Caterpillar hit new 52-week low Today

During today's trading Caterpillar Inc. (NYSE:CAT) shares hit a new 52-week low before coming back 20 cents to settle at $27.02.

Caterpillar shares got down to $26.86 today before closing the day up a dime or two at $27.02, after-hours CAT shares are up and down a penny or two. In the last 5 days alone CAT shares have dropped 13% and in the last month make that a 31% loss, its brutal.

Last Friday Caterpillar issued the following statement:
"As I indicated yesterday, the President and I fundamentally agree that the U.S. stimulus package will be beneficial to the U.S. economy and should spur demand for the types of products made by Caterpillar. The passage of significant stimulus packages in the United States and abroad would help move the global economy toward a recovery, and if these packages are enacted quickly, they could stimulate demand for our products that would likely, over time, provide Caterpillar the opportunity to recall employees who have been laid off during this downturn.  We know this won't happen overnight, but I am confident that swift passage of the stimulus will lay the important groundwork to rebuild our workforce," said Caterpillar Chairman and CEO Jim Owens.

Owens added,  "The tractors and pipelayers made in East Peoria are used for infrastructure and mining projects in the U.S and around the world-in fact, more than 55 percent of the products made in East Peoria are exported from the U.S.  As a bellwether company for the global economy, we are experiencing the unprecedented depth of this still unfolding global recession and we believe strongly a fiscal infrastructure investment will create construction jobs in the near term, and enhance the competitive position of the U.S. in the global economy."

The market continues to hammer CAT and the question is when will it stop?

Recent analyst coverage on Caterpillar doesn't have great expectations with target prices in the low to mid $30 range:

Until Caterpillar gets some positive press expect more of the same, still at some point there has to be an analyst or two that recommends CAT based on valuation.