Caterpillar Inc. (NYSE:CAT) Raises Dividend to $1.11 Per Share

Caterpillar Inc. (NYSE:CAT) declared a quarterly dividend on Wednesday, June 9th, RTT News reports. Shareholders of record on Tuesday, July 20th will be paid a dividend of 1.11 per share by the industrial products company on Friday, August 20th. This represents a $4.44 annualized dividend and a yield of 1.97%. The ex-dividend date is Monday, July 19th. This is a positive change from Caterpillar’s previous quarterly dividend of $1.03.

NYSE CAT opened at $225.73 on Friday. The company’s 50-day moving average price is $235.44. Caterpillar has a twelve month low of $118.01 and a twelve month high of $246.69. The stock has a market capitalization of $123.65 billion, a P/E ratio of 36.12, a price-to-earnings-growth ratio of 2.07 and a beta of 0.93. The company has a quick ratio of 1.15, a current ratio of 1.60 and a debt-to-equity ratio of 1.59.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Thursday, April 29th. The industrial products company reported $2.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.93 by $0.94. Caterpillar had a return on equity of 26.63% and a net margin of 7.99%. The business had revenue of $11.89 billion for the quarter, compared to analysts’ expectations of $11 billion. During the same period in the previous year, the firm posted $1.60 EPS. The business’s revenue was up 11.8% on a year-over-year basis. Analysts expect that Caterpillar will post 9.66 earnings per share for the current year.

In related news, Director David Maclennan purchased 420 shares of the stock in a transaction on Wednesday, May 5th. The shares were purchased at an average cost of $237.86 per share, for a total transaction of $99,901.20. Following the completion of the transaction, the director now directly owns 890 shares of the company’s stock, valued at approximately $211,695.40. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joseph E. Creed sold 7,699 shares of the company’s stock in a transaction on Friday, June 4th. The shares were sold at an average price of $245.12, for a total value of $1,887,178.88. The disclosure for this sale can be found here. Insiders own 0.18% of the company’s stock.

A hedge fund recently raised its stake in Caterpillar stock. Camden National Bank lifted its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 9.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,833 shares of the industrial products company’s stock after purchasing an additional 160 shares during the quarter. Camden National Bank’s holdings in Caterpillar were worth $333,000 at the end of the most recent quarter. 68.22% of the stock is owned by institutional investors.

A number of equities research analysts have weighed in on CAT shares. JPMorgan Chase & Co. boosted their target price on shares of Caterpillar from $205.00 to $237.00 and gave the company an “overweight” rating in a research note on Thursday, February 25th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Caterpillar from $259.00 to $273.00 and gave the stock a “buy” rating in a report on Friday, June 4th. Citigroup boosted their price target on shares of Caterpillar from $205.00 to $245.00 in a research note on Tuesday, March 16th. UBS Group boosted their price target on shares of Caterpillar from $230.00 to $252.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 12th. Finally, Daiwa Capital Markets cut shares of Caterpillar from an “outperform” rating to a “neutral” rating in a research report on Friday, March 5th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $219.29.

About Caterpillar

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

Further Reading: Special Purpose Acquisition Company (SPAC)

Dividend History for Caterpillar (NYSE:CAT)

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