Caterpillar (CAT) Upgraded by Vetr to “Strong-Buy”
Vetr upgraded shares of Caterpillar (NYSE:CAT) from a buy rating to a strong-buy rating in a research note released on Monday. Vetr currently has $170.44 target price on the industrial products company’s stock.
A number of other brokerages have also weighed in on CAT. Seaport Global Securities raised Caterpillar from a neutral rating to a buy rating and lifted their target price for the company from $170.90 to $195.00 in a research report on Tuesday, January 23rd. Citigroup reaffirmed a neutral rating and set a $185.00 target price (up from $160.00) on shares of Caterpillar in a research report on Friday, January 19th. Barclays set a $180.00 target price on Caterpillar and gave the company an overweight rating in a research report on Wednesday, January 24th. Bank of America reaffirmed a buy rating and set a $189.00 target price (up from $158.00) on shares of Caterpillar in a research report on Friday, January 12th. Finally, Credit Suisse Group reaffirmed an outperform rating and set a $169.37 target price (down from $210.00) on shares of Caterpillar in a research report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eighteen have assigned a buy rating to the company. The company has an average rating of Buy and a consensus price target of $167.60.
Shares of Caterpillar (CAT) opened at $152.29 on Monday. Caterpillar has a one year low of $90.34 and a one year high of $173.24. The company has a current ratio of 1.35, a quick ratio of 0.97 and a debt-to-equity ratio of 1.73. The stock has a market capitalization of $90,600.00, a P/E ratio of 120.87, a P/E/G ratio of 1.60 and a beta of 1.22.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 20th. Stockholders of record on Monday, January 22nd will be issued a $0.78 dividend. The ex-dividend date of this dividend is Friday, January 19th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.05%. Caterpillar’s dividend payout ratio is presently 247.62%.
In other news, insider Thomas A. Pellette sold 95,199 shares of Caterpillar stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $163.09, for a total value of $15,526,004.91. Following the transaction, the insider now directly owns 96,268 shares in the company, valued at approximately $15,700,348.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas A. Pellette sold 24,547 shares of Caterpillar stock in a transaction on Friday, November 17th. The shares were sold at an average price of $135.69, for a total value of $3,330,782.43. The disclosure for this sale can be found here. Insiders sold a total of 143,331 shares of company stock worth $22,107,578 over the last quarter. Company insiders own 0.14% of the company’s stock.
Several large investors have recently made changes to their positions in CAT. Jennison Associates LLC increased its holdings in shares of Caterpillar by 126.5% in the 4th quarter. Jennison Associates LLC now owns 5,951,370 shares of the industrial products company’s stock valued at $937,817,000 after acquiring an additional 3,324,051 shares during the period. Vanguard Group Inc. grew its stake in Caterpillar by 6.1% during the 2nd quarter. Vanguard Group Inc. now owns 41,225,175 shares of the industrial products company’s stock worth $4,430,058,000 after buying an additional 2,377,623 shares during the last quarter. BlackRock Inc. grew its stake in Caterpillar by 6.5% during the 4th quarter. BlackRock Inc. now owns 37,565,629 shares of the industrial products company’s stock worth $5,919,590,000 after buying an additional 2,297,750 shares during the last quarter. FMR LLC grew its stake in Caterpillar by 11.7% during the 2nd quarter. FMR LLC now owns 19,613,661 shares of the industrial products company’s stock worth $2,107,684,000 after buying an additional 2,052,300 shares during the last quarter. Finally, Balyasny Asset Management LLC grew its stake in Caterpillar by 663.8% during the 2nd quarter. Balyasny Asset Management LLC now owns 1,032,853 shares of the industrial products company’s stock worth $110,990,000 after buying an additional 1,216,053 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.
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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 segments, including Construction Industries, which is engaged in supporting customers using machinery in infrastructure, forestry and building construction; Resource Industries, which is engaged in supporting customers using machinery in mining, quarry, waste and material handling applications; Energy & Transportation, which supports customers in oil and gas, power generation, marine, rail and industrial applications, including Cat machines; Financial Products segment, which provides financing and related services, and All Other operating segments, which includes activities, such as product management and development, and manufacturing of filters and fluids, undercarriage, tires and rims, ground engaging tools, fluid transfer products, and sealing and connecting components for Cat products.
To view Vetr’s full report, visit Vetr’s official website.
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