Caterpillar Inc. (CAT) Upgraded to “Buy” at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. upgraded shares of Caterpillar Inc. (NYSE:CAT) from a neutral rating to a buy rating in a research note published on Tuesday. Goldman Sachs Group Inc. currently has $112.00 target price on the stock, up from their prior target price of $76.00.
CAT has been the topic of a number of other reports. Zacks Investment Research raised Caterpillar from a hold rating to a buy rating and set a $92.00 price objective on the stock in a research note on Tuesday, September 27th. Vetr raised Caterpillar from a hold rating to a buy rating and set a $85.19 price objective on the stock in a research note on Tuesday, September 13th. Axiom Securities reissued a sell rating on shares of Caterpillar in a research note on Tuesday, August 30th. Deutsche Bank AG started coverage on Caterpillar in a research report on Monday, September 12th. They issued a buy rating and a $82.08 price target on the stock. Finally, Bank of America Corp. reaffirmed a hold rating and issued a $92.00 price target on shares of Caterpillar in a research report on Monday, October 3rd. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $76.23.
Shares of Caterpillar (NYSE:CAT) traded up 0.03% during trading on Tuesday, reaching $87.50. The company had a trading volume of 1,407,570 shares. The stock has a 50 day moving average price of $84.01 and a 200 day moving average price of $78.81. Caterpillar has a 12 month low of $56.36 and a 12 month high of $89.87. The firm has a market capitalization of $51.12 billion, a PE ratio of 58.33 and a beta of 1.54.
Caterpillar (NYSE:CAT) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.13. Caterpillar had a return on equity of 12.37% and a net margin of 2.64%. The business had revenue of $10.34 billion for the quarter, compared to the consensus estimate of $10.06 billion. During the same period last year, the business earned $1.27 EPS. The firm’s revenue was down 16.0% compared to the same quarter last year. On average, equities research analysts forecast that Caterpillar will post $3.50 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, November 19th. Stockholders of record on Monday, October 24th will be given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 3.52%. Caterpillar’s payout ratio is currently 165.59%.
In other news, Director Dennis A. Muilenburg bought 1,930 shares of the company’s stock in a transaction dated Friday, July 29th. The stock was bought at an average price of $82.75 per share, for a total transaction of $159,707.50. Following the completion of the transaction, the director now directly owns 9,558 shares in the company, valued at approximately $790,924.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bradley M. Halverson sold 2,841 shares of the business’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $82.73, for a total value of $235,035.93. Following the sale, the insider now owns 20,232 shares of the company’s stock, valued at approximately $1,673,793.36. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Pittenger & Anderson Inc. increased its stake in Caterpillar by 1.9% in the second quarter. Pittenger & Anderson Inc. now owns 1,325 shares of the company’s stock worth $100,000 after buying an additional 25 shares in the last quarter. Kelly Lawrence W & Associates Inc. CA increased its stake in Caterpillar by 15.4% in the first quarter. Kelly Lawrence W & Associates Inc. CA now owns 1,500 shares of the company’s stock worth $115,000 after buying an additional 200 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its stake in Caterpillar by 266.3% in the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,513 shares of the company’s stock worth $115,000 after buying an additional 1,100 shares in the last quarter. CapWealth Advisors LLC increased its stake in Caterpillar by 6.3% in the second quarter. CapWealth Advisors LLC now owns 1,685 shares of the company’s stock worth $128,000 after buying an additional 100 shares in the last quarter. Finally, Archford Capital Strategies LLC increased its stake in Caterpillar by 1,424.3% in the second quarter. Archford Capital Strategies LLC now owns 1,692 shares of the company’s stock worth $128,000 after buying an additional 1,581 shares in the last quarter. Institutional investors own 69.03% of the company’s stock.
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 its three product segments: Resource Industries, Construction Industries, and Energy & Transportation. It also provides financing and related services through its Financial Products segment.
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