Caterpillar Inc. (NYSE:CAT) Shares Purchased by Chapin Davis Inc.

Chapin Davis Inc. boosted its position in Caterpillar Inc. (NYSE:CAT) by 1.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,413 shares of the industrial products company’s stock after purchasing an additional 158 shares during the quarter. Caterpillar comprises approximately 1.0% of Chapin Davis Inc.’s investment portfolio, making the stock its 22nd largest position. Chapin Davis Inc.’s holdings in Caterpillar were worth $2,802,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Partnership Wealth Management LLC acquired a new stake in shares of Caterpillar in the 4th quarter worth $26,000. Richardson Financial Services Inc. purchased a new position in Caterpillar in the fourth quarter valued at $27,000. Thompson Investment Management Inc. acquired a new position in shares of Caterpillar during the first quarter worth about $27,000. Bbjs Financial Advisors LLC acquired a new position in Caterpillar during the 2nd quarter worth approximately $28,000. Finally, Fairman Group LLC purchased a new stake in shares of Caterpillar during the 1st quarter worth $29,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CAT. StockNews.com raised Caterpillar from a “hold” rating to a “buy” rating in a research report on Saturday, August 10th. Bank of America cut their price objective on shares of Caterpillar from $385.00 to $376.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. HSBC upped their target price on shares of Caterpillar from $330.00 to $360.00 and gave the company a “hold” rating in a report on Tuesday, April 30th. Truist Financial restated a “buy” rating and set a $399.00 target price (up from $390.00) on shares of Caterpillar in a research report on Wednesday, August 7th. Finally, Raymond James began coverage on shares of Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $337.38.

Insider Activity at Caterpillar

In other news, insider Cheryl H. Johnson sold 1,508 shares of the firm’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 transaction, the insider now directly owns 20,023 shares in the company, valued at approximately $6,807,820. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.33% of the stock is owned by insiders.

Caterpillar Trading Down 0.6 %

NYSE:CAT traded down $2.16 during mid-day trading on Friday, reaching $343.48. The company’s stock had a trading volume of 2,483,755 shares, compared to its average volume of 2,730,877. Caterpillar Inc. has a twelve month low of $223.76 and a twelve month high of $382.01. The company’s fifty day simple moving average is $334.48 and its two-hundred day simple moving average is $340.83. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.35 and a quick ratio of 0.83. The stock has a market cap of $167.98 billion, a P/E ratio of 15.51, a P/E/G ratio of 1.72 and a beta of 1.12.

Caterpillar (NYSE:CAT) last released its earnings results on Tuesday, August 6th. The industrial products company reported $5.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.53 by $0.46. The business had revenue of $16.69 billion for the quarter, compared to analysts’ expectations of $16.91 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period last year, the company earned $5.55 earnings per share. On average, equities analysts predict that Caterpillar Inc. will post 21.57 EPS for the current year.

Caterpillar Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Monday, July 22nd will be given a $1.41 dividend. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Monday, July 22nd. Caterpillar’s dividend payout ratio (DPR) is 25.46%.

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

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.