812 Shares in Caterpillar Inc. $CAT Acquired by Summit Wealth Group LLC

Summit Wealth Group LLC acquired a new position in Caterpillar Inc. (NYSE:CAT) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 812 shares of the industrial products company’s stock, valued at approximately $315,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Resona Asset Management Co. Ltd. increased its holdings in Caterpillar by 4.0% in the second quarter. Resona Asset Management Co. Ltd. now owns 170,246 shares of the industrial products company’s stock worth $65,980,000 after purchasing an additional 6,581 shares in the last quarter. Atlantic Union Bankshares Corp increased its holdings in Caterpillar by 186.8% in the second quarter. Atlantic Union Bankshares Corp now owns 22,454 shares of the industrial products company’s stock worth $8,717,000 after purchasing an additional 14,625 shares in the last quarter. Asahi Life Asset Management CO. LTD. increased its holdings in Caterpillar by 24.2% in the second quarter. Asahi Life Asset Management CO. LTD. now owns 11,023 shares of the industrial products company’s stock worth $4,279,000 after purchasing an additional 2,145 shares in the last quarter. ROI Financial Advisors LLC increased its holdings in Caterpillar by 4.2% in the second quarter. ROI Financial Advisors LLC now owns 1,697 shares of the industrial products company’s stock worth $659,000 after purchasing an additional 69 shares in the last quarter. Finally, Convergence Financial LLC increased its holdings in Caterpillar by 45.3% in the second quarter. Convergence Financial LLC now owns 1,312 shares of the industrial products company’s stock worth $509,000 after purchasing an additional 409 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Bank of America lifted their target price on Caterpillar from $594.00 to $650.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Robert W. Baird boosted their price objective on Caterpillar from $612.00 to $680.00 and gave the company an “outperform” rating in a report on Thursday, October 30th. Melius Research upgraded Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 price objective for the company in a report on Wednesday, July 9th. Barclays boosted their price objective on Caterpillar from $485.00 to $555.00 and gave the company an “equal weight” rating in a report on Thursday, October 30th. Finally, Royal Bank Of Canada initiated coverage on Caterpillar in a report on Wednesday, October 22nd. They set a “sector perform” rating and a $560.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $588.94.

Caterpillar Trading Up 4.0%

Shares of Caterpillar stock opened at $569.33 on Thursday. The stock has a fifty day simple moving average of $486.22 and a 200 day simple moving average of $414.84. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $596.21. The company has a market capitalization of $266.72 billion, a P/E ratio of 29.23, a price-to-earnings-growth ratio of 3.33 and a beta of 1.51. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 1.34.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.52 by $0.43. Caterpillar had a return on equity of 47.16% and a net margin of 14.34%.The business had revenue of $17.64 billion during the quarter, compared to the consensus estimate of $16.72 billion. During the same quarter in the prior year, the company posted $5.17 earnings per share. Caterpillar’s revenue was up 9.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, October 20th will be paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Monday, October 20th. Caterpillar’s dividend payout ratio is 31.01%.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, insider Jason Kaiser sold 2,161 shares of the company’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $417.70, for a total value of $902,649.70. Following the completion of the transaction, the insider owned 8,632 shares in the company, valued at $3,605,586.40. This represents a 20.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan C. Schwab sold 2,324 shares of the company’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $410.00, for a total value of $952,840.00. Following the completion of the transaction, the director owned 6,917 shares of the company’s stock, valued at $2,835,970. This trade represents a 25.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 55,985 shares of company stock worth $25,559,300 in the last quarter. 0.33% of the stock is currently owned by company insiders.

Caterpillar Company 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.