Meridian Wealth Management LLC Acquires Shares of 37,697 Caterpillar Inc. (NYSE:CAT)

by · The Cerbat Gem

Meridian Wealth Management LLC bought a new position in shares of Caterpillar Inc. (NYSE:CAT – Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 37,697 shares of the industrial products company’s stock, valued at approximately $14,744,000. Caterpillar accounts for 0.7% of Meridian Wealth Management LLC’s investment portfolio, making the stock its 25th largest position.

Other large investors also recently modified their holdings of the company. Allen Capital Group LLC lifted its stake in Caterpillar by 1.4% in the third quarter. Allen Capital Group LLC now owns 4,221 shares of the industrial products company’s stock worth $1,651,000 after acquiring an additional 59 shares during the period. Biltmore Family Office LLC raised its holdings in Caterpillar by 1.4% in the 3rd quarter. Biltmore Family Office LLC now owns 6,115 shares of the industrial products company’s stock worth $2,392,000 after purchasing an additional 87 shares in the last quarter. CFS Investment Advisory Services LLC boosted its stake in shares of Caterpillar by 24.4% during the 3rd quarter. CFS Investment Advisory Services LLC now owns 2,026 shares of the industrial products company’s stock valued at $792,000 after purchasing an additional 397 shares in the last quarter. Raymond James Trust N.A. increased its position in shares of Caterpillar by 1.0% during the third quarter. Raymond James Trust N.A. now owns 23,678 shares of the industrial products company’s stock valued at $9,261,000 after buying an additional 224 shares during the period. Finally, Altiora Financial Group LLC bought a new position in Caterpillar in the third quarter worth about $234,000. 70.98% of the stock is owned by institutional investors.

Caterpillar Price Performance

Shares of NYSE CAT opened at $390.26 on Friday. The firm has a market cap of $188.42 billion, a P/E ratio of 18.09, a PEG ratio of 1.89 and a beta of 1.10. Caterpillar Inc. has a twelve month low of $241.81 and a twelve month high of $418.50. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.33. The company has a 50 day moving average of $385.77 and a 200 day moving average of $355.46.

Caterpillar (NYSE:CAT – Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share for the quarter, missing the consensus estimate of $5.33 by ($0.16). Caterpillar had a return on equity of 59.09% and a net margin of 16.26%. The business had revenue of $16.11 billion during the quarter, compared to analysts’ expectations of $16.37 billion. During the same quarter in the prior year, the firm earned $5.52 EPS. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, research analysts expect that Caterpillar Inc. will post 21.68 EPS for the current fiscal year.

Caterpillar Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 20th. Stockholders of record on Monday, October 21st were issued a dividend of $1.41 per share. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date was Monday, October 21st. Caterpillar’s payout ratio is presently 26.15%.

Analyst Ratings Changes

Several analysts have weighed in on CAT shares. Evercore ISI cut Caterpillar from an “in-line” rating to an “underperform” rating and lifted their price objective for the company from $321.00 to $365.00 in a research report on Wednesday, November 13th. Truist Financial increased their price objective on Caterpillar from $399.00 to $456.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Bank of America boosted their target price on shares of Caterpillar from $376.00 to $434.00 and gave the company a “buy” rating in a report on Monday, September 30th. Robert W. Baird increased their price target on shares of Caterpillar from $299.00 to $300.00 and gave the stock an “underperform” rating in a research note on Thursday, October 31st. Finally, StockNews.com lowered shares of Caterpillar from a “buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Caterpillar presently has an average rating of “Hold” and an average target price of $365.33.

View Our Latest Report on CAT

Insider Activity

In other news, insider Anthony D. Fassino sold 3,185 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $351.36, for a total value of $1,119,081.60. Following the transaction, the insider now directly owns 33,442 shares in the company, valued at $11,750,181.12. This trade represents a 8.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Gerald Johnson acquired 100 shares of Caterpillar stock in a transaction that occurred on Wednesday, September 4th. The shares were purchased at an average price of $338.59 per share, with a total value of $33,859.00. Following the transaction, the director now owns 2,842 shares of the company’s stock, valued at $962,272.78. The trade was a 3.65 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 20,774 shares of company stock valued at $8,233,034 over the last three months. Insiders own 0.29% 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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