Bourne Lent Asset Management Inc. Invests $226,000 in Caterpillar Inc. (NYSE:CAT)

Bourne Lent Asset Management Inc. acquired a new stake in shares of Caterpillar Inc. (NYSE:CATFree Report) in the 1st quarter, HoldingsChannel.com reports. The firm acquired 618 shares of the industrial products company’s stock, valued at approximately $226,000.

Other hedge funds have also bought and sold shares of the company. Norges Bank acquired a new position in Caterpillar during the fourth quarter worth $1,660,560,000. International Assets Investment Management LLC raised its stake in Caterpillar by 28,603.5% during the 4th quarter. International Assets Investment Management LLC now owns 1,494,018 shares of the industrial products company’s stock worth $4,417,360,000 after acquiring an additional 1,488,813 shares in the last quarter. Capital Wealth Planning LLC grew its stake in Caterpillar by 27,495.2% during the 4th quarter. Capital Wealth Planning LLC now owns 1,182,453 shares of the industrial products company’s stock worth $349,616,000 after buying an additional 1,178,168 shares during the last quarter. Winslow Capital Management LLC increased its holdings in shares of Caterpillar by 2,265.3% in the 3rd quarter. Winslow Capital Management LLC now owns 1,117,830 shares of the industrial products company’s stock valued at $305,168,000 after acquiring an additional 1,070,570 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Caterpillar by 19.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,264,635 shares of the industrial products company’s stock worth $947,875,000 after buying an additional 529,420 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CAT shares. TD Cowen boosted their target price on Caterpillar from $338.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. JPMorgan Chase & Co. raised their price target on Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. The Goldman Sachs Group raised their price objective on Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Truist Financial started coverage on Caterpillar in a report on Thursday, March 14th. They issued a “buy” rating and a $390.00 price objective on the stock. Finally, Oppenheimer reiterated a “market perform” rating on shares of Caterpillar in a report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Caterpillar currently has an average rating of “Hold” and a consensus target price of $327.13.

View Our Latest Report on CAT

Insider Activity

In related news, Director David Maclennan bought 500 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were purchased at an average price of $337.39 per share, with a total value of $168,695.00. Following the completion of the purchase, the director now owns 5,738 shares of the company’s stock, valued at approximately $1,935,943.82. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $340.00, for a total transaction of $512,720.00. Following the sale, the insider now owns 20,023 shares of the company’s stock, valued at $6,807,820. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David Maclennan bought 500 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were acquired at an average cost of $337.39 per share, with a total value of $168,695.00. Following the completion of the purchase, the director now owns 5,738 shares in the company, valued at approximately $1,935,943.82. The disclosure for this purchase can be found here. Insiders own 0.33% of the company’s stock.

Caterpillar Price Performance

Shares of NYSE:CAT traded down $3.45 on Tuesday, hitting $326.55. The stock had a trading volume of 1,612,566 shares, compared to its average volume of 2,668,156. Caterpillar Inc. has a twelve month low of $223.76 and a twelve month high of $382.01. The company has a market capitalization of $159.70 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.68 and a beta of 1.14. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.83 and a current ratio of 1.35. The firm’s 50 day moving average price is $342.63 and its 200-day moving average price is $327.61.

Caterpillar (NYSE:CATGet Free Report) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.60 earnings per share for the quarter, topping the consensus estimate of $5.12 by $0.48. The firm had revenue of $15.80 billion during the quarter, compared to analysts’ expectations of $16.07 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. On average, equities research analysts predict that Caterpillar Inc. will post 21.84 earnings per share for the current year.

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 20th. Shareholders of record on Monday, July 22nd will be issued a dividend of $1.41 per share. This is a boost from Caterpillar’s previous quarterly dividend of $1.30. This represents a $5.64 annualized dividend and a yield of 1.73%. The ex-dividend date is Monday, July 22nd. Caterpillar’s payout ratio is currently 23.48%.

Caterpillar announced that its Board of Directors has initiated a stock buyback program on Wednesday, June 12th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the industrial products company to buy up to 12.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Caterpillar Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Caterpillar (NYSE:CAT)

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