Caterpillar Inc. (NYSE:CAT) is Malaga Cove Capital LLC’s 7th Largest Position

Malaga Cove Capital LLC cut its position in Caterpillar Inc. (NYSE:CAT) by 0.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,565 shares of the industrial products company’s stock after selling 114 shares during the quarter. Caterpillar accounts for 2.1% of Malaga Cove Capital LLC’s holdings, making the stock its 7th largest holding. Malaga Cove Capital LLC’s holdings in Caterpillar were worth $4,804,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CAT. Investment Management Corp VA ADV acquired a new stake in shares of Caterpillar in the fourth quarter valued at $33,000. Curat Global LLC acquired a new stake in shares of Caterpillar in the first quarter valued at $33,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Caterpillar in the first quarter valued at $33,000. Quarry LP acquired a new stake in shares of Caterpillar in the fourth quarter valued at $35,000. Finally, Mpwm Advisory Solutions LLC acquired a new stake in shares of Caterpillar in the fourth quarter valued at $36,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director David Maclennan purchased 375 shares of Caterpillar stock in a transaction that occurred on Wednesday, May 7th. The stock was purchased at an average cost of $320.70 per share, with a total value of $120,262.50. Following the completion of the transaction, the director directly owned 6,653 shares in the company, valued at approximately $2,133,617.10. The trade was a 5.97% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.33% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Caterpillar from $395.00 to $475.00 and gave the stock an “overweight” rating in a research note on Thursday, July 10th. Bank of America boosted their price target on shares of Caterpillar from $335.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. Morgan Stanley upgraded shares of Caterpillar from an “underweight” rating to an “equal weight” rating and dropped their price target for the stock from $300.00 to $283.00 in a research note on Wednesday, April 16th. Baird R W upgraded shares of Caterpillar from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 13th. Finally, Truist Financial boosted their price target on shares of Caterpillar from $396.00 to $414.00 and gave the stock a “buy” rating in a research note on Monday, June 23rd. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $419.33.

Caterpillar Price Performance

Shares of CAT opened at $428.85 on Friday. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $441.15. The stock has a market cap of $202.01 billion, a PE ratio of 20.90, a price-to-earnings-growth ratio of 2.74 and a beta of 1.38. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.32 and a quick ratio of 0.77. The firm has a fifty day moving average price of $385.66 and a 200 day moving average price of $354.36.

Caterpillar (NYSE:CAT) last announced its quarterly 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 15.71% and a return on equity of 53.77%. The company had revenue of $14.25 billion during the quarter, compared to analysts’ expectations of $14.64 billion. During the same period last year, the firm earned $5.60 earnings per share. Caterpillar’s revenue was down 9.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current year.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 1.4%. This is a boost from Caterpillar’s previous quarterly dividend of $1.41. The ex-dividend date of this dividend is Monday, July 21st. Caterpillar’s dividend payout ratio is presently 29.43%.

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.