 and its 200 day moving average price is $99.82.
Caterpillar (NYSE:CAT) last released its earnings results on Tuesday, July 25th. The industrial products company reported $1.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $0.23. The company had revenue of $11.33 billion during the quarter, compared to analysts’ expectations of $10.96 billion. Caterpillar had a return on equity of 18.52% and a net margin of 0.27%. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period last year, the firm earned $1.09 EPS. On average, analysts anticipate that Caterpillar will post $4.90 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Saturday, August 19th. Stockholders of record on Thursday, July 20th will be issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.73%. This is a positive change from Caterpillar’s previous quarterly dividend of $0.77. The ex-dividend date is Tuesday, July 18th. Caterpillar’s payout ratio is 2,080.00%.
Several hedge funds have recently modified their holdings of the stock. RMB Capital Management LLC raised its stake in shares of Caterpillar by 407.6% in the fourth quarter. RMB Capital Management LLC now owns 12,945 shares of the industrial products company’s stock worth $1,201,000 after buying an additional 10,395 shares during the period. UBS Asset Management Americas Inc. raised its stake in shares of Caterpillar by 0.7% in the fourth quarter. UBS Asset Management Americas Inc. now owns 2,218,953 shares of the industrial products company’s stock worth $205,785,000 after buying an additional 14,913 shares during the period. Teachers Advisors LLC raised its stake in shares of Caterpillar by 2.9% in the fourth quarter. Teachers Advisors LLC now owns 1,063,231 shares of the industrial products company’s stock worth $98,604,000 after buying an additional 29,493 shares during the period. Kentucky Retirement Systems purchased a new stake in shares of Caterpillar during the fourth quarter worth approximately $3,937,000. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Caterpillar during the fourth quarter worth approximately $1,757,000. Institutional investors own 70.55% of the company’s stock.
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