Caterpillar (CAT) Announces Quarterly Earnings Results

Caterpillar (NYSE:CAT) released its quarterly earnings data on Wednesday. The industrial products company reported $2.94 EPS for the quarter, beating analysts’ consensus estimates of $2.84 by $0.10, Morningstar.com reports. Caterpillar had a return on equity of 45.31% and a net margin of 11.23%. The business had revenue of $13.47 billion for the quarter, compared to the consensus estimate of $13.36 billion. During the same quarter in the prior year, the business posted $2.82 EPS. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. Caterpillar updated its FY 2019 guidance to $12.06-13.06 EPS and its FY19 guidance to $11.75-12.75 EPS.

Caterpillar stock opened at $139.89 on Wednesday. Caterpillar has a twelve month low of $112.06 and a twelve month high of $161.60. The company has a quick ratio of 0.96, a current ratio of 1.37 and a debt-to-equity ratio of 1.78. The company has a market cap of $82.51 billion, a price-to-earnings ratio of 12.47, a P/E/G ratio of 0.75 and a beta of 1.46.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Monday, April 22nd will be given a dividend of $0.86 per share. The ex-dividend date of this dividend is Thursday, April 18th. This represents a $3.44 dividend on an annualized basis and a yield of 2.46%. Caterpillar’s payout ratio is 30.66%.

CAT has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded Caterpillar from a “hold” rating to a “sell” rating in a report on Monday, December 31st. Bank of America set a $152.00 price objective on Caterpillar and gave the company a “buy” rating in a report on Tuesday, January 29th. Standpoint Research upgraded Caterpillar from a “sell” rating to an “accumulate” rating and set a $117.85 price objective on the stock in a report on Wednesday, December 26th. UBS Group downgraded Caterpillar from a “buy” rating to a “sell” rating and dropped their price objective for the company from $154.00 to $125.00 in a report on Tuesday, February 26th. Finally, Credit Suisse Group dropped their price objective on Caterpillar from $183.00 to $173.00 and set an “outperform” rating on the stock in a report on Friday, January 18th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have issued a buy rating to the company. Caterpillar currently has an average rating of “Hold” and a consensus price target of $146.71.

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc increased its stake in Caterpillar by 1.1% in the 3rd quarter. Vanguard Group Inc now owns 49,811,616 shares of the industrial products company’s stock valued at $7,595,773,000 after purchasing an additional 534,451 shares in the last quarter. BlackRock Inc. increased its position in Caterpillar by 1.5% during the fourth quarter. BlackRock Inc. now owns 35,985,874 shares of the industrial products company’s stock worth $4,572,725,000 after buying an additional 529,926 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Caterpillar by 6,835.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,054,500 shares of the industrial products company’s stock worth $71,000 after purchasing an additional 8,923,946 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Caterpillar by 1.9% during the fourth quarter. Northern Trust Corp now owns 7,379,026 shares of the industrial products company’s stock worth $937,652,000 after purchasing an additional 134,479 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Caterpillar by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 7,022,665 shares of the industrial products company’s stock worth $890,658,000 after purchasing an additional 321,277 shares during the last quarter. 67.07% of the stock is owned by institutional investors and hedge funds.

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Caterpillar Company Profile

Caterpillar Inc manufactures and sells construction and mining equipment, diesel and natural gas engines, and industrial gas turbines. Its Construction Industries segment offers asphalt pavers, compactors, cold planers, feller bunchers, harvesters, motorgraders, pipelayers, road reclaimers, skidders, telehandlers, and utility vehicles; backhoe, knuckleboom, compact track, multi-terrain, skid steer, and track-type loaders; forestry and wheel excavators; and site prep and track-type tractors.

Further Reading: Hedge Funds

Earnings History for Caterpillar (NYSE:CAT)

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