Caterpillar (CAT) Price Target Increased to $163.00 by Analysts at Bank of America

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.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $2.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.83 by $0.03. Caterpillar had a return on equity of 44.13% and a net margin of 7.13%. The business had revenue of $13.51 billion for the quarter, compared to the consensus estimate of $13.28 billion. During the same period last year, the business posted $1.95 EPS. The business’s revenue was up 18.4% compared to the same quarter last year. Research analysts predict that Caterpillar will post 11.64 EPS for the current year.

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.

About Caterpillar

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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