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

Caterpillar Inc. (NYSE:CAT) – Zacks Research cut their Q3 2024 earnings per share (EPS) estimates for shares of Caterpillar in a report issued on Monday, September 2nd. Zacks Research analyst M. Das now expects that the industrial products company will post earnings per share of $5.17 for the quarter, down from their previous 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.

Other equities analysts also recently issued reports about the company. Evercore ISI dropped their price target on Caterpillar from $338.00 to $321.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. StockNews.com raised Caterpillar from a “hold” rating to a “buy” rating in a report on Saturday, August 10th. Bank of America decreased their target price on Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Barclays raised their target price on Caterpillar from $315.00 to $335.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Finally, Citigroup assumed coverage on Caterpillar in a report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 target price on the stock. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $336.31.

Caterpillar Stock Performance

CAT stock opened at $336.57 on Thursday. The company has a market cap of $164.60 billion, a P/E ratio of 15.20, a price-to-earnings-growth ratio of 1.66 and a beta of 1.12. Caterpillar has a 1 year low of $223.76 and a 1 year high of $382.01. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.28 and a quick ratio of 0.78. The stock’s fifty day moving average price is $339.82 and its 200-day moving average price is $343.25.

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

Caterpillar announced that its Board of Directors has authorized a stock buyback 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 generally a sign that the company’s management believes its shares are undervalued.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd were issued a $1.41 dividend. This represents a $5.64 annualized dividend and a dividend yield of 1.68%. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date was Monday, July 22nd. Caterpillar’s payout ratio is 25.46%.

Insider Transactions at Caterpillar

In other news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $350.00, for a total value of $527,800.00. Following the sale, the insider now directly owns 18,515 shares of the company’s stock, valued at $6,480,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Anthony D. Fassino sold 3,185 shares of Caterpillar stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the completion of the transaction, the insider now owns 33,442 shares in the company, valued at $11,750,181.12. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction dated 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 owns 18,515 shares of the company’s stock, valued at approximately $6,480,250. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,668 shares of company stock valued at $2,665,760. 0.33% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Souders Financial Advisors boosted its holdings in shares of Caterpillar by 0.8% in the second quarter. Souders Financial Advisors now owns 3,657 shares of the industrial products company’s stock valued at $1,218,000 after purchasing an additional 29 shares during the period. Private Trust Co. NA lifted its holdings in shares of Caterpillar by 0.3% in the 1st quarter. Private Trust Co. NA now owns 10,695 shares of the industrial products company’s stock worth $3,919,000 after buying an additional 30 shares during the period. Southland Equity Partners LLC lifted its holdings in shares of Caterpillar by 4.0% in the 1st quarter. Southland Equity Partners LLC now owns 784 shares of the industrial products company’s stock worth $287,000 after buying an additional 30 shares during the period. Davis Investment Partners LLC lifted its holdings in shares of Caterpillar by 2.1% in the 1st quarter. Davis Investment Partners LLC now owns 1,454 shares of the industrial products company’s stock worth $541,000 after buying an additional 30 shares during the period. Finally, Hilltop National Bank lifted its holdings in shares of Caterpillar by 1.2% in the 2nd quarter. Hilltop National Bank now owns 2,636 shares of the industrial products company’s stock worth $878,000 after buying an additional 31 shares during the period. 70.98% of the stock is currently owned by 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.