Caterpillar (CAT) closed at $132.64 in the latest trading session, marking a -1.23% move from the prior day. This change lagged the S&P 500's daily gain of 0.45%. Meanwhile, the Dow gained 0.29%, and the Nasdaq, a tech-heavy index, added 0.75%.Prior to today's trading, shares of the construction equipment company had gained 5.51% over the past month. This has outpaced the Industrial Products sector's loss of 2.08% and the S&P 500's gain of 3.84% in that time.CAT will be looking to display strength as it nears its next earnings release, which is expected to be July 24, 2019. In that report, analysts expect CAT to post earnings of $3.12 per share. This would mark year-over-year growth of 5.05%. Meanwhile, our latest consensus estimate is calling for revenue of $14.54 billion, up 3.76% from the prior-year quarter.For the full year, our Zacks Consensus Estimates are projecting earnings of $12.24 per share and revenue of $57.09 billion, which would represent changes of +9.09% and +4.33%, respectively, from the prior year.It is also important to note the recent changes to analyst estimates for CAT. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.05% lower. CAT is currently a Zacks Rank #3 (Hold).Investors should also note CAT's current valuation metrics, including its Forward P/E ratio of 10.97. Its industry sports an average Forward P/E of 10.95, so we one might conclude that CAT is trading at a premium comparatively.We can also see that CAT currently has a PEG ratio of 0.91. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Manufacturing - Construction and Mining was holding an average PEG ratio of 1.06 at yesterday's closing price.The Manufacturing - Construction and Mining industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 31, which puts it in the top 13% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Caterpillar Inc. (CAT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research