• Return to Headlines

Downgrade Alert for Caterpillar (CAT)

By James Quinn

Caterpillar (NYSE:CAT) was downgraded from Positive to Mixed at OTR Global today. The stock closed yesterday at $81.88 on volume of 4.3 million shares, below average daily volume of 5.5 million.

Caterpillar Inc. designs, manufactures, and markets construction, mining, agricultural, and forestry machinery. The Company also manufactures engines and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers.

Caterpillar (NYSE:CAT) is currently priced 16.7% above its average consensus analyst price target of $68.24. The stock should discover initial support at its 50-day moving average (MA) of $74.96 and subsequent support at its 200-day MA of $71.11.

Over the past year, Caterpillar has traded in a range of $56.36 to $89.62 and closed yesterday at $81.88, 45% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.0%.

SmarTrend recommended that subscribers consider buying shares of Caterpillar on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $79.12. Since that recommendation, shares of Caterpillar have risen 3.7%. We continue to monitor CAT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Caterpillar

Ticker(s): CAT