Marion Wealth Management Decreases Stake in Caterpillar Inc. (NYSE:CAT)

Marion Wealth Management reduced its holdings in Caterpillar Inc. (NYSE:CATFree Report) by 4.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,143 shares of the industrial products company’s stock after selling 96 shares during the period. Marion Wealth Management’s holdings in Caterpillar were worth $785,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. purchased a new position in Caterpillar during the third quarter worth about $8,803,000. Envestnet Asset Management Inc. raised its stake in Caterpillar by 27.4% during the third quarter. Envestnet Asset Management Inc. now owns 664,308 shares of the industrial products company’s stock worth $181,356,000 after purchasing an additional 143,077 shares during the period. Intact Investment Management Inc. raised its stake in Caterpillar by 15.3% during the third quarter. Intact Investment Management Inc. now owns 10,840 shares of the industrial products company’s stock worth $2,959,000 after purchasing an additional 1,440 shares during the period. Pearl River Capital LLC purchased a new position in Caterpillar during the third quarter worth about $5,166,000. Finally, Stokes Family Office LLC raised its stake in Caterpillar by 25.1% during the third quarter. Stokes Family Office LLC now owns 2,023 shares of the industrial products company’s stock worth $552,000 after purchasing an additional 406 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CAT has been the topic of a number of analyst reports. Stifel Nicolaus downgraded shares of Caterpillar from a “buy” rating to a “hold” rating and lifted their target price for the stock from $293.00 to $350.00 in a research note on Friday, April 26th. JPMorgan Chase & Co. lifted their target price on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. The Goldman Sachs Group lifted their price target on shares of Caterpillar from $357.00 to $408.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Evercore ISI cut shares of Caterpillar from an “outperform” rating to an “in-line” rating and lifted their price target for the company from $321.00 to $338.00 in a research report on Tuesday, February 20th. Finally, Truist Financial initiated coverage on shares of Caterpillar in a research report on Thursday, March 14th. They set a “buy” rating and a $390.00 price target for the company. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $323.35.

Get Our Latest Stock Report on CAT

Caterpillar Stock Up 0.8 %

Shares of CAT stock traded up $2.74 during trading on Wednesday, reaching $325.14. The company’s stock had a trading volume of 3,275,381 shares, compared to its average volume of 3,106,831. 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 company has a market capitalization of $159.01 billion, a price-to-earnings ratio of 14.68, a P/E/G ratio of 1.65 and a beta of 1.14. The stock’s 50-day moving average price is $344.92 and its 200 day moving average price is $325.57. Caterpillar Inc. has a 1-year low of $223.76 and a 1-year high of $382.01.

Caterpillar (NYSE:CATGet Free Report) last posted its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.60 EPS for the quarter, topping the consensus estimate of $5.12 by $0.48. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. The company had revenue of $15.80 billion during the quarter, compared to analysts’ expectations of $16.07 billion. On average, research analysts anticipate that Caterpillar Inc. will post 21.81 EPS for the current year.

Caterpillar Increases Dividend

The company also recently declared 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 represents a $5.64 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend is Monday, July 22nd. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s payout ratio is 23.48%.

Caterpillar announced that its board has approved a stock repurchase plan on Wednesday, June 12th that allows the company to repurchase $20.00 billion in shares. This repurchase authorization allows the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $340.00, for a total transaction of $512,720.00. Following the completion of the transaction, the insider now owns 20,023 shares in the company, valued at approximately $6,807,820. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director David Maclennan acquired 500 shares of Caterpillar stock in a transaction dated Friday, May 3rd. The stock was acquired at an average price of $337.39 per share, for a total transaction of $168,695.00. Following the transaction, the director now owns 5,738 shares of the company’s stock, valued at $1,935,943.82. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $340.00, for a total transaction of $512,720.00. Following the sale, the insider now owns 20,023 shares of the company’s stock, valued at approximately $6,807,820. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by company insiders.

Caterpillar Company Profile

(Free Report)

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.

Read More

Want to see what other hedge funds are holding CAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Caterpillar Inc. (NYSE:CATFree Report).

Institutional Ownership by Quarter for Caterpillar (NYSE:CAT)

Receive News & Ratings for Caterpillar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Caterpillar and related companies with MarketBeat.com's FREE daily email newsletter.