Caterpillar Inc. (NYSE:CAT – Get Rating) – Investment analysts at Jefferies Financial Group boosted their FY2022 earnings estimates for Caterpillar in a report issued on Tuesday, November 15th. Jefferies Financial Group analyst S. Volkmann now expects that the industrial products company will post earnings of $13.89 per share for the year, up from their previous forecast of $13.41. The consensus estimate for Caterpillar’s current full-year earnings is $13.73 per share. Jefferies Financial Group also issued estimates for Caterpillar’s Q1 2023 earnings at $3.70 EPS, Q2 2023 earnings at $3.85 EPS, FY2023 earnings at $15.85 EPS and FY2024 earnings at $17.25 EPS.
Several other equities analysts have also issued reports on CAT. Credit Suisse Group boosted their target price on shares of Caterpillar from $236.00 to $255.00 and gave the company an “outperform” rating in a report on Friday, October 28th. UBS Group lowered shares of Caterpillar from a “buy” rating to a “neutral” rating and boosted their target price for the company from $225.00 to $230.00 in a report on Monday, October 31st. Sanford C. Bernstein lowered shares of Caterpillar from an “outperform” rating to a “market perform” rating and set a $195.00 target price on the stock. in a report on Wednesday, August 3rd. Morgan Stanley boosted their target price on shares of Caterpillar from $143.00 to $174.00 and gave the company an “underweight” rating in a report on Friday, October 28th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Caterpillar from a “buy” rating to a “hold” rating and boosted their target price for the company from $196.00 to $221.00 in a report on Friday, October 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $226.40.
Caterpillar Stock Performance
Caterpillar (NYSE:CAT – Get Rating) last issued its quarterly earnings data on Thursday, October 27th. The industrial products company reported $3.95 earnings per share for the quarter, topping the consensus estimate of $3.19 by $0.76. Caterpillar had a net margin of 13.02% and a return on equity of 41.76%. The company had revenue of $14.99 billion for the quarter, compared to analysts’ expectations of $14.34 billion.
Caterpillar Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 18th. Investors of record on Monday, October 24th will be issued a $1.20 dividend. The ex-dividend date of this dividend is Friday, October 21st. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.08%. Caterpillar’s dividend payout ratio is presently 34.86%.
Insider Buying and Selling
In related news, General Counsel Suzette M. Long sold 1,884 shares of the company’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $237.28, for a total value of $447,035.52. Following the sale, the general counsel now owns 8,665 shares in the company, valued at approximately $2,056,031.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Caterpillar
Institutional investors have recently added to or reduced their stakes in the company. Curi Wealth Management LLC grew its position in Caterpillar by 289.7% in the 2nd quarter. Curi Wealth Management LLC now owns 152 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 113 shares in the last quarter. Castle Wealth Management LLC bought a new stake in Caterpillar in the 2nd quarter worth about $33,000. Morgan Dempsey Capital Management LLC bought a new position in shares of Caterpillar during the 3rd quarter valued at approximately $33,000. Cowa LLC bought a new position in shares of Caterpillar during the 3rd quarter valued at approximately $33,000. Finally, Investors Research Corp bought a new position in shares of Caterpillar during the 2nd quarter valued at approximately $37,000. 68.80% of the stock is owned by institutional investors.
Caterpillar Company Profile
Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, and industrial gas turbines worldwide. Its Construction Industries segment offers asphalt pavers, backhoe loaders, compactors, cold planers, compact track and multi-terrain loaders, excavators, motorgraders, pipelayers, road reclaimers, site prep tractors, skid steer loaders, telehandlers, and utility vehicles; mini, small, medium, and large excavators; compact, small, and medium wheel loaders; track-type tractors and loaders; and wheel excavators.
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