IRVING, Texas - Caterpillar Inc. (NYSE: NYSE:CAT), a leading manufacturer of construction and mining equipment, announced the appointment of Nazzic S. Keene to its board of directors, effective November 1. Keene, who has a notable history in the information technology sector, will join the company's Nominating & Governance Committee and Compensation & Human Resources Committee.
Keene, age 64, retired as CEO of Science Applications (NASDAQ:SAIC) International Corporation (SAIC) in 2023, where she led the company through significant growth and change. Her tenure at SAIC included roles as Chief Operating Officer and President of Global Markets & Missions. She is also currently serving as a director for Automatic Data Processing Inc (NASDAQ:ADP). and ITT (NYSE:ITT) Inc.
Caterpillar's Chairman and CEO Jim Umpleby welcomed Keene, noting her leadership experience in driving growth and change. "With Nazzic's leadership history of driving growth and change in the information technology industry, Caterpillar is well positioned to help our customers build a better, more sustainable world and deliver long-term profitable growth," Umpleby stated.
Caterpillar, with 2023 sales and revenues of $67.1 billion, operates through
In other recent news, Caterpillar Inc. has maintained its quarterly dividend at $1.41 per share, continuing its commitment to returning value to shareholders. The company reported sales and revenues of $67.1 billion in 2023. In recent developments, financial firms have adjusted their outlook on Caterpillar. Citi increased the company's price target to $445.00, maintaining a Buy rating, despite a short-term downside view. CFRA raised Caterpillar's price target to $415, retaining a Hold rating, and BofA Securities revised its price target for the company to $434, keeping a Buy rating. Despite a 4% year-over-year decrease in second-quarter sales, Caterpillar announced a significant $20 billion share repurchase authorization, indicating a commitment to shareholder returns. The company is aiming for $28 billion in services revenues by 2026. Caterpillar also launched the Dynamic Energy Transfer (NYSE:ET) system for large mining trucks, aiming to reduce operating costs and greenhouse gas emissions.
InvestingPro Insights
Caterpillar's appointment of Nazzic S. Keene to its board comes at a time when the company is showing strong financial performance and market positioning. According to InvestingPro data, Caterpillar boasts a substantial market capitalization of $192.33 billion, reflecting its status as a major player in the machinery industry.
The company's financial health is further underscored by its revenue of $66.37 billion over the last twelve months as of Q2 2024, with a robust operating income margin of 21.29% for the same period. This strong operational performance aligns with Caterpillar's strategy to deliver long-term profitable growth, as mentioned by CEO Jim Umpleby.
InvestingPro Tips highlight Caterpillar's commitment to shareholder value. The company has maintained dividend payments for an impressive 54 consecutive years and has raised its dividend for 11 consecutive years. This dedication to returning value to shareholders is particularly noteworthy given the company's ability to operate with a moderate level of debt, as another InvestingPro Tip suggests.
Investors may find it interesting that Caterpillar is trading near its 52-week high, with a strong return of 47.94% over the past year. This performance could be attributed to the company's solid financial foundation and its strategic initiatives, which may benefit from Keene's expertise in driving growth and change.
For those interested in a deeper analysis, InvestingPro offers 14 additional tips for Caterpillar, providing a comprehensive view of the company's financial health and market position.
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