Caterpillar (NYSE:CAT) had its target price raised by stock analysts at Bank of America from $140.00 to $163.00 in a note issued to investors on Sunday. The firm currently has a “buy” rating on the industrial products company’s stock. Bank of America’s price objective would suggest a potential upside of 31.93% from the company’s current price.
A number of other brokerages also recently issued reports on CAT. Citigroup upgraded Caterpillar to an “outperform” rating in a report on Friday, September 21st. OTR Global downgraded Caterpillar to a “positive” rating in a report on Friday, September 21st. Macquarie set a $130.00 price target on Caterpillar and gave the company a “sell” rating in a report on Tuesday, September 25th. Robert W. Baird upgraded Caterpillar from a “neutral” rating to an “outperform” rating and set a $158.00 target price on the stock in a research note on Thursday, September 20th. Finally, Zacks Investment Research downgraded Caterpillar from a “buy” rating to a “hold” rating in a research note on Monday, October 8th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $158.90.
Shares of NYSE:CAT traded down $4.82 on Friday, reaching $123.55. The company had a trading volume of 6,395,030 shares, compared to its average volume of 5,463,226. Caterpillar has a 52-week low of $112.06 and a 52-week high of $173.24. The company has a market capitalization of $72.91 billion, a PE ratio of 17.96, a P/E/G ratio of 0.51 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.
In other news, insider Lange Bob De purchased 1,080 shares of the stock in a transaction on Friday, October 26th. The stock was bought at an average price of $115.58 per share, with a total value of $124,826.40. Following the transaction, the insider now owns 11,310 shares in the company, valued at approximately $1,307,209.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Denise C. Johnson sold 35,051 shares of Caterpillar stock in a transaction dated Tuesday, October 2nd. The stock was sold at an average price of $154.18, for a total value of $5,404,163.18. Following the sale, the insider now directly owns 22,826 shares of the company’s stock, valued at approximately $3,519,312.68. The disclosure for this sale can be found here. Insiders own 0.36% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC lifted its position in Caterpillar by 16.9% during the 3rd quarter. Global Retirement Partners LLC now owns 2,493 shares of the industrial products company’s stock worth $380,000 after acquiring an additional 360 shares during the period. Private Capital Group LLC lifted its holdings in shares of Caterpillar by 10.7% in the 2nd quarter. Private Capital Group LLC now owns 3,759 shares of the industrial products company’s stock valued at $509,000 after buying an additional 362 shares during the period. Segall Bryant & Hamill LLC lifted its holdings in shares of Caterpillar by 1.1% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 34,837 shares of the industrial products company’s stock valued at $4,726,000 after buying an additional 372 shares during the period. Financial Advocates Investment Management lifted its holdings in shares of Caterpillar by 6.2% in the 2nd quarter. Financial Advocates Investment Management now owns 6,379 shares of the industrial products company’s stock valued at $869,000 after buying an additional 374 shares during the period. Finally, First Interstate Bank lifted its holdings in shares of Caterpillar by 21.4% in the 3rd quarter. First Interstate Bank now owns 2,137 shares of the industrial products company’s stock valued at $326,000 after buying an additional 376 shares during the period. 66.86% of the stock is owned by institutional investors.
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.
Further Reading: Closed-End Mutual Funds (CEFs)
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