Caterpillar, Inc. (CAT) Sets New 52-Week High on Better-Than-Expected Earnings

Caterpillar, Inc. (NYSE:CAT) hit a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $114.23 and last traded at $114.47, with a volume of 9,510,204 shares changing hands. The stock had previously closed at $108.18.

The industrial products company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.23. The business had revenue of $11.33 billion during the quarter, compared to the consensus estimate of $10.96 billion. Caterpillar had a net margin of 0.27% and a return on equity of 18.52%. The company’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.09 EPS.

The firm also recently announced a quarterly dividend, which will be paid on Saturday, August 19th. Stockholders of record on Thursday, July 20th will be issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.73%. This is a boost from Caterpillar’s previous quarterly dividend of $0.77. The ex-dividend date is Tuesday, July 18th. Caterpillar’s payout ratio is presently 2,080.00%.

CAT has been the topic of several recent research reports. BidaskClub raised shares of Caterpillar from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Axiom Securities reissued a “sell” rating on shares of Caterpillar in a research note on Tuesday, June 6th. Wells Fargo & Company reaffirmed an “outperform” rating on shares of Caterpillar in a research note on Wednesday, July 26th. Raymond James Financial, Inc. raised shares of Caterpillar to a “buy” rating and set a $55.00 price target on the stock in a research note on Thursday, April 27th. Finally, Credit Suisse Group set a $123.00 price target on shares of Caterpillar and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $106.56.

In related news, insider Bradley M. Halverson sold 182,612 shares of Caterpillar stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $114.05, for a total transaction of $20,826,898.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William A. Osborn sold 5,000 shares of Caterpillar stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $113.67, for a total value of $568,350.00. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in the company. Baker Ellis Asset Management LLC bought a new position in shares of Caterpillar during the second quarter worth about $104,000. Howe & Rusling Inc. boosted its position in shares of Caterpillar by 52.0% in the first quarter. Howe & Rusling Inc. now owns 1,087 shares of the industrial products company’s stock worth $101,000 after buying an additional 372 shares during the period. Reilly Financial Advisors LLC boosted its position in shares of Caterpillar by 92.9% in the second quarter. Reilly Financial Advisors LLC now owns 1,111 shares of the industrial products company’s stock worth $119,000 after buying an additional 535 shares during the period. Harbour Capital Advisors LLC bought a new position in shares of Caterpillar during the first quarter worth about $107,000. Finally, Chicago Partners Investment Group LLC boosted its position in shares of Caterpillar by 75.6% in the second quarter. Chicago Partners Investment Group LLC now owns 1,152 shares of the industrial products company’s stock worth $118,000 after buying an additional 496 shares during the period. Hedge funds and other institutional investors own 70.55% of the company’s stock.

The company has a market cap of $67.49 billion, a PE ratio of 638.83 and a beta of 1.25. The stock’s 50-day moving average price is $107.93 and its 200 day moving average price is $100.19.

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Caterpillar Company Profile