Caterpillar (NYSE:CAT) Lifted to “Outperform” at Citigroup
Citigroup upgraded shares of Caterpillar (NYSE:CAT) to an outperform rating in a research note issued to investors on Friday, September 21st, The Fly reports.
Other analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Caterpillar from a hold rating to a buy rating and set a $155.00 price target for the company in a research report on Tuesday, July 17th. Goldman Sachs Group cut Caterpillar from a conviction-buy rating to a buy rating in a research report on Monday, July 16th. UBS Group upped their price target on Caterpillar from $178.00 to $185.00 and gave the stock a buy rating in a research report on Thursday, June 14th. Morgan Stanley increased their target price on Caterpillar from $185.00 to $187.00 and gave the stock a buy rating in a research report on Tuesday, July 31st. Finally, Argus cut their target price on Caterpillar from $185.00 to $165.00 and set a buy rating for the company in a research report on Monday, August 13th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $171.08.
CAT traded up $1.10 during midday trading on Friday, reaching $142.07. The company had a trading volume of 5,580,086 shares, compared to its average volume of 5,137,398. The company has a quick ratio of 0.97, a current ratio of 1.37 and a debt-to-equity ratio of 1.59. The stock has a market cap of $90.63 billion, a price-to-earnings ratio of 20.65, a PEG ratio of 0.84 and a beta of 1.37. Caterpillar has a 1 year low of $129.20 and a 1 year high of $173.24.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 20th. Shareholders of record on Monday, October 22nd will be issued a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 2.42%. The ex-dividend date is Friday, October 19th. Caterpillar’s dividend payout ratio is presently 50.00%.
In other news, insider Denise C. Johnson sold 35,051 shares of the firm’s stock in a transaction that occurred on Tuesday, October 2nd. The stock was sold at an average price of $154.18, for a total value of $5,404,163.18. Following the completion of the sale, the insider now directly owns 22,826 shares of the company’s stock, valued at approximately $3,519,312.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.36% of the company’s stock.
Several large investors have recently bought and sold shares of CAT. Cornerstone Wealth Management LLC lifted its stake in shares of Caterpillar by 13,856.0% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,253,525 shares of the industrial products company’s stock valued at $9,194,000 after purchasing an additional 1,244,543 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Caterpillar by 870.5% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,129,502 shares of the industrial products company’s stock worth $7,679,000 after acquiring an additional 1,013,117 shares during the last quarter. Alps Advisors Inc. bought a new stake in shares of Caterpillar during the 2nd quarter worth approximately $68,531,000. Summit Trail Advisors LLC lifted its stake in shares of Caterpillar by 15,223.3% during the 1st quarter. Summit Trail Advisors LLC now owns 444,377 shares of the industrial products company’s stock worth $444,000 after acquiring an additional 441,477 shares during the last quarter. Finally, Schroder Investment Management Group lifted its stake in shares of Caterpillar by 56.5% during the 1st quarter. Schroder Investment Management Group now owns 1,205,842 shares of the industrial products company’s stock worth $177,717,000 after acquiring an additional 435,362 shares during the last quarter. 66.63% of the stock is owned by institutional investors and hedge funds.
Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives for construction, resource, and energy and transportation industries. Its Construction Industries segment offers asphalt pavers, backhoe loaders, compactors, cold planers, compact truck and multi-terrain loaders, forestry excavators, feller bunchers, harvesters, knuckleboom loaders, motorgraders, pipelayers, road reclaimers, site prep tractors, skidders, skid steer loaders, telehandlers, track-type loaders, wheel excavators, and track-type tractors.
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