Connor Clark & Lunn Investment Management Ltd. Increases Stock Position in Caterpillar Inc. $CAT

Connor Clark & Lunn Investment Management Ltd. grew its stake in Caterpillar Inc. (NYSE:CAT) by 5.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 271,915 shares of the industrial products company’s stock after buying an additional 15,259 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of Caterpillar worth $105,560,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Mid American Wealth Advisory Group Inc. bought a new position in Caterpillar in the second quarter valued at $28,000. Compass Financial Services Inc boosted its holdings in shares of Caterpillar by 49.2% in the 1st quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 31 shares in the last quarter. Family Legacy Financial Solutions LLC purchased a new position in shares of Caterpillar in the 2nd quarter worth about $32,000. Harbor Asset Planning Inc. purchased a new position in shares of Caterpillar during the 2nd quarter valued at about $34,000. Finally, Total Wealth Planning & Management Inc. bought a new stake in Caterpillar in the 2nd quarter worth approximately $38,000. Institutional investors own 70.98% of the company’s stock.

Caterpillar Stock Down 1.2%

NYSE CAT opened at $562.82 on Friday. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $596.21. The stock has a market capitalization of $263.39 billion, a PE ratio of 28.89, a PEG ratio of 3.33 and a beta of 1.51. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.38 and a quick ratio of 0.81. The business’s 50-day moving average is $491.77 and its 200 day moving average is $418.73.

Caterpillar (NYSE:CAT) last released its quarterly earnings data on Wednesday, October 29th. The industrial products company reported $4.95 earnings per share 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 analysts’ expectations of $16.72 billion. During the same quarter last year, the business posted $5.17 EPS. The business’s revenue was up 9.5% on a year-over-year basis. Sell-side analysts forecast that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Announces Dividend

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

Insider Transactions at Caterpillar

In other news, CAO William E. Schaupp sold 1,200 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $572.22, for a total value of $686,664.00. Following the completion of the sale, the chief accounting officer directly owned 1,323 shares of the company’s stock, valued at approximately $757,047.06. This trade represents a 47.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Donald J. Umpleby III sold 17,166 shares of the business’s stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $505.29, for a total transaction of $8,673,808.14. Following the transaction, the chairman owned 448,173 shares in the company, valued at $226,457,335.17. This represents a 3.69% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 71,823 shares of company stock worth $34,477,790. 0.33% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on CAT. UBS Group lifted their price target on shares of Caterpillar from $506.00 to $581.00 and gave the stock a “neutral” rating in a research note on Tuesday. Truist Financial reissued a “buy” rating and issued a $729.00 price target (up from $582.00) on shares of Caterpillar in a research note on Thursday, October 30th. Citigroup upped their price target on shares of Caterpillar from $570.00 to $670.00 and gave the company a “buy” rating in a research report on Friday, October 31st. DA Davidson lifted their price objective on Caterpillar from $408.00 to $569.00 and gave the stock a “neutral” rating in a report on Monday, November 3rd. Finally, Morgan Stanley increased their target price on Caterpillar from $350.00 to $380.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Three research 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $596.59.

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.