Atlantic Union Bankshares Corp Lowers Stock Holdings in Caterpillar Inc. (NYSE:CAT)

Atlantic Union Bankshares Corp cut its holdings in Caterpillar Inc. (NYSE:CAT) by 4.3% during the first quarter, Holdings Channel reports. The institutional investor owned 8,674 shares of the industrial products company’s stock after selling 393 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Caterpillar were worth $3,178,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Fifth Third Wealth Advisors LLC boosted its stake in shares of Caterpillar by 14.0% in the first quarter. Fifth Third Wealth Advisors LLC now owns 6,942 shares of the industrial products company’s stock valued at $2,544,000 after buying an additional 852 shares in the last quarter. Hengehold Capital Management LLC raised its holdings in Caterpillar by 3.5% during the first quarter. Hengehold Capital Management LLC now owns 1,099 shares of the industrial products company’s stock worth $403,000 after purchasing an additional 37 shares during the last quarter. Baugh & Associates LLC acquired a new position in Caterpillar during the first quarter worth $220,000. 180 Wealth Advisors LLC raised its holdings in Caterpillar by 38.9% during the first quarter. 180 Wealth Advisors LLC now owns 3,151 shares of the industrial products company’s stock worth $1,155,000 after purchasing an additional 883 shares during the last quarter. Finally, Stokes Capital Advisors LLC acquired a new position in Caterpillar during the first quarter worth $299,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Trading Up 1.7 %

Caterpillar stock traded up $5.64 during trading on Friday, hitting $333.10. The company’s stock had a trading volume of 8,891,204 shares, compared to its average volume of 2,719,476. The stock’s fifty day moving average is $340.31 and its 200 day moving average is $328.57. Caterpillar Inc. has a 1-year low of $223.76 and a 1-year high of $382.01. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.83 and a current ratio of 1.35. The stock has a market capitalization of $162.90 billion, a price-to-earnings ratio of 15.04, a P/E/G ratio of 1.67 and a beta of 1.14.

Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.12 by $0.48. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The firm had revenue of $15.80 billion during the quarter, compared to the consensus estimate of $16.07 billion. As a group, equities research analysts predict that Caterpillar Inc. will post 21.84 EPS for the current year.

Caterpillar declared that its board has approved a stock buyback program on Wednesday, June 12th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the industrial products company to reacquire up to 12.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

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 given a dividend of $1.41 per share. This represents a $5.64 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Monday, July 22nd. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s payout ratio is 23.48%.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, insider Lange Bob De sold 21,847 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $356.90, for a total transaction of $7,797,194.30. Following the completion of the sale, the insider now owns 71,115 shares of the company’s stock, valued at $25,380,943.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Cheryl H. Johnson sold 1,508 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $340.00, for a total value of $512,720.00. Following the completion of the sale, the insider now owns 20,023 shares of the company’s stock, valued at $6,807,820. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lange Bob De sold 21,847 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $356.90, for a total value of $7,797,194.30. Following the completion of the sale, the insider now directly owns 71,115 shares of the company’s stock, valued at approximately $25,380,943.50. The disclosure for this sale can be found here. 0.33% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Citigroup assumed coverage on Caterpillar in a report on Wednesday. They set a “buy” rating and a $380.00 price objective for the company. Oppenheimer reaffirmed a “market perform” rating on shares of Caterpillar in a report on Thursday, April 18th. Truist Financial began coverage on Caterpillar in a report on Thursday, March 14th. They issued a “buy” rating and a $390.00 price target for the company. JPMorgan Chase & Co. boosted their price target on Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Finally, The Goldman Sachs Group boosted their price target on Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $329.63.

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.