Caterpillar Inc. (NYSE:CAT - Free Report) - Equities researchers at DA Davidson dropped their FY2024 earnings estimates for Caterpillar in a note issued to investors on Monday, November 4th. DA Davidson analyst M. Shlisky now anticipates that the industrial products company will post earnings of $21.95 per share for the year, down from their previous forecast of $22.79. The consensus estimate for Caterpillar's current full-year earnings is $21.82 per share. DA Davidson also issued estimates for Caterpillar's FY2025 earnings at $22.93 EPS.
Caterpillar (NYSE:CAT - Get Free Report) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $5.17 EPS for the quarter, missing the consensus estimate of $5.33 by ($0.16). The company had revenue of $16.11 billion during the quarter, compared to the consensus estimate of $16.37 billion. Caterpillar had a return on equity of 59.09% and a net margin of 16.26%. The firm's revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.52 EPS.
A number of other brokerages also recently issued reports on CAT. JPMorgan Chase & Co. lifted their price target on Caterpillar from $435.00 to $500.00 and gave the company an "overweight" rating in a research report on Monday, October 14th. Evercore ISI decreased their price target on shares of Caterpillar from $338.00 to $321.00 and set an "in-line" rating on the stock in a report on Monday, August 19th. Robert W. Baird lifted their price objective on shares of Caterpillar from $299.00 to $300.00 and gave the stock an "underperform" rating in a report on Thursday, October 31st. Citigroup reduced their target price on Caterpillar from $445.00 to $435.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. Finally, UBS Group lifted their price target on Caterpillar from $285.00 to $295.00 and gave the stock a "sell" rating in a research note on Monday. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Caterpillar currently has a consensus rating of "Hold" and an average price target of $358.19.
View Our Latest Research Report on Caterpillar
Caterpillar Price Performance
Shares of CAT stock traded up $33.60 on Wednesday, reaching $416.97. The company's stock had a trading volume of 4,719,382 shares, compared to its average volume of 2,625,935. Caterpillar has a 12-month low of $233.57 and a 12-month high of $418.30. The stock's 50 day simple moving average is $374.93 and its 200-day simple moving average is $352.11. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.33. The company has a market capitalization of $202.19 billion, a P/E ratio of 19.33, a PEG ratio of 1.86 and a beta of 1.10.
Institutional Trading of Caterpillar
Institutional investors and hedge funds have recently bought and sold shares of the stock. Norden Group LLC purchased a new stake in shares of Caterpillar in the 1st quarter worth about $672,000. Central Pacific Bank Trust Division bought a new position in shares of Caterpillar during the first quarter valued at approximately $379,000. GSA Capital Partners LLP purchased a new position in shares of Caterpillar during the first quarter valued at approximately $433,000. SPC Financial Inc. bought a new stake in shares of Caterpillar in the 1st quarter worth approximately $238,000. Finally, Financial Council LLC purchased a new stake in shares of Caterpillar in the 1st quarter worth approximately $209,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In related news, CAO William E. Schaupp sold 968 shares of the firm's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $380.98, for a total value of $368,788.64. Following the sale, the chief accounting officer now directly owns 1,686 shares of the company's stock, valued at $642,332.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO William E. Schaupp sold 968 shares of Caterpillar stock in a transaction on Friday, November 1st. The shares were sold at an average price of $380.98, for a total value of $368,788.64. Following the sale, the chief accounting officer now owns 1,686 shares in the company, valued at $642,332.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Cheryl H. Johnson sold 2,975 shares of the business's stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $342.48, for a total transaction of $1,018,878.00. Following the transaction, the insider now directly owns 15,615 shares in the company, valued at approximately $5,347,825.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,792 shares of company stock valued at $3,515,978. Insiders own 0.29% of the company's stock.
Caterpillar Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Monday, October 21st will be issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend is Monday, October 21st. Caterpillar's dividend payout ratio (DPR) is presently 26.15%.
About Caterpillar
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Caterpillar Inc manufactures and sells construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in worldwide. Its Construction Industries segment offers asphalt pavers, compactors, road reclaimers, forestry machines, cold planers, material handlers, track-type tractors, excavators, telehandlers, motor graders, and pipelayers; compact track, wheel, track-type, backhoe, and skid steer loaders; and related parts and tools.
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