Caterpillar Inc. (NYSE:CAT) Shares Sold by PBMares Wealth Management LLC

PBMares Wealth Management LLC trimmed its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 9.7% in the first quarter, Holdings Channel reports. The firm owned 1,547 shares of the industrial products company’s stock after selling 166 shares during the period. PBMares Wealth Management LLC’s holdings in Caterpillar were worth $510,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Caterpillar by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 46,809,540 shares of the industrial products company’s stock valued at $16,980,629,000 after purchasing an additional 284,366 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Caterpillar by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 10,449,770 shares of the industrial products company’s stock worth $3,790,841,000 after buying an additional 236,315 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Caterpillar by 1.4% during the 4th quarter. Fisher Asset Management LLC now owns 9,081,775 shares of the industrial products company’s stock worth $3,294,505,000 after acquiring an additional 129,143 shares in the last quarter. Northern Trust Corp grew its stake in shares of Caterpillar by 11.8% during the fourth quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company’s stock worth $2,483,937,000 after purchasing an additional 724,477 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Caterpillar during the 4th quarter worth about $2,184,364,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Caterpillar Trading Up 1.7%

CAT stock opened at $366.65 on Tuesday. The company has a market cap of $172.71 billion, a price-to-earnings ratio of 17.87, a PEG ratio of 2.40 and a beta of 1.37. The company has a quick ratio of 0.77, a current ratio of 1.32 and a debt-to-equity ratio of 1.43. The business has a fifty day simple moving average of $335.33 and a 200-day simple moving average of $346.24. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $418.50.

Caterpillar (NYSE:CAT) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $4.25 EPS for the quarter, missing the consensus estimate of $4.35 by ($0.10). The firm had revenue of $14.25 billion for the quarter, compared to analyst estimates of $14.64 billion. Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The business’s revenue was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.60 earnings per share. On average, equities research analysts expect that Caterpillar Inc. will post 19.86 EPS for the current year.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be issued a $1.51 dividend. This is an increase from Caterpillar’s previous quarterly dividend of $1.41. This represents a $6.04 annualized dividend and a yield of 1.65%. The ex-dividend date is Monday, July 21st. Caterpillar’s dividend payout ratio is currently 27.49%.

Wall Street Analyst Weigh In

CAT has been the subject of several research analyst reports. Truist Financial upped their price objective on shares of Caterpillar from $396.00 to $414.00 and gave the company a “buy” rating in a research note on Monday. UBS Group raised Caterpillar from a “sell” rating to a “neutral” rating and raised their price target for the company from $272.00 to $357.00 in a report on Friday, May 16th. JPMorgan Chase & Co. reduced their price target on shares of Caterpillar from $490.00 to $380.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Bank of America lifted their price target on Caterpillar from $335.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. Finally, DA Davidson lifted their price objective on Caterpillar from $325.00 to $331.00 and gave the stock a “neutral” rating in a research report on Monday, May 5th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Caterpillar currently has a consensus rating of “Moderate Buy” and an average price target of $376.67.

Insider Activity

In other news, Director David Maclennan purchased 375 shares of the stock in a transaction that occurred on Wednesday, May 7th. The stock was acquired at an average cost of $320.70 per share, with a total value of $120,262.50. Following the acquisition, the director now owns 6,653 shares in the company, valued at approximately $2,133,617.10. This trade represents a 5.97% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.33% of the company’s stock.

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.