Mission Wealth Management LP Buys 2,593 Shares of Caterpillar Inc. (NYSE:CAT)

Mission Wealth Management LP raised its stake in shares of Caterpillar Inc. (NYSE:CAT) by 32.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 10,612 shares of the industrial products company’s stock after acquiring an additional 2,593 shares during the period. Mission Wealth Management LP’s holdings in Caterpillar were worth $3,500,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CAT. Norges Bank bought a new position in Caterpillar during the 4th quarter valued at about $2,184,364,000. GAMMA Investing LLC lifted its stake in shares of Caterpillar by 43,447.3% in the 1st quarter. GAMMA Investing LLC now owns 3,730,259 shares of the industrial products company’s stock worth $1,230,239,000 after purchasing an additional 3,721,693 shares during the period. Capital Research Global Investors lifted its stake in shares of Caterpillar by 69.3% in the 4th quarter. Capital Research Global Investors now owns 2,924,054 shares of the industrial products company’s stock worth $1,060,730,000 after purchasing an additional 1,196,861 shares during the period. Raymond James Financial Inc. bought a new position in shares of Caterpillar in the 4th quarter worth approximately $353,231,000. Finally, Proficio Capital Partners LLC lifted its stake in shares of Caterpillar by 50,072.7% in the 4th quarter. Proficio Capital Partners LLC now owns 804,770 shares of the industrial products company’s stock worth $291,938,000 after purchasing an additional 803,166 shares during the period. Institutional investors own 70.98% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CAT. JPMorgan Chase & Co. lowered their price objective on shares of Caterpillar from $490.00 to $380.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. DA Davidson increased their price objective on shares of Caterpillar from $325.00 to $331.00 and gave the stock a “neutral” rating in a research note on Monday, May 5th. Morgan Stanley upgraded shares of Caterpillar from an “underweight” rating to an “equal weight” rating and lowered their price objective for the stock from $300.00 to $283.00 in a research note on Wednesday, April 16th. Baird R W raised shares of Caterpillar from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 13th. Finally, Truist Financial reissued a “buy” rating and issued a $396.00 price objective (up from $389.00) on shares of Caterpillar in a research note on Thursday, May 1st. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $372.92.

Insider Activity at Caterpillar

In related news, Director David Maclennan purchased 375 shares of the stock in a transaction that occurred on Wednesday, May 7th. The stock was bought at an average cost of $320.70 per share, for a total transaction of $120,262.50. Following the completion of the transaction, the director now directly owns 6,653 shares in the company, valued at $2,133,617.10. This represents a 5.97% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.33% of the stock is currently owned by insiders.

Caterpillar Stock Performance

CAT opened at $362.21 on Tuesday. The stock has a market capitalization of $170.62 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 1.87 and a beta of 1.37. The company has a fifty day moving average of $328.90 and a 200 day moving average of $347.55. Caterpillar Inc. has a fifty-two week low of $267.30 and a fifty-two week high of $418.50. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.89 and a current ratio of 1.42.

Caterpillar (NYSE:CAT) last posted its earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share for the quarter, missing analysts’ consensus estimates of $4.35 by ($0.10). Caterpillar had a net margin of 16.65% and a return on equity of 58.18%. The business had revenue of $14.25 billion during the quarter, compared to analysts’ expectations of $14.64 billion. During the same period last year, the business posted $5.60 earnings per share. The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be issued a $1.51 dividend. The ex-dividend date is Monday, July 21st. This is a positive change from Caterpillar’s previous quarterly dividend of $1.41. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.67%. Caterpillar’s dividend payout ratio (DPR) is 29.43%.

Caterpillar 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.