Caterpillar Inc. (NYSE-CAT) is an American company that designs, develops, manufactures and sells construction vehicles, (bulldozers, excavators) machinery, engines, as well as financial products and insurance through a worldwide sales network. Caterpillar is a leading manufacturer of engine equipment for oil and gas mining. The company also develops and manufactures industrial gas turbines and diesel electric locomotives. The company was founded in 1925 in California, USA. Caterpillar Inc (NYSE-CAT) is currently headquartered in Peoria, Illinois, USA. The company is engaged in heavy engineering, mainly manufacturing earthmoving equipment (bulldozers, excavators) and machinery for the mining industry. Also important is the manufacture of diesel and gas engines and gas turbines for various applications.
Caterpillar shares hit a record high, thanks to strong demand. Caterpillar Inc (NYSE-CAT)’s total sales for the fourth quarter of 2023 were $17.1 billion, an increase of 3% compared to the same quarter a year earlier. The company’s total sales for fiscal year 2023 were $67.1 billion, up 13% year-over-year. The sales increase also reflected price increases and higher sales volume to end customers. Sales rose above global analysts’ estimates, mainly due to an increase in commodity prices, but also due to an increase in business supply, which has returned to the pre-Covid era. Caterpillar Inc. shares have steadily appreciated to a record high since the start of the week. The company also said its sales reached the highest level in its 98-year career. Caterpillar expects demand to increase in the coming quarters for infrastructure construction and expansion through government investment.
Caterpillar Inc (NYSE-CAT) also pays a quarterly dividend to its shareholders, the current amount of which corresponds to a dividend yield of 1.43% per annum and the actual dividend amount has been approved by the company’s general meeting of shareholders at $1.30 per share. According to analysts at brokerage firms and financial strategists at investment banks, the share price can be expected to rise in the short to medium term investment horizon, where an average target price has been set with a high estimate of USD 395.00 per share.
