Sanford C. Bernstein Downgrades Caterpillar (NYSE:CAT) to Market Perform

Posted by MarketBeat News on Aug 5th, 2022

Caterpillar (NYSE:CAT – Get Rating) was downgraded by investment analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a note issued to investors on Wednesday, Marketbeat reports. They presently have a $195.00 target price on the industrial products company’s stock. Sanford C. Bernstein’s price objective suggests a potential upside of 6.19% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. Tigress Financial boosted their price target on shares of Caterpillar from $278.00 to $282.00 and gave the stock a “buy” rating in a research note on Friday, May 20th. JPMorgan Chase & Co. lowered their target price on shares of Caterpillar from $250.00 to $205.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 12th. Credit Suisse Group set a $226.00 target price on shares of Caterpillar in a research report on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Caterpillar from $240.00 to $227.00 and set a “buy” rating on the stock in a research report on Wednesday, July 13th. Finally, Morgan Stanley reduced their price target on shares of Caterpillar from $161.00 to $142.00 and set an “underweight” rating on the stock in a report on Monday, July 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $225.27.

Caterpillar Price Performance

Shares of NYSE:CAT opened at $183.64 on Wednesday. The company has a 50-day simple moving average of $192.32 and a 200-day simple moving average of $204.23. Caterpillar has a one year low of $167.08 and a one year high of $237.90. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 1.45. The stock has a market capitalization of $97.94 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 1.21 and a beta of 1.01.

Caterpillar (NYSE:CAT – Get Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The industrial products company reported $3.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.01 by $0.17. Caterpillar had a net margin of 12.50% and a return on equity of 37.29%. The business had revenue of $14.25 billion for the quarter, compared to analyst estimates of $14.39 billion. During the same period in the previous year, the business posted $2.60 earnings per share. The business’s revenue was up 10.5% compared to the same quarter last year. On average, analysts predict that Caterpillar will post 12.6 EPS for the current year.

Insiders Place Their Bets

In other Caterpillar news, insider Joseph E. Creed sold 2,757 shares of the stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $214.13, for a total transaction of $590,356.41. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.27% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Caterpillar

Large investors have recently bought and sold shares of the stock. CWM LLC acquired a new stake in shares of Caterpillar in the fourth quarter worth $3,037,000. Qube Research & Technologies Ltd increased its position in shares of Caterpillar by 5.4% in the fourth quarter. Qube Research & Technologies Ltd now owns 28,422 shares of the industrial products company’s stock worth $5,876,000 after acquiring an additional 1,453 shares in the last quarter. Avestar Capital LLC acquired a new stake in shares of Caterpillar in the fourth quarter worth $282,000. Pinnacle Financial Partners Inc. increased its position in shares of Caterpillar by 171.8% in the fourth quarter. Pinnacle Financial Partners Inc. now owns 21,658 shares of the industrial products company’s stock worth $4,477,000 after acquiring an additional 13,691 shares in the last quarter. Finally, XML Financial LLC increased its position in shares of Caterpillar by 7.9% in the fourth quarter. XML Financial LLC now owns 3,142 shares of the industrial products company’s stock worth $650,000 after acquiring an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 67.44% of the company’s stock.

Caterpillar Company Profile

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Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, and industrial gas turbines worldwide. Its Construction Industries segment offers asphalt pavers, backhoe loaders, compactors, cold planers, compact track and multi-terrain loaders, excavators, motorgraders, pipelayers, road reclaimers, site prep tractors, skid steer loaders, telehandlers, and utility vehicles; mini, small, medium, and large excavators; compact, small, and medium wheel loaders; track-type tractors and loaders; and wheel excavators.