Caterpillar Lowered to Neutral at Atlantic Securities (CAT)
Caterpillar (NYSE:CAT) was downgraded by analysts at Atlantic Securities from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports. They currently have a $92.00 price target on the stock, down from their previous price target of $100.00. Atlantic Securities’ price target suggests a potential upside of 8.53% from the stock’s previous close.
The analysts wrote, “It is difficult to downgrade CAT shares at the current level given resilience in the low-mid $80s despite substantial reductions to FY14 EPS expectations. Moreover, there is attractive upside potential WHEN visibility into an EPS rebound materialises. However, with less conviction in FY14 after Q313 results we are moving to the sidelines in the absence of catalysts. PT to $92 from $100.”
CAT has been the subject of a number of other recent research reports. Analysts at William Blair cut their price target on shares of Caterpillar from $95.00 to $90.00 in a research note to investors on Thursday. They now have an “outperform” rating on the stock. Separately, analysts at BMO Capital Markets raised their price target on shares of Caterpillar from $78.00 to $80.00 in a research note to investors on Thursday. They now have a “market perform” rating on the stock. Finally, analysts at Barclays cut their price target on shares of Caterpillar from $99.00 to $95.00 in a research note to investors on Thursday. They now have an “overweight” rating on the stock. Sixteen equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $91.25.
Caterpillar (NYSE:CAT) traded up 0.28% during mid-day trading on Friday, hitting $84.77. The stock had a trading volume of 4,891,229 shares. Caterpillar has a 1-year low of $79.49 and a 1-year high of $99.70. The stock’s 50-day moving average is $84.14 and its 200-day moving average is $85.4. The company has a market cap of $54.898 billion and a P/E ratio of 13.33. Caterpillar also saw some unusual options trading on Tuesday. Investors acquired 34,025 put options on the company. This is an increase of 271% compared to the typical daily volume of 9,169 put options.
Caterpillar (NYSE:CAT) last announced its earnings results on Wednesday, October 23rd. The company reported $1.45 EPS for the quarter, missing the Thomson Reuters consensus estimate of $1.71 by $0.26. The company had revenue of $13.42 billion for the quarter, compared to the consensus estimate of $14.49 billion. During the same quarter in the prior year, the company posted $2.54 earnings per share. The company’s quarterly revenue was down 18.4% on a year-over-year basis. Analysts expect that Caterpillar will post $6.12 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, November 20th. Shareholders of record on Monday, October 21st will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.83%. The ex-dividend date is Thursday, October 17th.
Caterpillar Inc (NYSE:CAT) is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
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