Morningstar Issues A- Credit Rating to Caterpillar (CAT)
Caterpillar (NYSE:CAT) has earned an “A-” credit rating from Morningstar. The agency’s “A-” rating indicates that the company is a low default risk. They also issued a negative credit outlook for the company and gave their stock a three star rating.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated an “outperform” rating on shares of Caterpillar in a research note on Tuesday, August 26th. They now have a $130.00 price target on the stock. Separately, 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. Finally, analysts at Tigress Financial upgraded shares of Caterpillar from an “underperform” rating to a “neutral” rating in a research note on Wednesday, July 30th. Thirteen research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $102.11.
Shares of Caterpillar (NYSE:CAT) opened at 108.46 on Thursday. Caterpillar has a 52 week low of $81.87 and a 52 week high of $111.46. The stock’s 50-day moving average is $106.1 and its 200-day moving average is $103.8. The company has a market cap of $68.096 billion and a P/E ratio of 18.17. Caterpillar also saw a large drop in short interest in the month of August. As of August 15th, there was short interest totalling 30,723,942 shares, a drop of 18.6% from the July 31st total of 37,762,005 shares. Approximately 4.9% of the shares of the company are sold short. Based on an average trading volume of 5,017,906 shares, the days-to-cover ratio is currently 6.1 days.
Caterpillar (NYSE:CAT) last announced its earnings results on Thursday, July 24th. The company reported $1.69 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $1.45 earnings per share. Caterpillar’s revenue was down 3.2% compared to the same quarter last year. 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.
To view more credit ratings from Morningstar, visit www.morningstar.com.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.