Capital Investment Counsel Inc Purchases 3,256 Shares of Caterpillar Inc. (NYSE:CAT)

Capital Investment Counsel Inc raised its position in Caterpillar Inc. (NYSE:CAT) by 31.1% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 13,736 shares of the industrial products company’s stock after acquiring an additional 3,256 shares during the period. Caterpillar makes up about 0.7% of Capital Investment Counsel Inc’s holdings, making the stock its 27th largest position. Capital Investment Counsel Inc’s holdings in Caterpillar were worth $4,530,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Caterpillar by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 46,809,540 shares of the industrial products company’s stock worth $16,980,629,000 after buying an additional 284,366 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Caterpillar by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 10,449,770 shares of the industrial products company’s stock worth $3,790,841,000 after acquiring an additional 236,315 shares in the last quarter. Northern Trust Corp lifted its position in Caterpillar by 11.8% in the 4th quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company’s stock valued at $2,483,937,000 after acquiring an additional 724,477 shares in the last quarter. Norges Bank acquired a new position in Caterpillar during the 4th quarter valued at about $2,184,364,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Caterpillar by 8.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,940,391 shares of the industrial products company’s stock worth $1,429,416,000 after purchasing an additional 312,878 shares in the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Caterpillar

In other news, Director David Maclennan purchased 375 shares of the company’s stock in a transaction that occurred on Wednesday, May 7th. The shares were bought at an average price of $320.70 per share, for a total transaction of $120,262.50. Following the purchase, the director directly owned 6,653 shares in the company, valued at approximately $2,133,617.10. This trade represents a 5.97% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Baird R W upgraded Caterpillar from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 13th. Citigroup restated a “buy” rating and set a $420.00 price objective (up previously from $370.00) on shares of Caterpillar in a report on Tuesday, June 24th. JPMorgan Chase & Co. decreased their price target on shares of Caterpillar from $490.00 to $380.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Morgan Stanley raised Caterpillar from an “underweight” rating to an “equal weight” rating and reduced their target price for the company from $300.00 to $283.00 in a research note on Wednesday, April 16th. Finally, Truist Financial upped their price objective on Caterpillar from $396.00 to $414.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. Six research 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $380.83.

Caterpillar Price Performance

Shares of NYSE CAT opened at $398.18 on Thursday. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $418.50. The stock has a market capitalization of $187.56 billion, a P/E ratio of 19.40, a P/E/G ratio of 2.60 and a beta of 1.38. The company’s 50-day moving average is $348.25 and its 200 day moving average is $346.65. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.32 and a quick ratio of 0.77.

Caterpillar (NYSE:CAT) last issued its quarterly earnings results 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 business had revenue of $14.25 billion during the quarter, compared to the consensus estimate of $14.64 billion. During the same quarter in the previous year, the business earned $5.60 earnings per share. The firm’s revenue was down 9.8% compared to the same quarter last year. On average, sell-side analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Monday, July 21st will be issued a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 1.52%. This is an increase from Caterpillar’s previous quarterly dividend of $1.41. The ex-dividend date of this dividend is Monday, July 21st. Caterpillar’s payout ratio is 27.49%.

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.