Credit Suisse Group Cuts Caterpillar (NYSE:CAT) Price Target to $164.00

Caterpillar (NYSE:CAT) had its price target trimmed by Credit Suisse Group from $172.00 to $164.00 in a report issued on Wednesday, The Fly reports. The firm currently has an outperform rating on the industrial products company’s stock.

A number of other equities research analysts have also issued reports on the company. Zacks Investment Research lowered GasLog Partners LP Unit from a hold rating to a strong sell rating in a research note on Tuesday, April 2nd. Bank of America set a $152.00 target price on Caterpillar and gave the company a buy rating in a research note on Thursday, April 4th. Atlantic Securities lowered W W Grainger from a neutral rating to an underweight rating in a research note on Friday, June 21st. Macquarie set a $155.00 target price on Deckers Outdoor and gave the company a hold rating in a research note on Tuesday, June 11th. Finally, Standpoint Research upgraded CVS Health from a hold rating to a buy rating in a research note on Wednesday, June 5th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $144.94.

Shares of NYSE:CAT opened at $136.23 on Wednesday. The firm has a market capitalization of $77.91 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 0.93 and a beta of 1.54. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.43 and a quick ratio of 0.98. The stock’s 50-day moving average price is $131.36. Caterpillar has a 12 month low of $112.06 and a 12 month high of $159.37.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Wednesday, April 24th. The industrial products company reported $2.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.84 by $0.10. Caterpillar had a return on equity of 45.08% and a net margin of 11.50%. The company had revenue of $13.47 billion during the quarter, compared to analyst estimates of $13.36 billion. During the same period in the prior year, the firm posted $2.82 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis. As a group, research analysts predict that Caterpillar will post 12.21 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Monday, July 22nd will be issued a $1.03 dividend. The ex-dividend date is Friday, July 19th. This represents a $4.12 dividend on an annualized basis and a yield of 3.02%. This is an increase from Caterpillar’s previous quarterly dividend of $0.86. Caterpillar’s dividend payout ratio is currently 30.66%.

A number of institutional investors and hedge funds have recently modified their holdings of CAT. Clarfeld Financial Advisors LLC purchased a new position in Caterpillar in the fourth quarter valued at about $26,000. Paragon Capital Management LLC bought a new position in Caterpillar during the 1st quarter worth approximately $40,000. PRW Wealth Management LLC bought a new position in Caterpillar during the 4th quarter worth approximately $43,000. Legacy Advisors LLC bought a new position in Caterpillar during the 1st quarter worth approximately $47,000. Finally, Murphy Pohlad Asset Management LLC bought a new position in Caterpillar during the 4th quarter worth approximately $48,000. 65.45% of the stock is owned by hedge funds and other institutional investors.

About Caterpillar

Caterpillar, Inc engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other.

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