Q3 2024 EPS Estimates for Caterpillar Inc. Lowered by Analyst (NYSE:CAT)

Caterpillar Inc. (NYSE:CAT) – Analysts at Zacks Research cut their Q3 2024 EPS estimates for Caterpillar in a research report issued on Monday, September 2nd. Zacks Research analyst M. Das now anticipates that the industrial products company will post earnings of $5.17 per share for the quarter, down from their prior estimate of $5.20. The consensus estimate for Caterpillar’s current full-year earnings is $21.87 per share. Zacks Research also issued estimates for Caterpillar’s FY2024 earnings at $21.58 EPS, Q1 2025 earnings at $5.48 EPS, Q1 2026 earnings at $5.74 EPS and FY2026 earnings at $23.24 EPS.

Caterpillar (NYSE:CAT) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. Caterpillar had a net margin of 16.58% and a return on equity of 59.88%. The business had revenue of $16.69 billion for the quarter, compared to the consensus estimate of $16.91 billion. During the same period in the previous year, the company earned $5.55 earnings per share. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis.

CAT has been the topic of several other reports. UBS Group upped their price objective on shares of Caterpillar from $270.00 to $285.00 and gave the company a “sell” rating in a report on Wednesday, August 7th. Citigroup started coverage on shares of Caterpillar in a research report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price for the company. Raymond James started coverage on shares of Caterpillar in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Barclays boosted their target price on shares of Caterpillar from $315.00 to $335.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Finally, Bank of America cut their price objective on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $336.31.

Caterpillar Price Performance

NYSE:CAT opened at $333.50 on Thursday. Caterpillar has a one year low of $223.76 and a one year high of $382.01. The company has a market cap of $163.10 billion, a P/E ratio of 15.06, a P/E/G ratio of 1.66 and a beta of 1.12. The firm’s fifty day moving average price is $339.94 and its two-hundred day moving average price is $343.18. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.28 and a quick ratio of 0.78.

Caterpillar announced that its board has initiated a stock repurchase program on Wednesday, June 12th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Caterpillar Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd were given a dividend of $1.41 per share. The ex-dividend date was Monday, July 22nd. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 annualized dividend and a dividend yield of 1.69%. Caterpillar’s dividend payout ratio (DPR) is currently 25.46%.

Insider Buying and Selling

In other news, Director Gerald Johnson acquired 100 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was bought at an average price of $338.59 per share, with a total value of $33,859.00. Following the acquisition, the director now owns 2,842 shares in the company, valued at approximately $962,272.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Caterpillar news, insider Cheryl H. Johnson sold 2,975 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $342.48, for a total value of $1,018,878.00. Following the completion of the transaction, the insider now owns 15,615 shares in the company, valued at approximately $5,347,825.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gerald Johnson purchased 100 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average price of $338.59 per share, with a total value of $33,859.00. Following the transaction, the director now owns 2,842 shares in the company, valued at approximately $962,272.78. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 7,668 shares of company stock valued at $2,665,760. 0.33% of the stock is owned by insiders.

Institutional Trading of Caterpillar

A number of large investors have recently modified their holdings of the business. Partnership Wealth Management LLC purchased a new position in Caterpillar in the 4th quarter worth approximately $26,000. Richardson Financial Services Inc. purchased a new stake in Caterpillar during the fourth quarter valued at $27,000. Thompson Investment Management Inc. purchased a new stake in Caterpillar during the first quarter valued at $27,000. Bbjs Financial Advisors LLC purchased a new stake in Caterpillar in the second quarter worth about $28,000. Finally, Financial Connections Group Inc. purchased a new stake in Caterpillar in the second quarter worth about $28,000. Institutional investors own 70.98% of the company’s stock.

Caterpillar Company Profile

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.