Caterpillar’s (CAT) “Buy” Rating Reiterated at Bank of America Corp
Caterpillar Inc. (NYSE:CAT)‘s stock had its “buy” rating reaffirmed by Bank of America Corp in a research report issued to clients and investors on Thursday. They presently have a $120.00 target price on the industrial products company’s stock. Bank of America Corp’s target price would indicate a potential upside of 13.57% from the stock’s previous close.
Several other equities research analysts have also recently commented on CAT. Evercore ISI raised Caterpillar from a “hold” rating to a “buy” rating in a report on Friday, February 10th. Credit Suisse Group AG set a $111.00 price target on Caterpillar and gave the company a “buy” rating in a report on Saturday, February 18th. Vetr cut Caterpillar from a “hold” rating to a “sell” rating and set a $89.96 price target for the company. in a report on Tuesday, March 28th. Goldman Sachs Group Inc raised Caterpillar from a “buy” rating to a “conviction-buy” rating and set a $120.00 price target for the company in a report on Tuesday, April 4th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $101.00 price target on shares of Caterpillar in a report on Wednesday, April 26th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Caterpillar has an average rating of “Hold” and a consensus price target of $94.65.
Caterpillar (NYSE:CAT) traded up 0.61% on Thursday, hitting $105.66. The stock had a trading volume of 2,894,109 shares. The company’s market cap is $62.24 billion. The company has a 50 day moving average price of $99.67 and a 200-day moving average price of $95.68. Caterpillar has a 52-week low of $70.53 and a 52-week high of $105.98.
Caterpillar (NYSE:CAT) last announced its earnings results on Tuesday, April 25th. The industrial products company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.66. Caterpillar had a positive return on equity of 13.44% and a negative net margin of 0.17%. The business had revenue of $9.82 billion during the quarter, compared to analysts’ expectations of $9.27 billion. During the same quarter in the prior year, the firm earned $0.67 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that Caterpillar will post $4.07 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, May 20th. Stockholders of record on Monday, April 24th were paid a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 2.92%. The ex-dividend date was Thursday, April 20th. Caterpillar’s payout ratio is currently -2,369.23%.
Hedge funds have recently bought and sold shares of the stock. First Trust Advisors LP boosted its stake in Caterpillar by 1.1% in the third quarter. First Trust Advisors LP now owns 548,047 shares of the industrial products company’s stock worth $48,650,000 after buying an additional 5,752 shares in the last quarter. Quantitative Investment Management LLC acquired a new stake in Caterpillar during the third quarter worth $12,214,000. Arizona State Retirement System boosted its stake in Caterpillar by 0.5% in the third quarter. Arizona State Retirement System now owns 143,896 shares of the industrial products company’s stock worth $12,774,000 after buying an additional 700 shares in the last quarter. Investment Partners Ltd. OH ADV boosted its stake in Caterpillar by 55.0% in the third quarter. Investment Partners Ltd. OH ADV now owns 11,517 shares of the industrial products company’s stock worth $1,022,000 after buying an additional 4,085 shares in the last quarter. Finally, Hyman Charles D boosted its stake in Caterpillar by 0.3% in the third quarter. Hyman Charles D now owns 145,893 shares of the industrial products company’s stock worth $12,951,000 after buying an additional 400 shares in the last quarter. Institutional investors own 70.97% of the company’s stock.
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