Caterpillar Inc. (NYSE:CAT) Shares Bought by Drive Wealth Management LLC

Key Points

• Drive Wealth Management LLC increased its stake in Caterpillar Inc. by 111.1%, acquiring an additional 3,168 shares, bringing their total holdings to 6,020 shares valued at approximately $1,985,000.
• Several analysts have raised their price targets for Caterpillar, with estimates ranging from $414.00 to $500.00, and a consensus rating of "Moderate Buy" for the stock.
• Caterpillar recently declared a quarterly dividend of $1.51, marking a positive increase from the previous dividend, with an annualized yield of 1.41%.

Drive Wealth Management LLC raised its holdings in Caterpillar Inc. (NYSE:CAT - Free Report) by 111.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,020 shares of the industrial products company's stock after acquiring an additional 3,168 shares during the quarter. Drive Wealth Management LLC's holdings in Caterpillar were worth $1,985,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of CAT. Denver PWM LLC bought a new stake in Caterpillar during the first quarter valued at about $1,369,000. Pacer Advisors Inc. raised its stake in shares of Caterpillar by 2,723.1% in the first quarter. Pacer Advisors Inc. now owns 1,414,280 shares of the industrial products company's stock worth $466,430,000 after purchasing an additional 1,364,183 shares during the last quarter. Westover Capital Advisors LLC raised its stake in shares of Caterpillar by 10.1% in the first quarter. Westover Capital Advisors LLC now owns 4,676 shares of the industrial products company's stock worth $1,542,000 after purchasing an additional 430 shares during the last quarter. Assetmark Inc. raised its position in Caterpillar by 4.3% during the first quarter. Assetmark Inc. now owns 19,614 shares of the industrial products company's stock valued at $6,469,000 after acquiring an additional 812 shares in the last quarter. Finally, Nicholas Wealth LLC. raised its position in Caterpillar by 16.5% during the first quarter. Nicholas Wealth LLC. now owns 3,560 shares of the industrial products company's stock valued at $1,174,000 after acquiring an additional 504 shares in the last quarter. Institutional investors own 70.98% of the company's stock.

Insider Activity at Caterpillar

In other Caterpillar news, Director David Maclennan acquired 375 shares of the stock in a transaction dated Wednesday, May 7th. The stock was acquired at an average price of $320.70 per share, with a total value 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 trade 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 at the SEC website. 0.33% of the stock is currently owned by corporate insiders.

Caterpillar Stock Performance

Shares of CAT stock traded up $4.55 during midday trading on Friday, hitting $434.07. The company had a trading volume of 2,207,764 shares, compared to its average volume of 2,516,496. The company's 50 day simple moving average is $377.02 and its 200 day simple moving average is $351.82. Caterpillar Inc. has a 52-week low of $267.30 and a 52-week high of $434.87. The stock has a market cap of $204.47 billion, a price-to-earnings ratio of 21.15, a PEG ratio of 2.71 and a beta of 1.38. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.32 and a quick ratio of 0.77.

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

Caterpillar Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders 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 dividend yield of 1.39%. This is an increase from Caterpillar's previous quarterly dividend of $1.41. Caterpillar's payout ratio is currently 29.43%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Baird R W raised Caterpillar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Bank of America lifted their price objective on Caterpillar from $335.00 to $385.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. UBS Group upgraded Caterpillar from a "sell" rating to a "neutral" rating and lifted their target price for the company from $272.00 to $357.00 in a research report on Friday, May 16th. JPMorgan Chase & Co. lifted their target price on Caterpillar from $395.00 to $475.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, Sanford C. Bernstein reiterated a "market perform" rating on shares of Caterpillar in a report on Monday, July 14th. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Caterpillar currently has a consensus rating of "Moderate Buy" and an average price target of $419.33.

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.