Cove Private Wealth LLC Takes $511,000 Position in Caterpillar Inc. (NYSE:CAT)

Cove Private Wealth LLC acquired a new stake in Caterpillar Inc. (NYSE:CAT) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 1,410 shares of the industrial products company’s stock, valued at approximately $511,000.

Several other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in shares of Caterpillar by 0.7% during the third quarter. Geode Capital Management LLC now owns 10,213,455 shares of the industrial products company’s stock worth $3,987,206,000 after acquiring an additional 67,148 shares during the period. Fisher Asset Management LLC raised its stake in shares of Caterpillar by 2.3% during the 3rd quarter. Fisher Asset Management LLC now owns 8,952,632 shares of the industrial products company’s stock worth $3,501,554,000 after buying an additional 205,012 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Caterpillar by 2.0% in the second quarter. Legal & General Group Plc now owns 3,862,443 shares of the industrial products company’s stock valued at $1,286,582,000 after buying an additional 75,973 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Caterpillar by 1.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,627,513 shares of the industrial products company’s stock worth $1,418,793,000 after acquiring an additional 64,452 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Caterpillar by 0.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,227,378 shares of the industrial products company’s stock worth $1,262,290,000 after acquiring an additional 8,088 shares in the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Robert W. Baird upped their price target on shares of Caterpillar from $299.00 to $300.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Jefferies Financial Group increased their target price on shares of Caterpillar from $455.00 to $475.00 and gave the company a “buy” rating in a report on Friday, December 6th. Morgan Stanley downgraded shares of Caterpillar from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $349.00 to $332.00 in a research report on Monday, October 14th. Citigroup lowered their price target on Caterpillar from $460.00 to $420.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, Truist Financial reduced their price objective on Caterpillar from $471.00 to $455.00 and set a “buy” rating for the company in a report on Thursday. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $380.60.

Caterpillar Trading Up 1.4 %

Shares of CAT stock opened at $386.03 on Monday. The company has a market capitalization of $186.38 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 1.72 and a beta of 1.13. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.33. The firm has a 50-day moving average price of $380.09 and a 200 day moving average price of $367.29. Caterpillar Inc. has a twelve month low of $277.66 and a twelve month high of $418.50.

Caterpillar (NYSE:CAT) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share for the quarter, missing analysts’ consensus estimates of $5.33 by ($0.16). Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. The firm had revenue of $16.11 billion during the quarter, compared to analyst estimates of $16.37 billion. During the same period in the prior year, the firm earned $5.52 EPS. The business’s quarterly revenue was down 4.2% on a year-over-year basis. Research analysts forecast that Caterpillar Inc. will post 21.68 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 20th. Stockholders of record on Tuesday, January 21st will be issued a dividend of $1.41 per share. This represents a $5.64 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend is Tuesday, January 21st. Caterpillar’s dividend payout ratio (DPR) is 26.15%.

Insider Activity

In related news, CFO Andrew R. J. Bonfield sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $380.09, for a total value of $3,800,900.00. Following the completion of the sale, the chief financial officer now directly owns 45,182 shares in the company, valued at approximately $17,173,226.38. The trade was a 18.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gerald Johnson purchased 100 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were bought at an average cost of $398.57 per share, with a total value of $39,857.00. Following the transaction, the director now directly owns 2,953 shares of the company’s stock, valued at $1,176,977.21. The trade was a 3.51 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 33,868 shares of company stock valued at $13,480,389 over the last quarter. Company insiders own 0.29% of the company’s stock.

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.