Norden Group LLC Invests $10.09 Million in Caterpillar Inc. (NYSE:CAT)

Norden Group LLC acquired a new stake in shares of Caterpillar Inc. (NYSE:CAT) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 27,540 shares of the industrial products company’s stock, valued at approximately $10,093,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CAT. Norges Bank bought a new position in Caterpillar in the 4th quarter valued at approximately $1,660,560,000. International Assets Investment Management LLC raised its stake in shares of Caterpillar by 28,603.5% during the fourth quarter. International Assets Investment Management LLC now owns 1,494,018 shares of the industrial products company’s stock valued at $4,417,360,000 after acquiring an additional 1,488,813 shares during the last quarter. Capital Wealth Planning LLC lifted its holdings in shares of Caterpillar by 27,495.2% during the fourth quarter. Capital Wealth Planning LLC now owns 1,182,453 shares of the industrial products company’s stock worth $349,616,000 after purchasing an additional 1,178,168 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Caterpillar by 19.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,264,635 shares of the industrial products company’s stock worth $947,875,000 after purchasing an additional 529,420 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich increased its holdings in Caterpillar by 5,293.1% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 482,360 shares of the industrial products company’s stock valued at $142,620,000 after purchasing an additional 473,416 shares during the period. Institutional investors own 70.98% of the company’s stock.

Insider Buying and Selling at Caterpillar

In other news, insider Lange Bob De sold 21,847 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $356.90, for a total transaction of $7,797,194.30. Following the completion of the sale, the insider now directly owns 71,115 shares of the company’s stock, valued at $25,380,943.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Caterpillar news, insider Lange Bob De sold 21,847 shares of Caterpillar stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $356.90, for a total transaction of $7,797,194.30. Following the completion of the transaction, the insider now owns 71,115 shares in the company, valued at approximately $25,380,943.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of the 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 sale, 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.

Caterpillar Stock Performance

Shares of Caterpillar stock opened at $330.61 on Thursday. The business has a 50-day simple moving average of $338.37 and a 200 day simple moving average of $330.08. Caterpillar Inc. has a one year low of $223.76 and a one year high of $382.01. 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 firm has a market capitalization of $161.68 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 1.69 and a beta of 1.12.

Caterpillar (NYSE:CAT) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.60 EPS for the quarter, beating the consensus estimate of $5.12 by $0.48. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The firm had revenue of $15.80 billion during the quarter, compared to the consensus estimate of $16.07 billion. On average, research analysts anticipate that Caterpillar Inc. will post 21.8 earnings per share for the current fiscal year.

Caterpillar declared that its board has initiated a share buyback program on Wednesday, June 12th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 12.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors 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 dividend of $1.41 per share. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $5.64 annualized dividend and a yield of 1.71%. Caterpillar’s dividend payout ratio is presently 23.48%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. HSBC upped their price target on Caterpillar from $330.00 to $360.00 and gave the company a “hold” rating in a research report on Tuesday, April 30th. Truist Financial began coverage on Caterpillar in a report on Thursday, March 14th. They issued a “buy” rating and a $390.00 target price on the stock. Citigroup initiated coverage on shares of Caterpillar in a report on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target for the company. Stifel Nicolaus lowered shares of Caterpillar from a “buy” rating to a “hold” rating and upped their price objective for the company from $293.00 to $350.00 in a research note on Friday, April 26th. Finally, The Goldman Sachs Group lifted their target price on shares of Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target 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.