Caterpillar (NYSE:CAT) Shares Down 1.1%

Shares of Caterpillar Inc. (NYSE:CAT) were down 1.1% during trading on Wednesday . The stock traded as low as $323.78 and last traded at $323.86. Approximately 414,294 shares traded hands during trading, a decline of 84% from the average daily volume of 2,661,021 shares. The stock had previously closed at $327.40.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CAT. Truist Financial began coverage on Caterpillar in a research report on Thursday, March 14th. They issued a “buy” rating and a $390.00 target price on the stock. Oppenheimer reissued a “market perform” rating on shares of Caterpillar in a research report on Thursday, April 18th. The Goldman Sachs Group boosted their target price on Caterpillar from $357.00 to $408.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. JPMorgan Chase & Co. boosted their target price on Caterpillar from $385.00 to $435.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Finally, HSBC boosted their target price on Caterpillar from $330.00 to $360.00 and gave the company a “hold” rating in a research report on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Caterpillar has a consensus rating of “Hold” and a consensus price target of $329.63.

Caterpillar Trading Up 0.2 %

The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.83. The business’s 50 day moving average is $340.74 and its 200 day moving average is $328.07. The stock has a market cap of $160.17 billion, a price-to-earnings ratio of 14.79, a P/E/G ratio of 1.67 and a beta of 1.14.

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

Caterpillar Increases Dividend

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

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

Insider Transactions at Caterpillar

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

Institutional Trading of Caterpillar

Several large investors have recently modified their holdings of CAT. Bank of Nova Scotia boosted its position in Caterpillar by 12.5% during the third quarter. Bank of Nova Scotia now owns 47,708 shares of the industrial products company’s stock worth $13,024,000 after acquiring an additional 5,317 shares during the last quarter. Morningstar Investment Services LLC acquired a new stake in Caterpillar during the third quarter worth approximately $366,000. Richard Bernstein Advisors LLC boosted its position in Caterpillar by 13.3% during the third quarter. Richard Bernstein Advisors LLC now owns 15,061 shares of the industrial products company’s stock worth $4,112,000 after acquiring an additional 1,767 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its position in Caterpillar by 203.5% during the third quarter. Schonfeld Strategic Advisors LLC now owns 152,615 shares of the industrial products company’s stock worth $41,664,000 after acquiring an additional 300,113 shares during the last quarter. Finally, Waverly Advisors LLC boosted its position in Caterpillar by 9.3% during the third quarter. Waverly Advisors LLC now owns 7,919 shares of the industrial products company’s stock worth $2,162,000 after acquiring an additional 676 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

About Caterpillar

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.