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TheStreet Open House

Ex-Dividend Stocks: Caterpillar, PerkinElmer

Stocks in this article: CATPKI

NEW YORK ( TheStreet) -- The following stocks go ex-dividend Wednesday, meaning an investor must purchase the shares Tuesday to qualify for the next dividend payment: Caterpillar (CAT) and PerkinElmer (PKI).

Caterpillar

The mining and construction equipment company is slated to report second-quarter earnings on July 25. Analysts, on average, anticipate earnings of $2.32 a share on revenue of $17.26 billion.

"After a lackluster channel check, continued macroeconomic concerns, and strengthening dollar, we are cutting estimates and valuation range," Wells Fargo analysts wrote in a July 6 report. "We continue to expect growth but at a slower than previously forecast pace that could lead CAT to modify H2 12 through 2013 production schedules. While we are cutting estimates to beneath consensus levels, we believe investors have already factored in a large portion of our estimate cut. Recent channelcheck suggests mining order to delivery lead times appear to remain relatively robust, but other parts of CAT's business are realizing modest order to delivery lead time compression. US and European checks suggest that underlying market demand likely will not reaccelerate before 2013, and we believe that this will constrain CAT's production growth. We are decreasing Q2 12E to $2.25 from $2.45 (consensus $2.33), 2012E to $9.05 from $9.75 (consensus $9.66), and 2013E to $9.80 from $11.25 (consensus $11.30). On reduced estimates and increased uncertainty about 2013 equipment demand, we are decreasing our valuation range to $99-102 from $127-130 and removing the stock from our Priority Stock list. However, most of the lower earnings potential likely has been factored in by investors, so we expect CAT to Outperform from here on any sentiment improvement."

Forward Annual Dividend Yield: 2.4%

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