Capital Investment Counsel Inc Raises Stock Holdings in Caterpillar Inc. (NYSE:CAT)

Capital Investment Counsel Inc boosted its stake in shares of Caterpillar Inc. (NYSE:CAT) by 31.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,736 shares of the industrial products company’s stock after purchasing an additional 3,256 shares during the period. Caterpillar comprises 0.7% of Capital Investment Counsel Inc’s portfolio, making the stock its 27th largest holding. Capital Investment Counsel Inc’s holdings in Caterpillar were worth $4,530,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of CAT. Flagship Wealth Advisors LLC purchased a new position in shares of Caterpillar in the fourth quarter worth approximately $26,000. Cyrus J. Lawrence LLC bought a new position in Caterpillar in the fourth quarter worth approximately $27,000. Investment Management Corp VA ADV purchased a new position in Caterpillar during the fourth quarter valued at $33,000. Curat Global LLC bought a new stake in Caterpillar during the first quarter valued at about $33,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in Caterpillar in the first quarter worth about $33,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Caterpillar Trading Up 1.9%

Shares of CAT opened at $398.18 on Thursday. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $418.50. The company’s fifty day simple moving average is $348.25 and its 200-day simple moving average is $346.65. The company has a market cap of $187.56 billion, a P/E ratio of 19.40, a P/E/G ratio of 2.60 and a beta of 1.38. The company has a current ratio of 1.32, a quick ratio of 0.77 and a debt-to-equity ratio of 1.43.

Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $4.25 EPS for the quarter, missing analysts’ consensus estimates of $4.35 by ($0.10). Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The company had revenue of $14.25 billion during the quarter, compared to the consensus estimate of $14.64 billion. During the same quarter in the previous year, the company posted $5.60 earnings per share. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. As a group, analysts expect that Caterpillar Inc. will post 19.86 EPS for the current year.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Monday, July 21st will be given a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 1.52%. The ex-dividend date is Monday, July 21st. This is a boost from Caterpillar’s previous quarterly dividend of $1.41. Caterpillar’s dividend payout ratio (DPR) is 27.49%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CAT. UBS Group upgraded Caterpillar from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $272.00 to $357.00 in a research note on Friday, May 16th. Evercore ISI decreased their price target on Caterpillar from $375.00 to $373.00 and set an “in-line” rating on the stock in a report on Monday, May 19th. DA Davidson lifted their target price on Caterpillar from $325.00 to $331.00 and gave the company a “neutral” rating in a research note on Monday, May 5th. 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 upped their target price on shares of Caterpillar from $396.00 to $414.00 and gave the stock a “buy” rating in a research report on Monday, June 23rd. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Caterpillar currently has a consensus rating of “Moderate Buy” and a consensus price target of $380.83.

Insider Activity

In other Caterpillar news, Director David Maclennan acquired 375 shares of the business’s stock in a transaction dated Wednesday, May 7th. The shares were purchased at an average price of $320.70 per share, for a total transaction of $120,262.50. Following the completion of the purchase, the director directly owned 6,653 shares of the company’s stock, valued at $2,133,617.10. The trade was a 5.97% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.33% of the stock is currently owned by insiders.

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.