Cornerstone Wealth Group LLC Grows Position in Caterpillar Inc. (NYSE:CAT)

Cornerstone Wealth Group LLC grew its holdings in Caterpillar Inc. (NYSE:CAT) by 0.8% during the 1st quarter, Holdings Channel reports. The fund owned 4,640 shares of the industrial products company’s stock after purchasing an additional 36 shares during the period. Cornerstone Wealth Group LLC’s holdings in Caterpillar were worth $1,530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Flagship Wealth Advisors LLC purchased a new stake in shares of Caterpillar in the 4th quarter valued at $26,000. Halbert Hargrove Global Advisors LLC purchased a new stake in shares of Caterpillar in the 4th quarter valued at $27,000. Cyrus J. Lawrence LLC purchased a new stake in shares of Caterpillar in the 4th quarter valued at $27,000. Noble Wealth Management PBC acquired a new position in shares of Caterpillar in the 4th quarter valued at $31,000. Finally, Investment Management Corp VA ADV acquired a new position in shares of Caterpillar in the 4th quarter valued at $33,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Caterpillar Price Performance

Shares of NYSE CAT opened at $366.65 on Tuesday. The firm has a 50-day simple moving average of $335.33 and a 200-day simple moving average of $346.24. The stock has a market capitalization of $172.71 billion, a price-to-earnings ratio of 17.87, a price-to-earnings-growth ratio of 2.40 and a beta of 1.37. The company has a quick ratio of 0.77, a current ratio of 1.32 and a debt-to-equity ratio of 1.43. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $418.50.

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

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be given a dividend of $1.51 per share. This is a boost from Caterpillar’s previous quarterly dividend of $1.41. This represents a $6.04 annualized dividend and a yield of 1.65%. The ex-dividend date is Monday, July 21st. Caterpillar’s dividend payout ratio (DPR) is presently 27.49%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Caterpillar from an “underweight” rating to an “equal weight” rating and decreased their target price for the company from $300.00 to $283.00 in a research note on Wednesday, April 16th. JPMorgan Chase & Co. decreased their target price on shares of Caterpillar from $490.00 to $380.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. DA Davidson boosted their target price on shares of Caterpillar from $325.00 to $331.00 and gave the company a “neutral” rating in a research note on Monday, May 5th. Truist Financial upped their price objective on shares of Caterpillar from $396.00 to $414.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Robert W. Baird upped their price objective on shares of Caterpillar from $395.00 to $422.00 and gave the stock an “outperform” rating in a research report on Friday. Six 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $376.67.

Insider Buying and Selling

In related news, Director David Maclennan bought 375 shares of the stock in a transaction on Wednesday, May 7th. The stock was bought at an average price of $320.70 per share, with a total value of $120,262.50. Following the completion of the purchase, the director now directly owns 6,653 shares in the company, valued at $2,133,617.10. This represents a 5.97% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.33% of the stock is owned by company 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.