Caterpillar, Inc. (NYSE:CAT) was upgraded by equities research analysts at Bank of America Corporation from a “neutral” rating to a “buy” rating in a report released on Thursday, May 11th, Marketbeat reports. The firm currently has a $120.00 price objective on the industrial products company’s stock, up from their prior price objective of $105.00. Bank of America Corporation’s price objective points to a potential upside of 11.52% from the company’s current price.
A number of other research analysts have also weighed in on the company. Evercore ISI upgraded Caterpillar from a “hold” rating to a “buy” rating in a research report on Friday, February 10th. Credit Suisse Group set a $111.00 price objective on Caterpillar and gave the company a “buy” rating in a research report on Saturday, February 18th. Vetr lowered Caterpillar from a “hold” rating to a “sell” rating and set a $89.96 price objective for the company. in a research report on Tuesday, March 28th. Goldman Sachs Group, Inc. (The) upgraded Caterpillar from a “buy” rating to a “conviction-buy” rating and set a $120.00 price objective for the company in a research report on Tuesday, April 4th. Finally, Royal Bank of Canada restated a “hold” rating and set a $101.00 price objective on shares of Caterpillar in a research report on Wednesday, April 26th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Caterpillar presently has an average rating of “Hold” and a consensus target price of $94.65.
Caterpillar (NYSE:CAT) traded up 1.13% during trading on Thursday, reaching $107.60. The company had a trading volume of 7,350,440 shares. The firm’s market capitalization is $63.39 billion. The firm’s 50-day moving average price is $103.21 and its 200 day moving average price is $97.03. Caterpillar has a one year low of $70.53 and a one year high of $107.91.
Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Tuesday, April 25th. The industrial products company reported $1.28 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.66. The business had revenue of $9.82 billion for the quarter, compared to analysts’ expectations of $9.27 billion. Caterpillar had a positive return on equity of 16.46% and a negative net margin of 0.38%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm earned $0.67 earnings per share. Equities analysts forecast that Caterpillar will post $4.12 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, August 19th. Shareholders of record on Thursday, July 20th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 2.90%. The ex-dividend date is Tuesday, July 18th. This is a positive change from Caterpillar’s previous quarterly dividend of $0.77. Caterpillar’s payout ratio is -1,140.70%.
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Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in Caterpillar during the fourth quarter valued at $414,361,000. FMR LLC increased its stake in Caterpillar by 25.8% in the fourth quarter. FMR LLC now owns 15,763,049 shares of the industrial products company’s stock valued at $1,461,865,000 after buying an additional 3,228,098 shares in the last quarter. Capital World Investors increased its stake in Caterpillar by 16.2% in the third quarter. Capital World Investors now owns 18,220,351 shares of the industrial products company’s stock valued at $1,617,421,000 after buying an additional 2,546,164 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Caterpillar during the third quarter valued at $155,178,000. Finally, Renaissance Technologies LLC bought a new stake in Caterpillar during the first quarter valued at $143,490,000. Institutional investors and hedge funds own 72.50% of the company’s stock.
Caterpillar Company Profile
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