Caterpillar Inc. (NYSE:CAT – Get Rating) – Analysts at Zacks Research upped their Q2 2023 earnings estimates for shares of Caterpillar in a report issued on Monday, May 22nd. Zacks Research analyst M. Das now expects that the industrial products company will post earnings per share of $3.77 for the quarter, up from their previous forecast of $3.74. The consensus estimate for Caterpillar’s current full-year earnings is $17.61 per share. Zacks Research also issued estimates for Caterpillar’s Q3 2023 earnings at $3.71 EPS, Q4 2023 earnings at $4.12 EPS, FY2023 earnings at $16.51 EPS, Q1 2024 earnings at $3.89 EPS and FY2025 earnings at $16.50 EPS.
Several other brokerages have also weighed in on CAT. Evercore ISI decreased their target price on shares of Caterpillar from $288.00 to $263.00 in a research report on Tuesday, May 9th. Stifel Nicolaus boosted their price target on shares of Caterpillar from $273.00 to $275.00 in a research report on Monday, May 1st. Robert W. Baird reduced their price target on shares of Caterpillar from $185.00 to $180.00 in a research report on Monday, May 8th. Wells Fargo & Company boosted their price target on shares of Caterpillar from $228.00 to $240.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 1st. Finally, Barclays boosted their price target on shares of Caterpillar from $200.00 to $225.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 1st. Three research analysts have rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $238.94.
Caterpillar Price Performance
Caterpillar (NYSE:CAT – Get Rating) last posted its quarterly earnings results on Thursday, April 27th. The industrial products company reported $4.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.79 by $1.12. Caterpillar had a net margin of 11.52% and a return on equity of 50.98%. The company had revenue of $15.86 billion for the quarter, compared to analyst estimates of $15.27 billion. During the same period last year, the business posted $2.88 EPS. The business’s quarterly revenue was up 16.7% on a year-over-year basis.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of the company. BCK Partners Inc. acquired a new position in shares of Caterpillar in the first quarter valued at approximately $2,580,000. Sei Investments Co. boosted its holdings in shares of Caterpillar by 17.3% in the first quarter. Sei Investments Co. now owns 65,643 shares of the industrial products company’s stock valued at $14,634,000 after buying an additional 9,695 shares during the period. Dakota Wealth Management acquired a new position in shares of Caterpillar in the first quarter valued at approximately $405,000. Mather Group LLC. boosted its holdings in shares of Caterpillar by 6.8% in the first quarter. Mather Group LLC. now owns 2,592 shares of the industrial products company’s stock valued at $577,000 after buying an additional 165 shares during the period. Finally, NewEdge Advisors LLC boosted its holdings in shares of Caterpillar by 4.4% in the first quarter. NewEdge Advisors LLC now owns 49,705 shares of the industrial products company’s stock valued at $11,075,000 after buying an additional 2,076 shares during the period. Institutional investors and hedge funds own 68.02% of the company’s stock.
Caterpillar Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 19th. Investors of record on Monday, April 24th were issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend was Friday, April 21st. Caterpillar’s dividend payout ratio is currently 35.48%.
Caterpillar Company Profile
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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