Caterpillar Inc. (NYSE:CAT) – Oppenheimer raised their Q3 2021 earnings per share (EPS) estimates for Caterpillar in a note issued to investors on Sunday, August 1st. Oppenheimer analyst N. Kaye now forecasts that the industrial products company will post earnings per share of $2.34 for the quarter, up from their prior forecast of $2.32. Oppenheimer also issued estimates for Caterpillar’s FY2021 earnings at $10.37 EPS and FY2022 earnings at $11.99 EPS.
Several other equities research analysts also recently issued reports on the company. Credit Suisse Group cut their price target on Caterpillar from $268.00 to $256.00 and set an “outperform” rating for the company in a report on Monday. Evercore ISI lifted their target price on Caterpillar from $240.00 to $303.00 in a report on Wednesday, May 12th. The Goldman Sachs Group reissued a “buy” rating and set a $264.00 target price on shares of Caterpillar in a report on Thursday, May 27th. UBS Group lifted their target price on Caterpillar from $230.00 to $252.00 and gave the stock a “neutral” rating in a report on Wednesday, May 12th. Finally, Zacks Investment Research downgraded Caterpillar from a “buy” rating to a “hold” rating and set a $226.00 target price for the company. in a report on Wednesday, June 30th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $227.30.
Shares of CAT opened at $205.16 on Tuesday. The company has a market cap of $112.38 billion, a PE ratio of 23.15, a P/E/G ratio of 1.77 and a beta of 0.91. Caterpillar has a twelve month low of $130.67 and a twelve month high of $246.69. The business’s 50 day simple moving average is $220.08. The company has a quick ratio of 1.10, a current ratio of 1.56 and a debt-to-equity ratio of 1.55. Caterpillar (NYSE:CAT) last issued its quarterly earnings results on Thursday, July 29th. The industrial products company reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.22. The company had revenue of $12.89 billion during the quarter, compared to analysts’ expectations of $12.53 billion. Caterpillar had a net margin of 9.57% and a return on equity of 30.80%. The business’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period last year, the business earned $1.03 EPS.
A number of hedge funds have recently made changes to their positions in CAT. Norges Bank acquired a new position in Caterpillar in the fourth quarter valued at approximately $878,514,000. Price T Rowe Associates Inc. MD raised its position in shares of Caterpillar by 11.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,492,830 shares of the industrial products company’s stock worth $3,360,452,000 after purchasing an additional 1,451,470 shares during the period. Amundi Pioneer Asset Management Inc. raised its position in shares of Caterpillar by 23.9% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 3,444,897 shares of the industrial products company’s stock worth $627,039,000 after purchasing an additional 665,237 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in Caterpillar during the first quarter worth $122,802,000. Finally, CIBC Private Wealth Group LLC grew its holdings in Caterpillar by 1,045.9% during the first quarter. CIBC Private Wealth Group LLC now owns 478,702 shares of the industrial products company’s stock worth $110,997,000 after buying an additional 436,928 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.
In related news, insider Joseph E. Creed sold 7,699 shares of the company’s stock in a transaction that occurred on Friday, June 4th. The stock was sold at an average price of $245.12, for a total value of $1,887,178.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David Maclennan bought 420 shares of Caterpillar stock in a transaction that occurred on Wednesday, May 5th. The stock was bought at an average price of $237.86 per share, for a total transaction of $99,901.20. Following the completion of the acquisition, the director now directly owns 890 shares of the company’s stock, valued at $211,695.40. The disclosure for this purchase can be found here. Insiders own 0.18% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 20th. Stockholders of record on Tuesday, July 20th will be issued a dividend of $1.11 per share. This is a boost from Caterpillar’s previous quarterly dividend of $1.03. This represents a $4.44 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Monday, July 19th. Caterpillar’s payout ratio is 67.68%.
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.
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