Summit Global Investments Has $629,000 Stake in Caterpillar Inc. (NYSE:CAT)

Summit Global Investments boosted its stake in shares of Caterpillar Inc. (NYSE:CAT) by 95.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,127 shares of the industrial products company’s stock after acquiring an additional 1,038 shares during the period. Summit Global Investments’ holdings in Caterpillar were worth $629,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CAT. Gilfoyle & Co LLC bought a new position in shares of Caterpillar in the 4th quarter valued at $30,000. Fortitude Family Office LLC acquired a new position in Caterpillar during the fourth quarter worth about $39,000. DiNuzzo Private Wealth Inc. bought a new position in shares of Caterpillar in the fourth quarter worth about $41,000. Authentikos Wealth Advisory LLC bought a new stake in shares of Caterpillar during the 3rd quarter valued at approximately $41,000. Finally, Rational Advisors LLC acquired a new position in Caterpillar during the 3rd quarter worth approximately $42,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Wells Fargo & Company upped their price target on shares of Caterpillar from $290.00 to $325.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 6th. Evercore ISI downgraded Caterpillar from an “outperform” rating to an “in-line” rating and increased their target price for the company from $321.00 to $338.00 in a research report on Tuesday, February 20th. The Goldman Sachs Group boosted their price target on Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Stifel Nicolaus lowered shares of Caterpillar from a “buy” rating to a “hold” rating and boosted their target price for the stock from $293.00 to $350.00 in a report on Friday, April 26th. Finally, Truist Financial began coverage on shares of Caterpillar in a research note on Thursday, March 14th. They issued a “buy” rating and a $390.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $323.35.

Caterpillar Stock Performance

Shares of CAT stock opened at $336.75 on Friday. The firm has a 50 day moving average of $351.89 and a 200-day moving average of $303.33. The company has a market cap of $164.69 billion, a price-to-earnings ratio of 15.20, a price-to-earnings-growth ratio of 1.44 and a beta of 1.19. 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 $205.60 and a 52 week high of $382.01.

Caterpillar (NYSE:CAT) last posted its quarterly earnings results on Thursday, April 25th. The industrial products company reported $5.60 EPS for the quarter, topping analysts’ consensus estimates of $5.12 by $0.48. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. The business had revenue of $15.80 billion during the quarter, compared to analysts’ expectations of $16.07 billion. On average, equities analysts forecast that Caterpillar Inc. will post 21.79 earnings per share for the current year.

Caterpillar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Monday, April 22nd will be issued a $1.30 dividend. The ex-dividend date is Friday, April 19th. This represents a $5.20 annualized dividend and a yield of 1.54%. Caterpillar’s payout ratio is currently 23.48%.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, Director David Maclennan purchased 350 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was acquired at an average price of $323.37 per share, for a total transaction of $113,179.50. Following the purchase, the director now owns 5,238 shares of the company’s stock, valued at approximately $1,693,812.06. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director David Maclennan purchased 350 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was acquired at an average price of $323.37 per share, for a total transaction of $113,179.50. Following the purchase, the director now owns 5,238 shares of the company’s stock, valued at $1,693,812.06. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Anthony D. Fassino sold 4,575 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $329.80, for a total value of $1,508,835.00. Following the sale, the insider now directly owns 23,474 shares of the company’s stock, valued at $7,741,725.20. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

Caterpillar Company Profile

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.