Caterpillar Inc. (CAT) Upgraded to “Buy” at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. upgraded shares of Caterpillar Inc. (NYSE:CAT) from a neutral rating to a buy rating in a research note published on Tuesday. The firm currently has $112.00 price objective on the stock, up from their previous price objective of $76.00.
A number of other equities research analysts also recently weighed in on the company. Jefferies Group reaffirmed a hold rating on shares of Caterpillar in a report on Wednesday, August 3rd. Citigroup Inc. raised their target price on Caterpillar from $75.00 to $82.00 and gave the company a neutral rating in a report on Wednesday, July 27th. Axiom Securities reaffirmed a sell rating on shares of Caterpillar in a report on Tuesday, August 30th. Vetr raised Caterpillar from a strong sell rating to a sell rating and set a $79.15 target price on the stock in a report on Wednesday, July 27th. Finally, Credit Suisse Group AG reaffirmed a buy rating and issued a $87.00 target price on shares of Caterpillar in a report on Wednesday, July 13th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Caterpillar presently has a consensus rating of Hold and a consensus price target of $76.23.
Caterpillar (NYSE:CAT) traded up 0.03% during midday trading on Tuesday, reaching $87.50. The company had a trading volume of 1,407,570 shares. Caterpillar has a 12-month low of $56.36 and a 12-month high of $89.87. The company has a market capitalization of $51.12 billion, a PE ratio of 58.33 and a beta of 1.54. The stock has a 50-day moving average price of $84.01 and a 200 day moving average price of $78.81.
Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $1.09 EPS for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.13. Caterpillar had a return on equity of 12.37% and a net margin of 2.64%. The firm had revenue of $10.34 billion for the quarter, compared to analyst estimates of $10.06 billion. During the same quarter last year, the company earned $1.27 EPS. The company’s revenue was down 16.0% on a year-over-year basis. Equities analysts forecast that Caterpillar will post $3.50 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, November 19th. Investors of record on Monday, October 24th will be given a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 3.52%. Caterpillar’s payout ratio is 165.59%.
In other Caterpillar news, insider Bradley M. Halverson sold 2,841 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $82.73, for a total transaction of $235,035.93. Following the completion of the sale, the insider now directly owns 20,232 shares of the company’s stock, valued at approximately $1,673,793.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dennis A. Muilenburg acquired 1,930 shares of the firm’s stock in a transaction on Friday, July 29th. The shares were bought at an average cost of $82.75 per share, with a total value of $159,707.50. Following the completion of the acquisition, the director now directly owns 9,558 shares in the company, valued at approximately $790,924.50. The disclosure for this purchase can be found here. 0.15% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of CAT. Nikko Asset Management Americas Inc. bought a new stake in shares of Caterpillar during the first quarter worth approximately $520,000. Marietta Investment Partners LLC bought a new stake in shares of Caterpillar during the first quarter worth approximately $383,000. NN Investment Partners Holdings N.V. bought a new stake in shares of Caterpillar during the first quarter worth approximately $34,699,000. Canandaigua National Bank & Trust Co. raised its stake in shares of Caterpillar by 0.8% in the first quarter. Canandaigua National Bank & Trust Co. now owns 19,602 shares of the company’s stock worth $1,500,000 after buying an additional 152 shares in the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of Caterpillar by 503.0% in the first quarter. Bessemer Group Inc. now owns 80,341 shares of the company’s stock worth $6,150,000 after buying an additional 67,018 shares in the last quarter. 69.03% of the stock is owned by hedge funds and other institutional investors.
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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