Concord Asset Management LLC VA Increases Stock Holdings in Caterpillar Inc. (NYSE:CAT)

Concord Asset Management LLC VA boosted its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 47.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,992 shares of the industrial products company's stock after purchasing an additional 2,903 shares during the period. Concord Asset Management LLC VA's holdings in Caterpillar were worth $2,966,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Flagship Wealth Advisors LLC bought a new stake in Caterpillar in the 4th quarter valued at $26,000. Cyrus J. Lawrence LLC bought a new position in Caterpillar during the 4th quarter valued at about $27,000. Investment Management Corp VA ADV purchased a new stake in shares of Caterpillar in the fourth quarter worth approximately $33,000. Quarry LP purchased a new stake in Caterpillar in the fourth quarter worth $35,000. Finally, Mpwm Advisory Solutions LLC bought a new stake in Caterpillar during the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 70.98% of the company's stock.

Caterpillar Price Performance

Shares of NYSE CAT traded up $8.25 during mid-day trading on Wednesday, reaching $412.89. The company's stock had a trading volume of 3,240,946 shares, compared to its average volume of 2,519,856. The stock has a market capitalization of $194.49 billion, a P/E ratio of 20.12, a P/E/G ratio of 2.68 and a beta of 1.38. Caterpillar Inc. has a 1-year low of $267.30 and a 1-year high of $418.50. The stock has a 50-day moving average of $365.97 and a two-hundred day moving average of $349.05. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.77 and a current ratio of 1.32.

Caterpillar (NYSE:CAT - Get Free Report) last released its earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share for the quarter, missing analysts' consensus estimates of $4.35 by ($0.10). The business had revenue of $14.25 billion during the quarter, compared to analysts' expectations of $14.64 billion. Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The company's revenue for the quarter was down 9.8% compared to the same quarter last year. During the same period last year, the business earned $5.60 earnings per share. On average, equities research analysts anticipate that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Monday, July 21st will be paid a $1.51 dividend. The ex-dividend date of this dividend is Monday, July 21st. This is an increase from Caterpillar's previous quarterly dividend of $1.41. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.46%. Caterpillar's dividend payout ratio (DPR) is 27.49%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Melius Research raised shares of Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price objective on the stock in a report on Wednesday, July 9th. Truist Financial lifted their price target on Caterpillar from $396.00 to $414.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Evercore ISI dropped their price objective 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. Citigroup reaffirmed a "buy" rating and set a $420.00 target price (up from $370.00) on shares of Caterpillar in a report on Tuesday, June 24th. Finally, Morgan Stanley raised shares of Caterpillar from an "underweight" rating to an "equal weight" rating and cut their price objective for the company from $300.00 to $283.00 in a report on Wednesday, April 16th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $406.47.

Insider Activity at Caterpillar

In other Caterpillar news, Director David Maclennan purchased 375 shares of the firm's stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average price of $320.70 per share, with a total value of $120,262.50. Following the purchase, the director directly owned 6,653 shares in the company, valued at approximately $2,133,617.10. This trade represents a 5.97% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.33% of the company's stock.

About Caterpillar

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.