DA Davidson Analysts Boost Earnings Estimates for Caterpillar Inc. (NYSE:CAT)

Caterpillar Inc. (NYSE:CAT) – Research analysts at DA Davidson upped their FY2024 earnings per share estimates for Caterpillar in a note issued to investors on Tuesday, April 30th. DA Davidson analyst M. Shlisky now forecasts that the industrial products company will post earnings of $22.25 per share for the year, up from their previous estimate of $21.19. The consensus estimate for Caterpillar’s current full-year earnings is $21.67 per share.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share for the quarter, beating the consensus estimate of $5.12 by $0.48. The company had revenue of $15.80 billion during the quarter, compared to analysts’ expectations of $16.07 billion. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%.

Several other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. StockNews.com downgraded Caterpillar from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 20th. Oppenheimer restated a “market perform” rating on shares of Caterpillar in a research report on Thursday, April 18th. Morgan Stanley initiated coverage on shares of Caterpillar in a research report on Monday, January 8th. They set an “equal weight” rating and a $270.00 target price for the company. Finally, TD Cowen raised their price objective on shares of Caterpillar from $338.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $323.35.

Caterpillar Stock Performance

NYSE CAT opened at $336.86 on Thursday. The company’s 50 day simple moving average is $351.89 and its two-hundred day simple moving average is $303.11. 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 has a 1 year low of $205.60 and a 1 year high of $382.01. The stock has a market capitalization of $164.74 billion, a PE ratio of 15.21, a P/E/G ratio of 1.42 and a beta of 1.19.

Caterpillar Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 20th. Stockholders of record on Monday, April 22nd will be paid a dividend of $1.30 per share. The ex-dividend date is Friday, April 19th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 1.54%. Caterpillar’s dividend payout ratio (DPR) is currently 23.48%.

Insider Activity

In related news, Director David Maclennan acquired 350 shares of Caterpillar stock in a transaction dated Friday, February 23rd. The shares were purchased at an average cost of $323.37 per share, with a total value of $113,179.50. Following the completion of the purchase, the director now owns 5,238 shares of the company’s stock, valued at $1,693,812.06. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director David Maclennan acquired 350 shares of Caterpillar stock in a transaction dated Friday, February 23rd. The shares were purchased at an average cost of $323.37 per share, with a total value of $113,179.50. Following the completion of the purchase, the director now owns 5,238 shares of the company’s stock, valued at $1,693,812.06. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Lange Bob De sold 21,194 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $325.52, for a total value of $6,899,070.88. Following the transaction, the insider now directly owns 61,092 shares in the company, valued at $19,886,667.84. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

Institutional Trading of Caterpillar

Institutional investors have recently modified their holdings of the company. 9258 Wealth Management LLC raised its holdings in Caterpillar by 4.2% in the 1st quarter. 9258 Wealth Management LLC now owns 4,002 shares of the industrial products company’s stock worth $1,466,000 after purchasing an additional 163 shares in the last quarter. WBI Investments LLC bought a new position in Caterpillar in the first quarter worth about $1,110,000. Buck Wealth Strategies LLC raised its stake in Caterpillar by 1,298.0% in the first quarter. Buck Wealth Strategies LLC now owns 29,107 shares of the industrial products company’s stock worth $10,666,000 after buying an additional 27,025 shares in the last quarter. Team Hewins LLC raised its stake in Caterpillar by 3.6% in the first quarter. Team Hewins LLC now owns 2,716 shares of the industrial products company’s stock worth $995,000 after buying an additional 95 shares in the last quarter. Finally, Joseph P. Lucia & Associates LLC bought a new position in Caterpillar in the first quarter worth about $238,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

About Caterpillar

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.