Caterpillar (CAT) Upgraded to “Buy” by Bank of America
Bank of America upgraded shares of Caterpillar (NYSE:CAT) from a neutral rating to a buy rating in a report published on Monday, Marketbeat Ratings reports. They currently have $163.00 price target on the industrial products company’s stock, up from their previous price target of $140.00.
CAT has been the topic of a number of other research reports. Barclays reiterated a hold rating on shares of Caterpillar in a report on Wednesday, October 24th. Macquarie set a $105.00 price target on shares of Caterpillar and gave the stock a sell rating in a report on Wednesday, October 24th. Morgan Stanley set a $169.00 price target on shares of Caterpillar and gave the stock a buy rating in a report on Wednesday, October 24th. OTR Global lowered shares of Caterpillar to a positive rating in a report on Friday, September 21st. Finally, DZ Bank upgraded shares of Caterpillar to a hold rating and cut their price target for the stock from $127.00 to $119.00 in a report on Wednesday, October 24th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $158.90.
Shares of NYSE:CAT opened at $128.37 on Monday. The firm has a market cap of $76.31 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 0.54 and a beta of 1.61. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 1.60. Caterpillar has a 52 week low of $112.06 and a 52 week high of $173.24.
The company also recently announced a quarterly dividend, which was paid on Tuesday, November 20th. Investors of record on Monday, October 22nd were paid a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Friday, October 19th. Caterpillar’s dividend payout ratio is presently 50.00%.
In other Caterpillar news, insider Denise C. Johnson sold 35,051 shares of Caterpillar stock in a transaction on Tuesday, October 2nd. The shares were sold at an average price of $154.18, for a total value of $5,404,163.18. Following the completion of the sale, the insider now directly owns 22,826 shares of the company’s stock, valued at $3,519,312.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Lange Bob De purchased 1,080 shares of the firm’s stock in a transaction on Friday, October 26th. The stock was bought at an average cost of $115.58 per share, with a total value of $124,826.40. Following the completion of the purchase, the insider now owns 11,310 shares of the company’s stock, valued at approximately $1,307,209.80. The disclosure for this purchase can be found here. 0.36% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Acropolis Investment Management LLC bought a new stake in Caterpillar in the third quarter valued at $100,000. Sound Income Strategies LLC increased its stake in Caterpillar by 181.8% in the third quarter. Sound Income Strategies LLC now owns 665 shares of the industrial products company’s stock valued at $101,000 after purchasing an additional 429 shares in the last quarter. St. Johns Investment Management Company LLC bought a new stake in shares of Caterpillar during the third quarter worth about $106,000. Avestar Capital LLC increased its position in shares of Caterpillar by 92.3% during the second quarter. Avestar Capital LLC now owns 994 shares of the industrial products company’s stock worth $109,000 after acquiring an additional 477 shares in the last quarter. Finally, Providence Capital Advisors LLC bought a new stake in shares of Caterpillar during the third quarter worth about $118,000. 66.86% of the stock is owned by hedge funds and other institutional investors.
Caterpillar Company Profile
Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives for construction, resource, and energy and transportation industries. Its Construction Industries segment offers asphalt pavers, backhoe loaders, compactors, cold planers, compact truck and multi-terrain loaders, forestry excavators, feller bunchers, harvesters, knuckleboom loaders, motorgraders, pipelayers, road reclaimers, site prep tractors, skidders, skid steer loaders, telehandlers, track-type loaders, wheel excavators, and track-type tractors.
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