Redmont Wealth Advisors LLC Takes $47,000 Position in Caterpillar Inc. (NYSE:CAT)

Redmont Wealth Advisors LLC purchased a new stake in Caterpillar Inc. (NYSE:CAT) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 129 shares of the industrial products company’s stock, valued at approximately $47,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CAT. Norges Bank acquired a new stake in shares of Caterpillar in the fourth quarter valued at approximately $1,660,560,000. International Assets Investment Management LLC raised its position in shares of Caterpillar by 28,603.5% in the fourth quarter. International Assets Investment Management LLC now owns 1,494,018 shares of the industrial products company’s stock valued at $4,417,360,000 after buying an additional 1,488,813 shares in the last quarter. Capital Wealth Planning LLC raised its position in shares of Caterpillar by 27,495.2% in the fourth quarter. Capital Wealth Planning LLC now owns 1,182,453 shares of the industrial products company’s stock valued at $349,616,000 after buying an additional 1,178,168 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Caterpillar by 19.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,264,635 shares of the industrial products company’s stock valued at $947,875,000 after acquiring an additional 529,420 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich increased its stake in Caterpillar by 5,293.1% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 482,360 shares of the industrial products company’s stock valued at $142,620,000 after acquiring an additional 473,416 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director David Maclennan acquired 500 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were purchased at an average price of $337.39 per share, for a total transaction of $168,695.00. Following the completion of the acquisition, the director now owns 5,738 shares of the company’s stock, valued at $1,935,943.82. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Caterpillar news, Director David Maclennan bought 500 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was bought at an average cost of $337.39 per share, with a total value of $168,695.00. Following the completion of the transaction, the director now directly owns 5,738 shares in the company, valued at approximately $1,935,943.82. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cheryl H. Johnson sold 1,508 shares of the business’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 directly owns 20,023 shares of the company’s stock, valued at $6,807,820. The disclosure for this sale can be found here. Company insiders own 0.33% of the company’s stock.

Caterpillar Trading Up 0.9 %

CAT stock traded up $2.85 during midday trading on Wednesday, hitting $330.61. The stock had a trading volume of 1,351,168 shares, compared to its average volume of 2,706,595. The firm has a market cap of $161.68 billion, a P/E ratio of 14.93, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12. The company has a current ratio of 1.35, a quick ratio of 0.83 and a debt-to-equity ratio of 1.41. Caterpillar Inc. has a 1-year low of $223.76 and a 1-year high of $382.01. The business has a fifty day moving average price of $338.37 and a two-hundred day moving average price of $330.08.

Caterpillar (NYSE:CAT) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $5.60 earnings per share for the quarter, beating the consensus estimate of $5.12 by $0.48. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. The firm had revenue of $15.80 billion for the quarter, compared to analyst estimates of $16.07 billion. On average, sell-side analysts predict that Caterpillar Inc. will post 21.8 earnings per share for the current fiscal year.

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

Caterpillar Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 20th. Stockholders of record on Monday, July 22nd will be issued a dividend of $1.41 per share. The ex-dividend date is Monday, July 22nd. This represents a $5.64 annualized dividend and a dividend yield of 1.71%. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s dividend payout ratio is currently 23.48%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CAT shares. Citigroup started coverage on shares of Caterpillar in a research note on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price objective on the stock. Truist Financial started 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. HSBC boosted their target price on shares of Caterpillar from $330.00 to $360.00 and gave the stock a “hold” rating in a research note on Tuesday, April 30th. The Goldman Sachs Group boosted their target price on shares of Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Finally, Raymond James began coverage on shares of Caterpillar in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $329.63.

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.