Bank of America Securities Sticks to Its Buy Rating for Caterpillar (CAT)

In a report released today, Michael Feniger from Bank of America Securities maintained a Buy rating on Caterpillar. The company’s shares closed yesterday at $480.82.

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According to TipRanks, Feniger is a 5-star analyst with an average return of 12.8% and a 66.95% success rate. Feniger covers the Industrials sector, focusing on stocks such as Caterpillar, Aecom Technology, and Agco.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Caterpillar with a $463.36 average price target, implying a -3.63% downside from current levels. In a report released on September 29, Oppenheimer also maintained a Buy rating on the stock with a $513.00 price target.

Based on Caterpillar’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $16.57 billion and a net profit of $2.18 billion. In comparison, last year the company earned a revenue of $16.69 billion and had a net profit of $2.68 billion

Based on the recent corporate insider activity of 83 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CAT in relation to earlier this year. Last month, Donald Umpleby, the EC of CAT sold 17,166.00 shares for a total of $7,941,849.90.