Caterpillar Inc. (NYSE:CAT) Shares Sold by Wallace Advisory Group LLC

Wallace Advisory Group LLC lowered its stake in shares of Caterpillar Inc. (NYSE:CAT) by 11.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 934 shares of the industrial products company’s stock after selling 120 shares during the period. Wallace Advisory Group LLC’s holdings in Caterpillar were worth $342,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Southland Equity Partners LLC boosted its position in Caterpillar by 4.0% during the first quarter. Southland Equity Partners LLC now owns 784 shares of the industrial products company’s stock worth $287,000 after purchasing an additional 30 shares in the last quarter. McIlrath & Eck LLC raised its position in Caterpillar by 4.4% during the fourth quarter. McIlrath & Eck LLC now owns 789 shares of the industrial products company’s stock worth $233,000 after acquiring an additional 33 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of Caterpillar by 7.4% in the first quarter. Versant Capital Management Inc now owns 480 shares of the industrial products company’s stock valued at $176,000 after purchasing an additional 33 shares in the last quarter. Lodestar Private Asset Management LLC increased its stake in shares of Caterpillar by 4.4% during the 4th quarter. Lodestar Private Asset Management LLC now owns 830 shares of the industrial products company’s stock worth $245,000 after purchasing an additional 35 shares in the last quarter. Finally, Desjardins Global Asset Management Inc. lifted its stake in Caterpillar by 1.4% in the 4th quarter. Desjardins Global Asset Management Inc. now owns 2,616 shares of the industrial products company’s stock valued at $774,000 after buying an additional 35 shares in the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Caterpillar Stock Performance

Caterpillar stock opened at $327.42 on Wednesday. Caterpillar Inc. has a 52 week low of $223.76 and a 52 week high of $382.01. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. The stock has a market cap of $160.12 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 1.69 and a beta of 1.14. The stock has a 50 day moving average of $341.98 and a 200-day moving average of $328.08.

Caterpillar (NYSE:CAT) last released its earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share for the quarter, topping the consensus estimate of $5.12 by $0.48. The company had revenue of $15.80 billion during the quarter, compared to the consensus estimate of $16.07 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. On average, analysts expect that Caterpillar Inc. will post 21.84 EPS for the current fiscal year.

Caterpillar declared that its board has approved a stock repurchase program on Wednesday, June 12th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the industrial products company to buy up to 12.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Caterpillar Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd will be issued a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Monday, July 22nd. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s payout ratio is currently 23.48%.

Insider Buying and Selling at Caterpillar

In related news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $340.00, for a total transaction of $512,720.00. Following the completion of the sale, the insider now owns 20,023 shares of the company’s stock, valued at approximately $6,807,820. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $340.00, for a total value of $512,720.00. Following the completion of the transaction, the insider now directly owns 20,023 shares in the company, valued at $6,807,820. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David Maclennan bought 500 shares of the stock in a transaction dated Friday, May 3rd. The shares were bought at an average cost of $337.39 per share, with a total value of $168,695.00. Following the completion of the acquisition, the director now directly owns 5,738 shares of the company’s stock, valued at approximately $1,935,943.82. The disclosure for this purchase can be found here. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on CAT. The Goldman Sachs Group upped their price objective on Caterpillar from $357.00 to $408.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. TD Cowen lifted their price target on shares of Caterpillar from $338.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Citigroup assumed coverage on shares of Caterpillar in a research note on Wednesday. They set a “buy” rating and a $380.00 price objective on the stock. JPMorgan Chase & Co. boosted their price target on Caterpillar from $385.00 to $435.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Finally, Truist Financial started coverage on Caterpillar in a report on Thursday, March 14th. They issued a “buy” rating and a $390.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $329.63.

Caterpillar Profile

Caterpillar Inc manufactures and sells construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in worldwide. Its Construction Industries segment offers asphalt pavers, compactors, road reclaimers, forestry machines, cold planers, material handlers, track-type tractors, excavators, telehandlers, motor graders, and pipelayers; compact track, wheel, track-type, backhoe, and skid steer loaders; and related parts and tools.