Caterpillar Short Interest Up 96.7% in July (CAT)
Caterpillar (NYSE:CAT) was the target of a significant growth in short interest during the month of July. As of July 31st, there was short interest totalling 37,762,005 shares, a growth of 96.7% from the July 15th total of 19,199,823 shares, AnalystRatings.Net reports. Currently, 6.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 4,734,802 shares, the days-to-cover ratio is presently 8.0 days.
In other Caterpillar news, Insider Edward J. Rapp sold 15,000 shares of the company’s stock on the open market in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $101.01, for a total transaction of $1,515,150.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
A number of research firms have recently commented on CAT. Analysts at ISI Group upgraded shares of Caterpillar from a “neutral” rating to a “buy” rating in a research note on Thursday, August 7th. They now have a $113.00 price target on the stock, up previously from $110.00. Separately, analysts at Tigress Financial upgraded shares of Caterpillar from an “underperform” rating to a “neutral” rating in a research note on Wednesday, July 30th. Finally, analysts at Raymond James reiterated a “market perform” rating on shares of Caterpillar in a research note on Friday, July 25th. They now have a $110.00 price target on the stock, up previously from $105.00. Fourteen research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Caterpillar presently has an average rating of “Hold” and a consensus target price of $100.47.
Shares of Caterpillar (NYSE:CAT) opened at 105.16 on Thursday. Caterpillar has a one year low of $81.46 and a one year high of $111.46. The stock’s 50-day moving average is $106.8 and its 200-day moving average is $102.3. The company has a market cap of $66.024 billion and a P/E ratio of 17.41.
Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Thursday, July 24th. The company reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.17. The company had revenue of $14.15 billion for the quarter, compared to the consensus estimate of $14.46 billion. During the same quarter in the previous year, the company posted $1.45 earnings per share. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, analysts predict that Caterpillar will post $6.28 earnings per share for the current fiscal year.
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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