Boltwood Capital Management Sells 149 Shares of Caterpillar Inc. (NYSE:CAT)

Boltwood Capital Management cut its holdings in shares of Caterpillar Inc. (NYSE:CATFree Report) by 1.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,279 shares of the industrial products company’s stock after selling 149 shares during the quarter. Caterpillar makes up approximately 0.9% of Boltwood Capital Management’s portfolio, making the stock its 29th largest holding. Boltwood Capital Management’s holdings in Caterpillar were worth $3,034,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. McIlrath & Eck LLC grew its holdings in Caterpillar by 4.4% during the fourth quarter. McIlrath & Eck LLC now owns 789 shares of the industrial products company’s stock worth $233,000 after acquiring an additional 33 shares during the period. Versant Capital Management Inc grew its holdings in Caterpillar by 7.4% during the first quarter. Versant Capital Management Inc now owns 480 shares of the industrial products company’s stock worth $176,000 after acquiring an additional 33 shares during the period. Lodestar Private Asset Management LLC grew its holdings in Caterpillar by 4.4% during the fourth quarter. Lodestar Private Asset Management LLC now owns 830 shares of the industrial products company’s stock worth $245,000 after acquiring an additional 35 shares during the period. Desjardins Global Asset Management Inc. grew its holdings in Caterpillar by 1.4% during the fourth quarter. Desjardins Global Asset Management Inc. now owns 2,616 shares of the industrial products company’s stock worth $774,000 after acquiring an additional 35 shares during the period. Finally, Cornerstone Wealth Management LLC grew its holdings in Caterpillar by 1.0% during the fourth quarter. Cornerstone Wealth Management LLC now owns 3,507 shares of the industrial products company’s stock worth $1,037,000 after acquiring an additional 36 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

Caterpillar Stock Up 0.8 %

NYSE CAT traded up $2.74 during trading hours on Wednesday, hitting $325.14. 3,275,381 shares of the company were exchanged, compared to its average volume of 3,106,831. The company has a 50 day moving average of $345.85 and a two-hundred day moving average of $325.57. The company has a quick ratio of 0.83, a current ratio of 1.35 and a debt-to-equity ratio of 1.41. Caterpillar Inc. has a 52-week low of $223.76 and a 52-week high of $382.01. The firm has a market cap of $159.01 billion, a price-to-earnings ratio of 14.67, a PEG ratio of 1.65 and a beta of 1.14.

Caterpillar (NYSE:CATGet Free Report) last issued its quarterly earnings results 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. Caterpillar had a return on equity of 58.61% and a net margin of 16.79%. The company had revenue of $15.80 billion for the quarter, compared to the consensus estimate of $16.07 billion. Equities research analysts anticipate that Caterpillar Inc. will post 21.81 earnings per share for the current year.

Caterpillar Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Monday, July 22nd will be paid a dividend of $1.41 per share. This represents a $5.64 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Monday, July 22nd. This is an increase from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s dividend payout ratio (DPR) is currently 23.48%.

Caterpillar announced that its board has approved a stock repurchase plan on Wednesday, June 12th that allows the company to repurchase $20.00 billion in shares. This repurchase authorization allows the industrial products company to repurchase up to 12.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have commented on CAT. StockNews.com lowered Caterpillar from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 20th. TD Cowen raised their price objective on Caterpillar from $338.00 to $340.00 and gave the company a “buy” rating in a report on Friday, April 26th. The Goldman Sachs Group raised their price objective on Caterpillar from $357.00 to $408.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Truist Financial began 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 reissued a “market perform” rating on shares of Caterpillar in a report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Caterpillar has an average rating of “Hold” and an average target price of $323.35.

View Our Latest Analysis on Caterpillar

Insider Buying and Selling

In related news, insider Cheryl H. Johnson sold 1,508 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $340.00, for a total transaction of $512,720.00. Following the transaction, the insider now owns 20,023 shares in the company, valued at approximately $6,807,820. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Caterpillar news, insider Lange Bob De sold 21,847 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $356.90, for a total transaction of $7,797,194.30. Following the completion of the sale, the insider now directly owns 71,115 shares of the company’s stock, valued at approximately $25,380,943.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Cheryl H. Johnson sold 1,508 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $340.00, for a total value of $512,720.00. Following the sale, the insider now directly owns 20,023 shares of the company’s stock, valued at $6,807,820. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by company insiders.

About Caterpillar

(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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