Caterpillar Inc. (NYSE:CAT – Get Rating) – Oppenheimer cut its third-quarter 2022 EPS estimates for Caterpillar shares in a report released Wednesday, August 3. Oppenheimer analyst N. Kaye now expects the industrial products company to post earnings per share of $3.28 for the quarter, down from its previous forecast of $3.31. The consensus estimate of Caterpillar’s current annual earnings is $12.60 per share. Oppenheimer also released estimates for Caterpillar’s fourth quarter 2022 earnings at $3.60 EPS, fiscal year 2022 earnings at $12.94 EPS and fiscal year 2023 earnings at $14.47 EPS.
Caterpillar (NYSE:CAT – Get Rating) last reported quarterly results on Tuesday, August 2. The industrial products company reported earnings per share (EPS) of $3.18 for the quarter, beating the consensus estimate of $3.01 by $0.17. The company posted revenue of $14.25 billion in the quarter, versus a consensus estimate of $14.39 billion. Caterpillar had a net margin of 12.50% and a return on equity of 37.29%. The company’s quarterly revenue increased 10.5% year over year. During the same period last year, the company posted EPS of $2.60.
Several other research companies have also recently weighed in on CAT. Credit Suisse Group raised its price target on Caterpillar shares from $226.00 to $236.00 and gave the company a “holding” rating in a research report on Wednesday. Sanford C. Bernstein cut Caterpillar shares from an “outperform” rating to a “market performer” rating and set a price target of $195.00 for the company. in a research report Wednesday. UBS Group lowered its price target on Caterpillar shares from $250.00 to $225.00 and set a “buy” rating for the company in a research report Wednesday. Cowen lowered his price target on Caterpillar shares from $255.00 to $225.00 and set an “outperform” rating for the company in a Thursday, July 7 research report. Finally, Citigroup lowered its price target on Caterpillar shares from $225.00 to $190.00 in a Thursday, July 7 research report. One financial analyst has assigned the stock a sell rating, three have issued a hold rating and ten have assigned the company’s stock a buy rating. Based on MarketBeat data, Caterpillar currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.27.
Caterpillar down 0.3%
CAT opened at $182.87 on Thursday. The company has a current ratio of 1.45, a quick ratio of 0.93 and a debt ratio of 1.66. The stock has a market capitalization of $97.53 billion, a PE ratio of 14.63, a PEG ratio of 1.21 and a beta of 1.01. Caterpillar has a 1-year low of $167.08 and a 1-year high of $237.90. The company has a 50-day moving average price of $192.90 and a two-hundred-day moving average price of $204.54.
Caterpillar increases its dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, August 19. Shareholders of record on Wednesday, July 20 will receive a dividend of $1.20. The ex-dividend date is Tuesday, July 19. This represents a dividend of $4.80 on an annualized basis and a yield of 2.62%. This is a positive change from Caterpillar’s previous quarterly dividend of $1.11. Caterpillar’s payout ratio is currently 38.40%.
Insider Buying and Selling at Caterpillar
In other Caterpillar news, insider Joseph E. Creed sold 2,757 Caterpillar shares in a trade that took place on Wednesday, May 18. The shares were sold at an average price of $214.13, for a total value of $590,356.41. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.27% of the shares of the company.
Caterpillar Institutional Trading
A number of institutional investors have recently changed their positions in the company. Waypoint Capital Advisors LLC raised its position in Caterpillar shares by 3.0% in the first quarter. Waypoint Capital Advisors LLC now owns 1,520 shares of the industrial products company worth $338,000 after buying 44 additional shares in the last quarter. Ballast Inc. increased its position in Caterpillar shares by 1.7% in the first quarter. Ballast Inc. now owns 2,880 shares of the industrial products company worth $641,000 after buying 47 more shares in the last quarter. Next Level Private LLC increased its position in Caterpillar shares by 3.9% in the first quarter. Next Level Private LLC now owns 1,267 shares of the industrial products company worth $282,000 after buying 47 additional shares in the last quarter. Curated Wealth Partners LLC raised its position in Caterpillar shares 3.6% in the fourth quarter. Curated Wealth Partners LLC now owns 1,453 shares of the industrial products company worth $303,000 after buying 50 more shares in the last quarter. Finally, REDW Wealth LLC increased its position in Caterpillar shares by 2.7% in the fourth quarter. REDW Wealth LLC now owns 1,878 shares of the industrial products company worth $388,000 after buying 50 additional shares in the last quarter. Institutional investors hold 67.44% of the company’s shares.
Caterpillar Company Profile
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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, graders, pipelayers, road reclaimers, site preparation tractors, skid steer loaders, telehandlers and utility vehicles; mini, small, medium and large excavators; compact, small and medium wheel loaders; crawler tractors and loaders; and wheel excavators.
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