Byrne Asset Management LLC Decreases Position in Caterpillar Inc. (NYSE:CAT)

Byrne Asset Management LLC lessened its holdings in Caterpillar Inc. (NYSE:CAT) by 6.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,852 shares of the industrial products company’s stock after selling 283 shares during the period. Caterpillar makes up approximately 0.9% of Byrne Asset Management LLC’s portfolio, making the stock its 28th largest position. Byrne Asset Management LLC’s holdings in Caterpillar were worth $1,270,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CAT. Pacific Point Advisors LLC acquired a new stake in shares of Caterpillar in the 4th quarter valued at $579,000. Brighton Jones LLC raised its stake in Caterpillar by 51.5% during the 4th quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company’s stock worth $2,688,000 after acquiring an additional 2,519 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in Caterpillar during the 4th quarter worth $7,396,000. Ingalls & Snyder LLC raised its stake in Caterpillar by 2.9% during the 4th quarter. Ingalls & Snyder LLC now owns 5,345 shares of the industrial products company’s stock worth $1,939,000 after acquiring an additional 150 shares in the last quarter. Finally, Catalyst Financial Partners LLC raised its stake in Caterpillar by 0.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 4,664 shares of the industrial products company’s stock worth $1,692,000 after acquiring an additional 41 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Caterpillar Stock Down 1.2%

Shares of NYSE:CAT opened at $356.79 on Friday. The company has a market cap of $168.06 billion, a price-to-earnings ratio of 16.17, a PEG ratio of 1.87 and a beta of 1.37. The firm’s 50-day simple moving average is $327.10 and its 200-day simple moving average is $348.63. The company has a quick ratio of 0.89, a current ratio of 1.42 and a debt-to-equity ratio of 1.40. Caterpillar Inc. has a fifty-two week low of $267.30 and a fifty-two week high of $418.50.

Caterpillar (NYSE:CAT) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share 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 analysts’ expectations of $14.64 billion. Caterpillar had a net margin of 16.65% and a return on equity of 58.18%. The firm’s revenue was down 9.8% on a year-over-year basis. During the same period in the previous year, the firm earned $5.60 EPS. As a group, equities research analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be issued a dividend of $1.51 per share. The ex-dividend date is Monday, July 21st. This represents a $6.04 dividend on an annualized basis and a yield of 1.69%. This is an increase from Caterpillar’s previous quarterly dividend of $1.41. Caterpillar’s payout ratio is currently 27.49%.

Analysts Set New Price Targets

CAT has been the topic of several research analyst reports. Truist Financial reiterated a “buy” rating and set a $396.00 price target (up from $389.00) on shares of Caterpillar in a research note on Thursday, May 1st. Robert W. Baird upgraded shares of Caterpillar from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $309.00 to $395.00 in a research note on Tuesday, May 13th. Evercore ISI lowered their price objective on shares of Caterpillar from $375.00 to $373.00 and set an “in-line” rating on the stock in a research report on Monday, May 19th. JPMorgan Chase & Co. lowered their price objective on shares of Caterpillar from $490.00 to $380.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Finally, DA Davidson raised their price objective 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. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $372.92.

Insider Buying and Selling

In related news, Director David Maclennan acquired 375 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The shares were purchased at an average price 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 in the company, valued at approximately $2,133,617.10. This represents a 5.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.33% of the stock is owned by insiders.

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.