CIBC Asset Management Inc Acquires 46,247 Shares of Caterpillar Inc. $CAT

CIBC Asset Management Inc lifted its holdings in Caterpillar Inc. (NYSE:CAT) by 68.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 113,880 shares of the industrial products company’s stock after acquiring an additional 46,247 shares during the period. CIBC Asset Management Inc’s holdings in Caterpillar were worth $65,238,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CAT. Torren Management LLC bought a new position in shares of Caterpillar in the fourth quarter worth about $27,000. Frazier Financial Advisors LLC grew its stake in Caterpillar by 220.0% during the fourth quarter. Frazier Financial Advisors LLC now owns 48 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 33 shares in the last quarter. IFS Advisors LLC purchased a new position in Caterpillar during the fourth quarter valued at $31,000. Rialto Wealth Management LLC grew its stake in Caterpillar by 47.4% during the fourth quarter. Rialto Wealth Management LLC now owns 56 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 18 shares in the last quarter. Finally, Noble Wealth Management PBC grew its stake in Caterpillar by 140.0% during the fourth quarter. Noble Wealth Management PBC now owns 60 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 35 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CAT shares. Bank of America raised their target price on shares of Caterpillar from $930.00 to $989.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Williams Trading set a $825.00 target price on shares of Caterpillar in a research note on Tuesday, March 10th. CICC Research began coverage on Caterpillar in a research note on Friday, February 6th. They set an “outperform” rating for the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Caterpillar in a research note on Friday, May 8th. Finally, Evercore reissued an “outperform” rating and set a $1,103.00 price target on shares of Caterpillar in a research note on Monday, May 11th. Sixteen analysts have rated the stock with a Buy rating and nine have issued a Hold 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 $933.27.

Caterpillar Price Performance

CAT stock opened at $910.03 on Wednesday. Caterpillar Inc. has a 52 week low of $344.92 and a 52 week high of $931.35. The company has a quick ratio of 0.81, a current ratio of 1.35 and a debt-to-equity ratio of 1.64. The company has a fifty day simple moving average of $814.65 and a two-hundred day simple moving average of $705.34. The firm has a market capitalization of $419.15 billion, a P/E ratio of 45.30, a price-to-earnings-growth ratio of 1.71 and a beta of 1.59.

Caterpillar (NYSE:CAT) last released its quarterly earnings data on Thursday, April 30th. The industrial products company reported $5.54 EPS for the quarter, beating the consensus estimate of $4.65 by $0.89. Caterpillar had a net margin of 13.33% and a return on equity of 48.21%. The business had revenue of $17.42 billion during the quarter, compared to analyst estimates of $16.53 billion. During the same quarter last year, the business earned $4.25 earnings per share. Caterpillar’s quarterly revenue was up 22.2% compared to the same quarter last year. Analysts anticipate that Caterpillar Inc. will post 24.67 earnings per share for the current fiscal year.

Caterpillar Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 19th. Stockholders of record on Monday, April 20th were paid a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, April 20th. Caterpillar’s dividend payout ratio (DPR) is presently 30.06%.

Insiders Place Their Bets

In other news, CFO Andrew R. J. Bonfield sold 15,674 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $918.71, for a total value of $14,399,860.54. Following the completion of the sale, the chief financial officer directly owned 52,935 shares of the company’s stock, valued at $48,631,913.85. This trade represents a 22.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Denise C. Johnson sold 12,605 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $907.91, for a total value of $11,444,205.55. Following the completion of the sale, the insider directly owned 49,825 shares of the company’s stock, valued at $45,236,615.75. The trade was a 20.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 98,273 shares of company stock worth $89,439,960. 0.33% of the stock is currently owned by company insiders.

Caterpillar Company Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.