State of Alaska Department of Revenue Sells 2,040 Shares of Caterpillar Inc. (NYSE:CAT)

State of Alaska Department of Revenue reduced its holdings in Caterpillar Inc. (NYSE:CAT) by 3.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,176 shares of the industrial products company’s stock after selling 2,040 shares during the period. State of Alaska Department of Revenue’s holdings in Caterpillar were worth $22,416,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC grew its stake in Caterpillar by 1.5% in the first quarter. Valeo Financial Advisors LLC now owns 20,629 shares of the industrial products company’s stock worth $7,559,000 after purchasing an additional 299 shares in the last quarter. Altiora Financial Group LLC acquired a new position in Caterpillar during the 1st quarter valued at about $219,000. Sivia Capital Partners LLC boosted its holdings in Caterpillar by 6.5% in the first quarter. Sivia Capital Partners LLC now owns 954 shares of the industrial products company’s stock worth $350,000 after acquiring an additional 58 shares in the last quarter. Sloy Dahl & Holst LLC purchased a new stake in shares of Caterpillar during the first quarter worth about $207,000. Finally, Tower Wealth Partners Inc. increased its holdings in shares of Caterpillar by 13.1% during the first quarter. Tower Wealth Partners Inc. now owns 1,043 shares of the industrial products company’s stock valued at $382,000 after acquiring an additional 121 shares in the last quarter. 70.98% of the stock is owned by institutional investors.

Caterpillar Trading Up 0.9 %

NYSE CAT traded up $2.85 on Wednesday, reaching $330.61. 1,351,168 shares of the company were exchanged, compared to its average volume of 2,706,595. Caterpillar Inc. has a fifty-two week low of $223.76 and a fifty-two week high of $382.01. The stock has a market capitalization of $161.68 billion, a P/E ratio of 14.93, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12. The business’s fifty day moving average price is $338.37 and its 200 day moving average price is $330.08. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data 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 net margin of 16.79% and a return on equity of 58.61%. The firm had revenue of $15.80 billion during the quarter, compared to analyst estimates of $16.07 billion. Analysts forecast that Caterpillar Inc. will post 21.8 earnings per share for the current year.

Caterpillar announced that its Board of Directors has approved a stock buyback program on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 12.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd will be paid a $1.41 dividend. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.71%. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend is Monday, July 22nd. Caterpillar’s payout ratio is 23.48%.

Insiders Place Their Bets

In other Caterpillar news, insider Cheryl H. Johnson sold 1,508 shares of the 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 sale, the insider now owns 20,023 shares of the company’s stock, valued at approximately $6,807,820. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Lange Bob De sold 21,847 shares of the 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 transaction, the insider now owns 71,115 shares in the company, valued at approximately $25,380,943.50. The transaction was disclosed in a document filed with the SEC, which is available at 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 value 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 owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Raymond James started coverage on shares of Caterpillar in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Stifel Nicolaus lowered Caterpillar from a “buy” rating to a “hold” rating and raised their target price for the stock from $293.00 to $350.00 in a research note on Friday, April 26th. Citigroup initiated coverage on Caterpillar in a research note on Wednesday, June 26th. They set a “buy” rating and a $380.00 price target on the stock. Truist Financial initiated coverage on Caterpillar in a research note on Thursday, March 14th. They issued a “buy” rating and a $390.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their price target on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $329.63.

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.