Concord Asset Management LLC VA Raises Holdings in Caterpillar Inc. $CAT

Key Points

• Concord Asset Management LLC VA increased its stake in Caterpillar Inc. by 7.6% during Q2, holding 9,676 shares valued at approximately $3.76 million.
• Insider sales included the disposal of 2,161 shares by Jason Kaiser and 17,166 shares by Chairman Donald J. Umpleby III, indicating a slight decrease in their respective holdings.
• Analysts have raised target prices for Caterpillar, with Oppenheimer setting a new target of $513.00 and other firms following suit, reflecting a positive outlook for the company.

Concord Asset Management LLC VA grew its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 7.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,676 shares of the industrial products company's stock after purchasing an additional 684 shares during the quarter. Concord Asset Management LLC VA's holdings in Caterpillar were worth $3,756,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Trivium Point Advisory LLC lifted its stake in shares of Caterpillar by 132.9% during the second quarter. Trivium Point Advisory LLC now owns 1,926 shares of the industrial products company's stock worth $748,000 after purchasing an additional 1,099 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Caterpillar by 9.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 78,947 shares of the industrial products company's stock worth $26,037,000 after purchasing an additional 7,125 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in shares of Caterpillar by 11.2% during the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 14,315 shares of the industrial products company's stock worth $5,557,000 after purchasing an additional 1,440 shares in the last quarter. Ransom Advisory Ltd acquired a new position in shares of Caterpillar during the first quarter worth about $427,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Caterpillar by 0.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,304,448 shares of the industrial products company's stock worth $1,089,798,000 after purchasing an additional 15,347 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.

Insider Activity

In other news, insider Jason Kaiser sold 2,161 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $417.70, for a total transaction of $902,649.70. Following the completion of the sale, the insider owned 8,632 shares in the company, valued at approximately $3,605,586.40. This represents a 20.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Donald J. Umpleby III sold 17,166 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $462.65, for a total value of $7,941,849.90. Following the sale, the chairman owned 465,339 shares of the company's stock, valued at $215,289,088.35. This trade represents a 3.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,819 shares of company stock worth $16,885,492. Insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Oppenheimer lifted their target price on Caterpillar from $480.00 to $513.00 and gave the stock an "outperform" rating in a research report on Monday, September 29th. Melius raised Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a report on Wednesday, July 9th. Citigroup upped their target price on Caterpillar from $540.00 to $570.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. JPMorgan Chase & Co. upped their target price on Caterpillar from $475.00 to $520.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Finally, Robert W. Baird upped their target price on Caterpillar from $495.00 to $540.00 and gave the company an "outperform" rating in a report on Wednesday, September 17th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Caterpillar currently has an average rating of "Moderate Buy" and an average target price of $478.20.

Caterpillar Stock Performance

Shares of NYSE CAT opened at $491.67 on Monday. The stock has a fifty day moving average price of $443.23 and a two-hundred day moving average price of $384.49. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.81 and a current ratio of 1.34. The firm has a market cap of $230.34 billion, a P/E ratio of 25.01, a PEG ratio of 3.01 and a beta of 1.46. Caterpillar Inc. has a 1 year low of $267.30 and a 1 year high of $511.50.

Caterpillar (NYSE:CAT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.88 by ($0.16). The firm had revenue of $16.57 billion for the quarter, compared to the consensus estimate of $16.14 billion. Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The business's revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the business posted $5.99 earnings per share. Research analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, October 20th will be paid a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Monday, October 20th. Caterpillar's dividend payout ratio (DPR) is presently 30.72%.

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.

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