Resona Asset Management Co. Ltd. Has $53.97 Million Stake in Caterpillar Inc. (NYSE:CAT)

Resona Asset Management Co. Ltd. increased its position in Caterpillar Inc. (NYSE:CAT) by 7.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 163,665 shares of the industrial products company’s stock after purchasing an additional 11,223 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Caterpillar were worth $53,974,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Investment Management Corp VA ADV purchased a new stake in Caterpillar in the 4th quarter worth approximately $33,000. Curat Global LLC purchased a new stake in Caterpillar in the 1st quarter worth approximately $33,000. Redmont Wealth Advisors LLC purchased a new stake in Caterpillar in the 1st quarter worth approximately $33,000. Quarry LP purchased a new stake in Caterpillar in the 4th quarter worth approximately $35,000. Finally, Mpwm Advisory Solutions LLC purchased a new stake in Caterpillar in the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Caterpillar Stock Performance

Shares of CAT opened at $408.40 on Tuesday. The company has a market capitalization of $191.32 billion, a PE ratio of 20.77, a price-to-earnings-growth ratio of 2.47 and a beta of 1.40. Caterpillar Inc. has a one year low of $267.30 and a one year high of $441.15. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81. The company’s fifty day moving average price is $394.65 and its 200 day moving average price is $355.11.

Caterpillar (NYSE:CAT) last announced its earnings results on Tuesday, August 5th. The industrial products company reported $4.72 EPS for the quarter, missing the consensus estimate of $4.88 by ($0.16). Caterpillar had a return on equity of 48.95% and a net margin of 14.95%. The firm had revenue of $16.57 billion during the quarter, compared to the consensus estimate of $16.14 billion. During the same quarter last year, the business earned $5.99 EPS. The business’s revenue was down .7% compared to the same quarter last year. As a group, analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Monday, July 21st will be issued a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Monday, July 21st. This is a positive change from Caterpillar’s previous quarterly dividend of $1.41. Caterpillar’s payout ratio is presently 30.72%.

Analysts Set New Price Targets

CAT has been the subject of a number of research analyst reports. Truist Financial increased their target price on shares of Caterpillar from $414.00 to $507.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Citigroup lifted their price objective on shares of Caterpillar from $460.00 to $500.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. Oppenheimer lifted their price objective on shares of Caterpillar from $395.00 to $483.00 and gave the company an “outperform” rating in a research note on Thursday, July 17th. Melius Research raised shares of Caterpillar from a “hold” rating to a “strong-buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, July 9th. Finally, Bank of America lifted their price objective on shares of Caterpillar from $460.00 to $495.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $444.00.

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.