October 22, 2021

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Caterpillar (NYSE:CAT) Posts Earnings Results, Beats Expectations By $0.19 EPS

Caterpillar (NYSE:CAT) posted its quarterly earnings data on Friday. The industrial products company reported $2.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.41 by $0.19, MarketWatch Earnings reports. Caterpillar had a net margin of 7.99% and a return on equity of 26.63%. The company had revenue of $12.89 billion for the quarter, compared to the consensus estimate of $12.53 billion. During the same period last year, the company earned $1.03 earnings per share. The firm’s revenue was up 28.9% compared to the same quarter last year.

CAT traded down $5.87 on Friday, hitting $206.69. 437,861 shares of the stock were exchanged, compared to its average volume of 3,400,949. Caterpillar has a 12 month low of $130.21 and a 12 month high of $246.69. The company has a 50-day moving average of $221.37. The company has a quick ratio of 1.15, a current ratio of 1.60 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $113.22 billion, a price-to-earnings ratio of 32.76, a price-to-earnings-growth ratio of 1.81 and a beta of 0.92.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 20th. Investors of record on Tuesday, July 20th will be given a dividend of $1.11 per share. This is a boost from Caterpillar’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Monday, July 19th. This represents a $4.44 annualized dividend and a yield of 2.15%. Caterpillar’s dividend payout ratio is currently 67.68%.

CAT has been the topic of a number of recent research reports. The Goldman Sachs Group reiterated a “buy” rating and issued a $264.00 price objective on shares of Caterpillar in a report on Thursday, May 27th. UBS Group boosted their target price on shares of Caterpillar from $230.00 to $252.00 and gave the stock a “neutral” rating in a report on Wednesday, May 12th. Stifel Nicolaus boosted their target price on shares of Caterpillar from $222.00 to $245.00 and gave the stock a “buy” rating in a report on Monday, May 3rd. Wolfe Research assumed coverage on shares of Caterpillar in a report on Monday, April 19th. They set an “outperform” rating and a $265.00 target price on the stock. Finally, BMO Capital Markets boosted their target price on shares of Caterpillar from $190.00 to $230.00 and gave the stock a “market perform” rating in a report on Friday, April 30th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $227.55.

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In other news, insider Joseph E. Creed sold 7,699 shares of the stock in a transaction dated Friday, June 4th. The shares were sold at an average price of $245.12, for a total value of $1,887,178.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Maclennan bought 420 shares of the company’s stock in a transaction dated Wednesday, May 5th. The stock was bought at an average cost of $237.86 per share, with a total value of $99,901.20. Following the acquisition, the director now directly owns 890 shares of the company’s stock, valued at approximately $211,695.40. The disclosure for this purchase can be found here. Corporate insiders own 0.18% of the company’s stock.

A hedge fund recently raised its stake in Caterpillar stock. Camden National Bank increased its position in Caterpillar Inc. (NYSE:CAT) by 9.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,833 shares of the industrial products company’s stock after buying an additional 160 shares during the quarter. Camden National Bank’s holdings in Caterpillar were worth $333,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 68.11% of the company’s stock.

About Caterpillar

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.

Further Reading: What is the Gross Domestic Product (GDP)?

Earnings History for Caterpillar (NYSE:CAT)

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