Goldman Sachs Group Inc. upgraded shares of Caterpillar Inc. (NYSE:CAT) from a neutral rating to a buy rating in a report released on Tuesday. The firm currently has $112.00 price objective on the stock, up from their previous price objective of $76.00.
Other equities research analysts also recently issued research reports about the stock. TheStreet raised shares of Caterpillar from a hold rating to a buy rating in a research report on Friday, July 29th. Credit Suisse Group AG reissued a buy rating and set a $87.00 price target on shares of Caterpillar in a research report on Wednesday, July 13th. Deutsche Bank AG initiated coverage on shares of Caterpillar in a research report on Tuesday, September 6th. They set a buy rating and a $72.56 price target for the company. Vetr raised shares of Caterpillar from a hold rating to a buy rating and set a $85.19 price target for the company in a research report on Tuesday, September 13th. Finally, Zacks Investment Research raised shares of Caterpillar from a hold rating to a buy rating and set a $92.00 price target for the company in a research report on Tuesday, September 27th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $76.48.
Caterpillar (NYSE:CAT) opened at 86.97 on Tuesday. Caterpillar has a 1-year low of $56.36 and a 1-year high of $89.87. The company has a 50-day moving average price of $84.22 and a 200 day moving average price of $78.93. The stock has a market cap of $50.81 billion, a P/E ratio of 57.98 and a beta of 1.54.
Caterpillar (NYSE:CAT) last announced its earnings results on Tuesday, July 26th. The company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.13. Caterpillar had a net margin of 2.64% and a return on equity of 12.37%. The business earned $10.34 billion during the quarter, compared to the consensus estimate of $10.06 billion. During the same quarter last year, the firm earned $1.27 earnings per share. The business’s revenue for the quarter was down 16.0% on a year-over-year basis. Equities analysts expect that Caterpillar will post $3.50 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, November 19th. Stockholders of record on Monday, October 24th will be issued a $0.77 dividend. The ex-dividend date of this dividend is Thursday, October 20th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 3.54%. Caterpillar’s dividend payout ratio (DPR) is presently 165.59%.
In other news, insider Bradley M. Halverson sold 2,841 shares of the business’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $82.73, for a total value of $235,035.93. Following the sale, the insider now directly owns 20,232 shares in the company, valued at approximately $1,673,793.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Dennis A. Muilenburg bought 1,930 shares of Caterpillar stock in a transaction dated Friday, July 29th. The stock was acquired at an average price of $82.75 per share, for a total transaction of $159,707.50. Following the completion of the acquisition, the director now owns 9,558 shares in the company, valued at $790,924.50. The disclosure for this purchase can be found here. 0.15% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of CAT. Private Trust Co. NA increased its stake in Caterpillar by 44.8% in the third quarter. Private Trust Co. NA now owns 6,812 shares of the company’s stock worth $604,000 after buying an additional 2,107 shares during the period. Hennessy Advisors Inc. increased its position in shares of Caterpillar by 2.8% in the third quarter. Hennessy Advisors Inc. now owns 145,800 shares of the company’s stock valued at $12,943,000 after buying an additional 4,000 shares during the last quarter. Gulf International Bank UK Ltd increased its position in shares of Caterpillar by 2.3% in the third quarter. Gulf International Bank UK Ltd now owns 177,817 shares of the company’s stock valued at $15,784,000 after buying an additional 4,000 shares during the last quarter. Toth Financial Advisory Corp purchased a new position in shares of Caterpillar during the third quarter valued at approximately $204,000. Finally, Prospera Financial Services Inc increased its position in shares of Caterpillar by 17.5% in the third quarter. Prospera Financial Services Inc now owns 5,666 shares of the company’s stock valued at $503,000 after buying an additional 845 shares during the last quarter. Hedge funds and other institutional investors own 69.03% of the company’s stock.
Caterpillar Company Profile
Caterpillar Inc is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The Company operates through its three product segments: Resource Industries, Construction Industries, and Energy & Transportation. It also provides financing and related services through its Financial Products segment.
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