Caterpillar (CAT) was Downgraded to a Hold Rating at Wells Fargo

By Ryan Adsit

In a report released yesterday, Andy Casey from Wells Fargo downgraded Caterpillar (CATResearch Report) to Hold. The company’s shares closed last Monday at $133.09.

According to TipRanks.com, Casey is a 4-star analyst with an average return of 6.7% and a 50.0% success rate. Casey covers the Industrial Goods sector, focusing on stocks such as Parker Hannifin, Navistar, and Deere.

Currently, the analyst consensus on Caterpillar is a Hold with an average price target of $136.53.

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Based on Caterpillar’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $14.43 billion and net profit of $1.62 billion. In comparison, last year the company earned revenue of $14.01 billion and had a net profit of $1.71 billion.

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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.