Cary Street Partners Financial LLC Grows Stock Holdings in Caterpillar Inc. $CAT

Cary Street Partners Financial LLC lifted its holdings in Caterpillar Inc. (NYSE:CAT) by 9.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,285 shares of the industrial products company’s stock after acquiring an additional 1,591 shares during the period. Cary Street Partners Financial LLC’s holdings in Caterpillar were worth $7,099,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CAT. Fisher Asset Management LLC raised its position in Caterpillar by 2.3% in the second quarter. Fisher Asset Management LLC now owns 9,418,321 shares of the industrial products company’s stock valued at $3,656,286,000 after purchasing an additional 208,196 shares during the period. Valeo Financial Advisors LLC grew its stake in shares of Caterpillar by 36,842.1% in the second quarter. Valeo Financial Advisors LLC now owns 7,299,751 shares of the industrial products company’s stock valued at $2,833,836,000 after buying an additional 7,279,991 shares in the last quarter. Norges Bank purchased a new stake in shares of Caterpillar during the 2nd quarter valued at about $2,165,899,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Caterpillar by 6.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,204,445 shares of the industrial products company’s stock worth $1,386,626,000 after acquiring an additional 264,054 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Caterpillar by 1.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,337,915 shares of the industrial products company’s stock worth $1,295,432,000 after acquiring an additional 33,467 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

Caterpillar Price Performance

Shares of CAT stock opened at $603.27 on Monday. The firm has a fifty day moving average of $542.45 and a two-hundred day moving average of $453.24. The firm has a market cap of $282.32 billion, a P/E ratio of 30.97, a P/E/G ratio of 2.84 and a beta of 1.57. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $607.00. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.38 and a quick ratio of 0.86.

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

Caterpillar Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Monday, October 20th were given a $1.51 dividend. The ex-dividend date was Monday, October 20th. This represents a $6.04 annualized dividend and a dividend yield of 1.0%. Caterpillar’s dividend payout ratio (DPR) is presently 31.01%.

Insiders Place Their Bets

In other Caterpillar news, insider Lange Bob De sold 14,638 shares of Caterpillar stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $562.36, for a total value of $8,231,825.68. Following the completion of the transaction, the insider owned 80,209 shares of the company’s stock, valued at $45,106,333.24. The trade was a 15.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Andrew R. J. Bonfield sold 10,000 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $571.44, for a total transaction of $5,714,400.00. Following the sale, the chief financial officer directly owned 55,460 shares in the company, valued at $31,692,062.40. This trade represents a 15.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 79,061 shares of company stock worth $41,949,366. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CAT. Wells Fargo & Company started coverage on shares of Caterpillar in a research note on Thursday, November 13th. They set an “overweight” rating and a $675.00 price objective on the stock. Hsbc Global Res raised shares of Caterpillar from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 6th. Royal Bank Of Canada assumed coverage on shares of Caterpillar in a research note on Wednesday, October 22nd. They set a “sector perform” rating and a $560.00 price target on the stock. Truist Financial reissued a “buy” rating and issued a $729.00 price objective (up from $582.00) on shares of Caterpillar in a research report on Thursday, October 30th. Finally, Evercore ISI raised their target price on Caterpillar from $476.00 to $630.00 and gave the company an “outperform” rating in a research note on Monday, November 17th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $610.32.

About Caterpillar

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.