Novem Group Purchases Shares of 1,737 Caterpillar Inc. (NYSE:CAT)

by · The Cerbat Gem

Novem Group acquired a new position in shares of Caterpillar Inc. (NYSE:CAT – Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,737 shares of the industrial products company’s stock, valued at approximately $630,000.

A number of other hedge funds have also modified their holdings of the company. Diversify Wealth Management LLC lifted its position in shares of Caterpillar by 36.7% in the fourth quarter. Diversify Wealth Management LLC now owns 1,992 shares of the industrial products company’s stock worth $699,000 after purchasing an additional 535 shares in the last quarter. Pacific Point Advisors LLC bought a new stake in Caterpillar during the 4th quarter worth about $579,000. Chesley Taft & Associates LLC boosted its stake in shares of Caterpillar by 2.8% during the 4th quarter. Chesley Taft & Associates LLC now owns 1,306 shares of the industrial products company’s stock worth $474,000 after buying an additional 35 shares during the last quarter. Fort Washington Investment Advisors Inc. OH grew its holdings in shares of Caterpillar by 9.4% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 166,724 shares of the industrial products company’s stock valued at $60,481,000 after acquiring an additional 14,338 shares in the last quarter. Finally, Aspire Private Capital LLC increased its position in shares of Caterpillar by 1.2% in the fourth quarter. Aspire Private Capital LLC now owns 3,266 shares of the industrial products company’s stock valued at $1,185,000 after acquiring an additional 38 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

Caterpillar Trading Down 2.0%

Shares of CAT stock opened at $342.67 on Thursday. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $418.50. The firm has a 50 day moving average price of $318.06 and a two-hundred day moving average price of $353.46. The company has a quick ratio of 0.89, a current ratio of 1.42 and a debt-to-equity ratio of 1.40. The company has a market capitalization of $161.41 billion, a PE ratio of 15.53, a price-to-earnings-growth ratio of 1.87 and a beta of 1.35.

Caterpillar (NYSE:CAT – Get Free Report) last released 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). The firm had revenue of $14.25 billion during the quarter, compared to the consensus estimate of $14.64 billion. Caterpillar had a net margin of 16.65% and a return on equity of 58.18%. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter last year, the firm earned $5.60 earnings per share. As a group, analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 20th. Investors of record on Monday, April 21st were given a dividend of $1.41 per share. This represents a $5.64 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Monday, April 21st. Caterpillar’s dividend payout ratio is 27.49%.

Analyst Ratings Changes

A number of research firms have weighed in on CAT. DA Davidson raised their price target on Caterpillar from $325.00 to $331.00 and gave the company a “neutral” rating in a research note on Monday, May 5th. UBS Group upgraded shares of Caterpillar from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $272.00 to $357.00 in a report on Friday, May 16th. Morgan Stanley upgraded shares of Caterpillar from an “underweight” rating to an “equal weight” rating and cut their price target for the company from $300.00 to $283.00 in a research note on Wednesday, April 16th. Truist Financial reissued a “buy” rating and issued a $396.00 price objective (up previously from $389.00) on shares of Caterpillar in a research report on Thursday, May 1st. Finally, Citigroup raised their target price on shares of Caterpillar from $320.00 to $370.00 and gave the company a “buy” rating in a research note on Monday, May 5th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Caterpillar presently has a consensus rating of “Moderate Buy” and an average target price of $375.33.

View Our Latest Stock Analysis on Caterpillar

Insiders Place Their Bets

In other Caterpillar news, Director David Maclennan bought 375 shares of the stock in a transaction dated Wednesday, May 7th. The shares were bought at an average cost of $320.70 per share, with a total value of $120,262.50. Following the completion of the acquisition, the director now owns 6,653 shares of the company’s stock, valued at $2,133,617.10. This trade represents a 5.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.33% of the company’s stock.

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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