Naviter Wealth LLC Sells 257 Shares of Caterpillar Inc. (NYSE:CAT)

Naviter Wealth LLC reduced its holdings in Caterpillar Inc. (NYSE:CAT) by 4.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,754 shares of the industrial products company’s stock after selling 257 shares during the period. Naviter Wealth LLC’s holdings in Caterpillar were worth $2,108,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. AQR Capital Management LLC raised its position in shares of Caterpillar by 19.4% during the third quarter. AQR Capital Management LLC now owns 382,329 shares of the industrial products company’s stock valued at $104,376,000 after buying an additional 62,020 shares during the last quarter. Truist Financial Corp increased its position in shares of Caterpillar by 13.3% during the third quarter. Truist Financial Corp now owns 288,579 shares of the industrial products company’s stock valued at $78,782,000 after purchasing an additional 33,907 shares during the period. Glenmede Trust Co. NA raised its stake in shares of Caterpillar by 2.8% in the third quarter. Glenmede Trust Co. NA now owns 99,233 shares of the industrial products company’s stock valued at $27,091,000 after purchasing an additional 2,688 shares in the last quarter. Shelton Capital Management lifted its position in Caterpillar by 78.2% in the third quarter. Shelton Capital Management now owns 26,584 shares of the industrial products company’s stock worth $7,257,000 after purchasing an additional 11,668 shares during the period. Finally, Axxcess Wealth Management LLC boosted its stake in Caterpillar by 127.7% during the third quarter. Axxcess Wealth Management LLC now owns 17,785 shares of the industrial products company’s stock worth $4,856,000 after buying an additional 9,974 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Trading Down 0.4 %

CAT traded down $1.34 during midday trading on Tuesday, reaching $327.74. 2,119,834 shares of the company were exchanged, compared to its average volume of 2,717,345. 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 $160.28 billion, a P/E ratio of 14.80, a PEG ratio of 1.71 and a beta of 1.12. The stock’s 50-day simple moving average is $339.03 and its 200 day simple moving average is $330.08. Caterpillar Inc. has a one year low of $223.76 and a one year high of $382.01.

Caterpillar (NYSE:CAT) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.60 earnings per share 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 business had revenue of $15.80 billion for the quarter, compared to analyst estimates of $16.07 billion. As a group, analysts forecast that Caterpillar Inc. will post 21.84 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently announced 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. The ex-dividend date is Monday, July 22nd. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 annualized dividend and a yield of 1.72%. Caterpillar’s payout ratio is currently 23.48%.

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. HSBC lifted their target price on shares of Caterpillar from $330.00 to $360.00 and gave the company a “hold” rating in a research report on Tuesday, April 30th. Raymond James initiated coverage on Caterpillar in a research note on Friday. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. boosted their price target on Caterpillar from $385.00 to $435.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Truist Financial assumed coverage on Caterpillar in a research note on Thursday, March 14th. They set a “buy” rating and a $390.00 price objective for the company. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Caterpillar in a report on Thursday, April 18th. One equities research 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. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $329.63.

Insider Buying and Selling at Caterpillar

In other news, insider Lange Bob De sold 21,847 shares of the firm’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 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 legal filing with the SEC, which is available at the SEC website. In related news, insider Lange Bob De sold 21,847 shares of the stock in a transaction that occurred on 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 directly owns 71,115 shares of the company’s stock, valued at approximately $25,380,943.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of Caterpillar 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 directly owns 20,023 shares in the company, valued at approximately $6,807,820. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

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.