Bank of America Issues Positive Forecast for Caterpillar (NYSE:CAT) Stock Price

Caterpillar (NYSE:CAT - Get Free Report) had its price objective raised by analysts at Bank of America from $335.00 to $385.00 in a research note issued on Friday, Marketbeat.com reports. The brokerage presently has a "buy" rating on the industrial products company's stock. Bank of America's price objective suggests a potential upside of 10.92% from the company's previous close.

Other research analysts have also issued reports about the company. Baird R W raised Caterpillar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 13th. JPMorgan Chase & Co. decreased their target price on Caterpillar from $490.00 to $380.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Evercore ISI decreased their target price on Caterpillar from $375.00 to $373.00 and set an "in-line" rating on the stock in a report on Monday, May 19th. Citigroup boosted their price target on Caterpillar from $320.00 to $370.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Finally, UBS Group upgraded Caterpillar from a "sell" rating to a "neutral" rating and boosted their price target for the company from $272.00 to $357.00 in a research note on Friday, May 16th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Caterpillar currently has a consensus rating of "Moderate Buy" and an average target price of $372.92.

Caterpillar Stock Down 1.3%

Shares of NYSE:CAT traded down $4.69 during trading on Friday, hitting $347.10. 4,866,863 shares of the company were exchanged, compared to its average volume of 2,617,832. The stock has a market cap of $163.50 billion, a price-to-earnings ratio of 15.73, a P/E/G ratio of 1.87 and a beta of 1.35. Caterpillar has a fifty-two week low of $267.30 and a fifty-two week high of $418.50. The firm has a fifty day moving average price of $319.22 and a two-hundred day moving average price of $350.89. The company has a current ratio of 1.42, a quick ratio of 0.89 and a debt-to-equity ratio of 1.40.

Caterpillar (NYSE:CAT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share for the quarter, missing the consensus estimate of $4.35 by ($0.10). The company had revenue of $14.25 billion for the quarter, compared to analyst estimates of $14.64 billion. Caterpillar had a return on equity of 58.18% and a net margin of 16.65%. The firm's revenue for the quarter was down 9.8% compared to the same quarter last year. During the same period last year, the firm earned $5.60 EPS. As a group, research analysts anticipate that Caterpillar will post 19.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Caterpillar news, Director David Maclennan acquired 375 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The stock was acquired at an average cost of $320.70 per share, for a total transaction of $120,262.50. Following the transaction, the director now directly owns 6,653 shares in the company, valued at $2,133,617.10. This represents a 5.97% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 0.33% of the stock is owned by corporate insiders.

Institutional Trading of Caterpillar

Several institutional investors and hedge funds have recently modified their holdings of CAT. Proficio Capital Partners LLC raised its position in Caterpillar by 38.3% in the fourth quarter. Proficio Capital Partners LLC now owns 2,218 shares of the industrial products company's stock valued at $805,000 after purchasing an additional 614 shares during the last quarter. Victrix Investment Advisors acquired a new stake in Caterpillar during the fourth quarter worth approximately $2,090,000. Braun Stacey Associates Inc. grew its stake in Caterpillar by 2.8% during the fourth quarter. Braun Stacey Associates Inc. now owns 34,837 shares of the industrial products company's stock worth $12,637,000 after purchasing an additional 963 shares during the period. Strategic Advisors LLC grew its stake in Caterpillar by 14.6% during the fourth quarter. Strategic Advisors LLC now owns 5,724 shares of the industrial products company's stock worth $2,076,000 after purchasing an additional 730 shares during the period. Finally, MFG Wealth Management Inc. acquired a new stake in Caterpillar during the fourth quarter worth approximately $2,308,000. 70.98% of the stock is currently owned by institutional investors.

About Caterpillar

Caterpillar Inc manufactures and sells construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in worldwide. Its Construction Industries segment offers asphalt pavers, compactors, road reclaimers, forestry machines, cold planers, material handlers, track-type tractors, excavators, telehandlers, motor graders, and pipelayers; compact track, wheel, track-type, backhoe, and skid steer loaders; and related parts and tools.