Published on 30 May 2024 on Zacks via Yahoo Finance
Reasons to Hold Caterpillar (CAT) Stock in Your Portfolio Now
Caterpillar Inc. CAT has been benefiting from improving demand in its end markets and cost-control efforts, which are reflected in its 13-quarter stint of earnings growth. This is impressive considering the inflationary pressures and supply-chain snarls faced by the company as well as the industry at large through this period.CAT’s solid backlog and upbeat outlook for its segments position it well for improved results. The company’s ongoing investments in expanding its offerings and services as well as in digital initiatives are expected to contribute to growth.Caterpillar currently carries a Zacks Rank #3 (Hold).Shares of Caterpillar have gained 61.1% in the past year compared with the industry’s 56.8% growth. The Zacks Industrial Products sector has gained 25% and the S&P 500 composite has risen 25.3% in the same time frame.
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