InTrack Investment Management Inc Decreases Stock Position in Caterpillar Inc. (NYSE:CAT)

InTrack Investment Management Inc cut its position in Caterpillar Inc. (NYSE:CAT) by 26.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,878 shares of the industrial products company’s stock after selling 692 shares during the quarter. InTrack Investment Management Inc’s holdings in Caterpillar were worth $688,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. AQR Capital Management LLC boosted its stake in Caterpillar by 19.4% during the 3rd quarter. AQR Capital Management LLC now owns 382,329 shares of the industrial products company’s stock valued at $104,376,000 after acquiring an additional 62,020 shares during the last quarter. Truist Financial Corp lifted its position in shares of Caterpillar by 13.3% in the 3rd quarter. Truist Financial Corp now owns 288,579 shares of the industrial products company’s stock worth $78,782,000 after buying an additional 33,907 shares during the last quarter. Glenmede Trust Co. NA lifted its position in shares of Caterpillar by 2.8% in the 3rd quarter. Glenmede Trust Co. NA now owns 99,233 shares of the industrial products company’s stock worth $27,091,000 after buying an additional 2,688 shares during the last quarter. Shelton Capital Management lifted its position in shares of Caterpillar by 78.2% in the 3rd quarter. Shelton Capital Management now owns 26,584 shares of the industrial products company’s stock worth $7,257,000 after buying an additional 11,668 shares during the last quarter. Finally, Axxcess Wealth Management LLC lifted its position in shares of Caterpillar by 127.7% in the 3rd quarter. Axxcess Wealth Management LLC now owns 17,785 shares of the industrial products company’s stock worth $4,856,000 after buying an additional 9,974 shares during the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Stock Down 0.4 %

Shares of CAT stock traded down $1.34 during trading on Tuesday, hitting $327.74. 2,119,834 shares of the company were exchanged, compared to its average volume of 2,717,345. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.83 and a current ratio of 1.35. The firm has a market capitalization of $160.28 billion, a price-to-earnings ratio of 14.80, a P/E/G ratio of 1.71 and a beta of 1.12. The business’s 50-day simple moving average is $339.03 and its 200 day simple moving average is $330.08. Caterpillar Inc. has a twelve month low of $223.76 and a twelve month high of $382.01.

Caterpillar (NYSE:CAT) last issued 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. The firm had revenue of $15.80 billion for the quarter, compared to analyst estimates of $16.07 billion. Caterpillar had a net margin of 16.79% and a return on equity of 58.61%. As a group, analysts forecast that Caterpillar Inc. will post 21.84 EPS for the current fiscal year.

Caterpillar declared that its board has initiated a share buyback 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 purchase up to 12.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 20th. Investors of record on Monday, July 22nd will be given a dividend of $1.41 per share. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $5.64 dividend on an annualized basis and a yield of 1.72%. This is a positive change from Caterpillar’s previous quarterly dividend of $1.30. Caterpillar’s payout ratio is 23.48%.

Insider Buying and Selling

In other Caterpillar news, Director David Maclennan purchased 500 shares of the firm’s stock in a transaction on 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 purchase, the director now directly owns 5,738 shares of the company’s stock, valued at $1,935,943.82. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Cheryl H. Johnson sold 1,508 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $340.00, for a total value of $512,720.00. Following the sale, the insider now owns 20,023 shares in the company, valued at approximately $6,807,820. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Maclennan bought 500 shares of Caterpillar stock in a transaction dated Friday, May 3rd. The stock was purchased at an average price of $337.39 per share, for a total transaction of $168,695.00. Following the purchase, the director now directly owns 5,738 shares in the company, valued at approximately $1,935,943.82. The disclosure for this purchase can be found here. 0.33% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CAT has been the topic of a number of recent research reports. Citigroup initiated coverage on shares of Caterpillar in a research report on Wednesday, June 26th. They issued a “buy” rating and a $380.00 price target on the stock. Stifel Nicolaus downgraded shares of Caterpillar from a “buy” rating to a “hold” rating and raised their price target for the stock from $293.00 to $350.00 in a research report on Friday, April 26th. The Goldman Sachs Group increased their price objective on shares of Caterpillar from $357.00 to $408.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. increased their price objective on shares of Caterpillar from $385.00 to $435.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Finally, Raymond James assumed coverage on shares of Caterpillar in a report on Friday. They issued a “market perform” rating on the stock. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $329.63.

Caterpillar 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.