Caterpillar Inc. (NYSE:CAT) to Post Q3 2024 Earnings of $5.20 Per Share, Zacks Research Forecasts

Caterpillar Inc. (NYSE:CAT) – Equities research analysts at Zacks Research lifted their Q3 2024 earnings per share estimates for Caterpillar in a research note issued on Monday, August 19th. Zacks Research analyst M. Das now forecasts that the industrial products company will post earnings of $5.20 per share for the quarter, up from their prior forecast of $5.00. The consensus estimate for Caterpillar’s current full-year earnings is $21.57 per share. Zacks Research also issued estimates for Caterpillar’s FY2024 earnings at $21.66 EPS, Q1 2025 earnings at $5.59 EPS, Q1 2026 earnings at $5.84 EPS and FY2026 earnings at $23.57 EPS.

Caterpillar (NYSE:CAT) last issued its quarterly earnings data on Tuesday, August 6th. The industrial products company reported $5.99 EPS for the quarter, topping analysts’ consensus estimates of $5.53 by $0.46. The company had revenue of $16.69 billion for the quarter, compared to analysts’ expectations of $16.91 billion. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.55 earnings per share.

CAT has been the topic of several other research reports. TD Cowen boosted their price target on Caterpillar from $338.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Stifel Nicolaus cut Caterpillar from a “buy” rating to a “hold” rating and boosted their price target for the stock from $293.00 to $350.00 in a research note on Friday, April 26th. HSBC boosted their price target on Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a research note on Tuesday, April 30th. Barclays boosted their price target on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Finally, StockNews.com upgraded Caterpillar from a “hold” rating to a “buy” rating in a research note on Saturday, August 10th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $336.31.

Caterpillar Trading Down 0.4 %

Shares of CAT opened at $343.40 on Tuesday. The stock’s 50-day moving average is $335.11 and its two-hundred day moving average is $341.29. The stock has a market cap of $167.94 billion, a PE ratio of 15.50, a P/E/G ratio of 1.72 and a beta of 1.12. Caterpillar has a 12 month low of $223.76 and a 12 month high of $382.01. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.83.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd were issued 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 1.64%. Caterpillar’s dividend payout ratio is 25.46%.

Caterpillar announced that its board has authorized a share repurchase program on Wednesday, June 12th that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the industrial products company to purchase up to 12.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total value of $527,800.00. Following the completion of the transaction, the insider now directly owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Caterpillar

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Private Trust Co. NA lifted its position in Caterpillar by 0.3% in the first quarter. Private Trust Co. NA now owns 10,695 shares of the industrial products company’s stock worth $3,919,000 after purchasing an additional 30 shares during the period. Southland Equity Partners LLC lifted its position in Caterpillar by 4.0% in the first quarter. Southland Equity Partners LLC now owns 784 shares of the industrial products company’s stock worth $287,000 after purchasing an additional 30 shares during the period. Davis Investment Partners LLC lifted its position in Caterpillar by 2.1% in the first quarter. Davis Investment Partners LLC now owns 1,454 shares of the industrial products company’s stock worth $541,000 after purchasing an additional 30 shares during the period. Hilltop National Bank lifted its position in Caterpillar by 1.2% in the second quarter. Hilltop National Bank now owns 2,636 shares of the industrial products company’s stock worth $878,000 after purchasing an additional 31 shares during the period. Finally, Exchange Capital Management Inc. lifted its position in Caterpillar by 3.3% in the first quarter. Exchange Capital Management Inc. now owns 1,016 shares of the industrial products company’s stock worth $372,000 after purchasing an additional 32 shares during the period. 70.98% of the stock is owned by institutional investors.

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.