Grassi Investment Management Has $22.07 Million Stock Position in Caterpillar Inc. (NYSE:CAT)

Grassi Investment Management decreased its position in shares of Caterpillar Inc. (NYSE:CAT) by 0.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 66,904 shares of the industrial products company’s stock after selling 50 shares during the quarter. Caterpillar accounts for 2.0% of Grassi Investment Management’s portfolio, making the stock its 10th largest position. Grassi Investment Management’s holdings in Caterpillar were worth $22,065,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new position in Caterpillar in the fourth quarter worth approximately $2,184,364,000. GAMMA Investing LLC increased its holdings in Caterpillar by 43,447.3% in the 1st quarter. GAMMA Investing LLC now owns 3,730,259 shares of the industrial products company’s stock valued at $1,230,239,000 after acquiring an additional 3,721,693 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Caterpillar by 69.3% in the 4th quarter. Capital Research Global Investors now owns 2,924,054 shares of the industrial products company’s stock worth $1,060,730,000 after buying an additional 1,196,861 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Caterpillar in the 4th quarter worth $353,231,000. Finally, Proficio Capital Partners LLC boosted its stake in shares of Caterpillar by 50,072.7% during the 4th quarter. Proficio Capital Partners LLC now owns 804,770 shares of the industrial products company’s stock worth $291,938,000 after purchasing an additional 803,166 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Robert W. Baird raised shares of Caterpillar from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $309.00 to $395.00 in a research report on Tuesday, May 13th. DA Davidson boosted their target price on shares of Caterpillar from $325.00 to $331.00 and gave the stock a “neutral” rating in a research report on Monday, May 5th. Truist Financial reaffirmed a “buy” rating and issued a $396.00 price objective (up from $389.00) on shares of Caterpillar in a report on Thursday, May 1st. Evercore ISI lowered their price target on shares of Caterpillar from $375.00 to $373.00 and set an “in-line” rating on the stock in a report on Monday, May 19th. Finally, Bank of America increased their price objective on shares of Caterpillar from $335.00 to $385.00 and gave the company a “buy” rating in a report on Friday, May 30th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $372.92.

Caterpillar Stock Up 0.1%

Shares of Caterpillar stock opened at $349.64 on Thursday. The stock has a market capitalization of $164.70 billion, a P/E ratio of 15.84, a PEG ratio of 1.87 and a beta of 1.35. 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 stock has a 50 day moving average price of $319.90 and a two-hundred day moving average price of $350.35. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $418.50.

Caterpillar (NYSE:CAT) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $4.25 EPS for the quarter, missing analysts’ consensus estimates of $4.35 by ($0.10). The firm had revenue of $14.25 billion during the quarter, compared to analyst estimates 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 in the previous year, the company posted $5.60 earnings per share. Equities analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 20th. Stockholders 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 dividend yield of 1.61%. The ex-dividend date of this dividend was Monday, April 21st. Caterpillar’s dividend payout ratio is currently 27.49%.

Insider Transactions at Caterpillar

In other news, Director David Maclennan purchased 375 shares of Caterpillar stock in a transaction that occurred on Wednesday, May 7th. The stock was acquired at an average cost of $320.70 per share, for a total transaction of $120,262.50. Following the purchase, the director now directly owns 6,653 shares of the company’s stock, valued at $2,133,617.10. This trade represents a 5.97% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.33% of the stock is currently owned by insiders.

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.