Concord Wealth Partners Grows Position in Caterpillar Inc. (NYSE:CAT)

Concord Wealth Partners increased its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 10.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,209 shares of the industrial products company's stock after buying an additional 973 shares during the quarter. Concord Wealth Partners' holdings in Caterpillar were worth $3,367,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Flagship Wealth Advisors LLC bought a new stake in shares of Caterpillar during the fourth quarter worth $26,000. Cyrus J. Lawrence LLC bought a new stake in shares of Caterpillar during the fourth quarter worth $27,000. Investment Management Corp VA ADV bought a new stake in shares of Caterpillar during the fourth quarter worth $33,000. Curat Global LLC bought a new stake in shares of Caterpillar during the first quarter worth $33,000. Finally, Redmont Wealth Advisors LLC bought a new stake in shares of Caterpillar during the first quarter worth $33,000. 70.98% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CAT. Bank of America lifted their target price on Caterpillar from $335.00 to $385.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Melius upgraded Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a report on Wednesday, July 9th. JPMorgan Chase & Co. lifted their price objective on Caterpillar from $395.00 to $475.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Truist Financial lifted their price objective on Caterpillar from $396.00 to $414.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Finally, Melius Research upgraded Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price objective for the company in a report on Wednesday, July 9th. Seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $412.33.

Insider Buying and Selling

In other news, Director David Maclennan bought 375 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The shares were purchased at an average price of $320.70 per share, for a total transaction of $120,262.50. Following the completion of the transaction, the director directly owned 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 filing with the SEC, which is accessible through the SEC website. 0.33% of the stock is currently owned by corporate insiders.

Caterpillar Stock Down 1.0%

CAT traded down $4.19 on Friday, hitting $413.88. The company had a trading volume of 2,525,098 shares, compared to its average volume of 2,517,427. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $419.90. The stock has a market capitalization of $194.95 billion, a price-to-earnings ratio of 20.17, a P/E/G ratio of 2.73 and a beta of 1.38. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.77 and a current ratio of 1.32. The stock has a fifty day moving average price of $367.85 and a 200-day moving average price of $349.43.

Caterpillar (NYSE:CAT - Get Free Report) last issued its quarterly 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). Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The business had revenue of $14.25 billion for the quarter, compared to analysts' expectations of $14.64 billion. During the same quarter in the previous year, the firm posted $5.60 EPS. Caterpillar's revenue was down 9.8% on a year-over-year basis. Analysts predict that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Increases Dividend

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

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.