Gibbs Wealth Management Grows Stock Position in Caterpillar Inc. $CAT

Gibbs Wealth Management boosted its holdings in Caterpillar Inc. (NYSE:CAT) by 131.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,827 shares of the industrial products company’s stock after buying an additional 1,607 shares during the period. Gibbs Wealth Management’s holdings in Caterpillar were worth $2,003,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CAT. Vanguard Group Inc. grew its position in Caterpillar by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 46,385,185 shares of the industrial products company’s stock valued at $26,572,681,000 after acquiring an additional 442,164 shares during the period. State Street Corp grew its holdings in shares of Caterpillar by 1.1% during the 4th quarter. State Street Corp now owns 35,388,550 shares of the industrial products company’s stock worth $20,273,039,000 after purchasing an additional 385,204 shares during the period. Geode Capital Management LLC increased its position in Caterpillar by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 10,610,182 shares of the industrial products company’s stock worth $6,072,572,000 after purchasing an additional 94,524 shares in the last quarter. Fisher Asset Management LLC lifted its position in Caterpillar by 0.6% during the fourth quarter. Fisher Asset Management LLC now owns 9,493,266 shares of the industrial products company’s stock valued at $5,438,408,000 after buying an additional 54,069 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in Caterpillar by 16.0% during the fourth quarter. Bank of America Corp DE now owns 6,738,802 shares of the industrial products company’s stock worth $3,860,457,000 after buying an additional 928,974 shares during the period. 70.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Caterpillar news, CAO William E. Schaupp sold 360 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $906.00, for a total transaction of $326,160.00. Following the sale, the chief accounting officer directly owned 530 shares of the company’s stock, valued at approximately $480,180. This represents a 40.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Denise C. Johnson sold 12,605 shares of Caterpillar stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $907.91, for a total transaction of $11,444,205.55. Following the completion of the transaction, the insider directly owned 49,825 shares of the company’s stock, valued at $45,236,615.75. This trade represents a 20.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 95,773 shares of company stock valued at $87,642,635 over the last quarter. 0.33% of the stock is owned by company insiders.

Caterpillar Stock Performance

Shares of Caterpillar stock opened at $893.02 on Friday. The firm has a market cap of $411.32 billion, a PE ratio of 44.45, a price-to-earnings-growth ratio of 1.74 and a beta of 1.57. Caterpillar Inc. has a 1 year low of $405.46 and a 1 year high of $1,073.46. The firm’s 50-day simple moving average is $928.87 and its 200-day simple moving average is $803.52. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.81 and a current ratio of 1.35.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Thursday, April 30th. The industrial products company reported $5.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.65 by $0.89. Caterpillar had a return on equity of 48.21% and a net margin of 13.33%.The firm had revenue of $17.41 billion for the quarter, compared to analysts’ expectations of $16.53 billion. During the same quarter in the prior year, the firm posted $4.25 earnings per share. Caterpillar’s revenue for the quarter was up 22.2% compared to the same quarter last year. Equities analysts forecast that Caterpillar Inc. will post 24.87 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Monday, July 20th will be issued a $1.63 dividend. This is a boost from Caterpillar’s previous quarterly dividend of $1.51. This represents a $6.52 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Monday, July 20th. Caterpillar’s dividend payout ratio is presently 32.45%.

Analyst Ratings Changes

A number of equities analysts have recently commented on CAT shares. Truist Financial raised their target price on shares of Caterpillar from $1,043.00 to $1,218.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Zacks Research downgraded Caterpillar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Wall Street Zen upgraded Caterpillar from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings reissued a “buy (b-)” rating on shares of Caterpillar in a research report on Friday, May 8th. Finally, DA Davidson lifted their price objective on shares of Caterpillar from $650.00 to $845.00 and gave the company a “neutral” rating in a research note on Monday, May 4th. Fifteen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $980.57.

Caterpillar Company Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.