Caterpillar Inc. (CAT) Shares Gap Up to $83.59
Caterpillar Inc. (NYSE:CAT) gapped up before the market opened on Tuesday . The stock had previously closed at $83.39, but opened at $83.59. Caterpillar shares last traded at $84.18, with a volume of 1,656,068 shares changing hands.
A number of equities research analysts have weighed in on CAT shares. Bank of America Corp. reaffirmed a “neutral” rating and set a $81.00 price objective on shares of Caterpillar in a report on Wednesday, April 27th. Zacks Investment Research raised Caterpillar from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 27th. Vetr raised Caterpillar from a “buy” rating to a “strong-buy” rating and set a $82.92 price objective on the stock in a report on Thursday, May 5th. Jefferies Group reaffirmed a “hold” rating and set a $69.00 price objective on shares of Caterpillar in a report on Friday, May 20th. Finally, Credit Suisse Group AG reaffirmed an “outperform” rating and set a $87.00 price objective on shares of Caterpillar in a report on Friday, May 20th. Four investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $71.15.
The company has a 50 day moving average of $81.41 and a 200 day moving average of $75.37. The firm has a market cap of $48.33 billion and a PE ratio of 55.15.
Caterpillar (NYSE:CAT) last released its quarterly earnings results on Tuesday, July 26th. The company reported $1.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.13. The business had revenue of $10.34 billion for the quarter, compared to the consensus estimate of $10.06 billion. During the same period in the previous year, the business posted $1.27 EPS. Caterpillar’s revenue was down 16.0% on a year-over-year basis. Equities analysts anticipate that Caterpillar Inc. will post $3.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Saturday, August 20th. Investors of record on Wednesday, July 20th were paid a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend was Monday, July 18th.
In related news, insider Bradley M. Halverson sold 2,841 shares of Caterpillar stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $82.73, for a total transaction of $235,035.93. Following the completion of the transaction, the insider now owns 20,232 shares of the company’s stock, valued at $1,673,793.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Bradley M. Halverson sold 574 shares of Caterpillar stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $72.58, for a total transaction of $41,660.92. Following the transaction, the chief financial officer now directly owns 10,783 shares of the company’s stock, valued at approximately $782,630.14. The disclosure for this sale can be found here.
Other institutional investors have recently made changes to their positions in the company. I.G. Investment Management LTD. increased its position in shares of Caterpillar by 3.3% in the fourth quarter. I.G. Investment Management LTD. now owns 80,850 shares of the company’s stock worth $5,495,000 after buying an additional 2,600 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in shares of Caterpillar during the fourth quarter worth $6,796,000. Schroder Investment Management Group increased its position in shares of Caterpillar by 37.5% in the fourth quarter. Schroder Investment Management Group now owns 324,061 shares of the company’s stock worth $22,023,000 after buying an additional 88,459 shares in the last quarter. BlackRock Advisors LLC increased its position in shares of Caterpillar by 42.3% in the fourth quarter. BlackRock Advisors LLC now owns 707,738 shares of the company’s stock worth $48,098,000 after buying an additional 210,476 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Caterpillar by 5.3% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 2,192,070 shares of the company’s stock worth $148,974,000 after buying an additional 110,225 shares in the last quarter.
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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