Caterpillar, Inc. to Issue Quarterly Dividend of $0.78 (CAT)
Caterpillar, Inc. (NYSE:CAT) declared a quarterly dividend on Wednesday, October 11th, RTT News reports. Stockholders of record on Monday, October 23rd will be paid a dividend of 0.78 per share by the industrial products company on Monday, November 20th. This represents a $3.12 annualized dividend and a dividend yield of 2.43%.
Caterpillar has raised its dividend payment by an average of 21.4% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Caterpillar has a payout ratio of 59.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Caterpillar to earn $6.69 per share next year, which means the company should continue to be able to cover its $3.12 annual dividend with an expected future payout ratio of 46.6%.
Shares of Caterpillar (CAT) traded down 0.15% on Wednesday, hitting $128.00. 1,027,735 shares of the stock traded hands. Caterpillar has a 52 week low of $80.33 and a 52 week high of $128.85. The firm has a market capitalization of $75.64 billion, a PE ratio of 34.69 and a beta of 1.26. The firm’s 50 day moving average is $121.39 and its 200 day moving average is $108.72.
Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.26 by $0.23. Caterpillar had a net margin of 0.27% and a return on equity of 18.52%. The company had revenue of $11.33 billion for the quarter, compared to the consensus estimate of $10.96 billion. During the same period last year, the company earned $1.09 earnings per share. The firm’s revenue was up 9.6% compared to the same quarter last year. On average, analysts expect that Caterpillar will post $5.27 EPS for the current fiscal year.
In other news, insider Bradley M. Halverson sold 182,612 shares of the business’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $114.05, for a total value of $20,826,898.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William A. Osborn sold 5,000 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $113.67, for a total transaction of $568,350.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 201,471 shares of company stock worth $22,979,332. Corporate insiders own 0.14% of the company’s stock.
A number of analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Caterpillar from a “hold” rating to a “buy” rating and set a $142.00 price objective on the stock in a report on Wednesday. Vetr upgraded shares of Caterpillar from a “sell” rating to a “hold” rating and set a $124.44 price objective on the stock in a report on Tuesday. Goldman Sachs Group, Inc. (The) lifted their price objective on shares of Caterpillar from $143.00 to $158.00 and gave the company a “buy” rating in a report on Monday. Deutsche Bank AG reiterated a “hold” rating and issued a $121.00 price objective (up from $120.00) on shares of Caterpillar in a report on Monday. Finally, ValuEngine downgraded shares of Caterpillar from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $116.98.
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