Ellis Investment Partners LLC Reduces Position in Caterpillar Inc. (NYSE:CAT)

Ellis Investment Partners LLC cut its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 10.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,304 shares of the industrial products company's stock after selling 756 shares during the quarter. Ellis Investment Partners LLC's holdings in Caterpillar were worth $2,079,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Cape Investment Advisory Inc. raised its holdings in Caterpillar by 6.3% during the fourth quarter. Cape Investment Advisory Inc. now owns 471 shares of the industrial products company's stock valued at $171,000 after acquiring an additional 28 shares during the period. Carrera Capital Advisors raised its holdings in Caterpillar by 2.5% during the fourth quarter. Carrera Capital Advisors now owns 1,238 shares of the industrial products company's stock valued at $449,000 after acquiring an additional 30 shares during the period. BBR Partners LLC raised its holdings in Caterpillar by 0.7% during the fourth quarter. BBR Partners LLC now owns 4,162 shares of the industrial products company's stock valued at $1,510,000 after acquiring an additional 30 shares during the period. McIlrath & Eck LLC raised its holdings in Caterpillar by 3.2% during the fourth quarter. McIlrath & Eck LLC now owns 962 shares of the industrial products company's stock valued at $349,000 after acquiring an additional 30 shares during the period. Finally, Rakuten Securities Inc. raised its holdings in Caterpillar by 20.3% during the fourth quarter. Rakuten Securities Inc. now owns 184 shares of the industrial products company's stock valued at $67,000 after acquiring an additional 31 shares during the period. 70.98% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CAT shares. Truist Financial lifted their target price on Caterpillar from $396.00 to $414.00 and gave the stock a "buy" rating in a report on Monday. Wall Street Zen cut Caterpillar from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Citigroup lifted their target price on Caterpillar from $370.00 to $420.00 and gave the stock a "buy" rating in a report on Tuesday. Oppenheimer upgraded Caterpillar from a "market perform" rating to an "outperform" rating and set a $395.00 price target for the company in a research report on Thursday, May 1st. Finally, Bank of America lifted their price target on Caterpillar from $335.00 to $385.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $380.83.

Caterpillar Stock Down 0.4%

NYSE:CAT traded down $1.39 during trading hours on Wednesday, reaching $371.63. The company's stock had a trading volume of 1,737,411 shares, compared to its average volume of 2,535,173. The company has a market capitalization of $175.05 billion, a P/E ratio of 18.11, a price-to-earnings-growth ratio of 2.48 and a beta of 1.37. Caterpillar Inc. has a 12 month low of $267.30 and a 12 month high of $418.50. 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 50 day moving average price of $336.93 and a two-hundred day moving average price of $346.43.

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 (EPS) for the quarter, missing analysts' consensus estimates of $4.35 by ($0.10). The business 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% on a year-over-year basis. During the same period in the previous year, the company posted $5.60 earnings per share. Equities analysts predict that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Monday, July 21st will be given a dividend of $1.51 per share. 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 1.63%. Caterpillar's dividend payout ratio is presently 27.49%.

Insider Transactions at Caterpillar

In other Caterpillar news, Director David Maclennan purchased 375 shares of Caterpillar stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average cost of $320.70 per share, with a total value of $120,262.50. Following the completion of the transaction, the director now owns 6,653 shares in the company, valued at approximately $2,133,617.10. This trade represents a 5.97% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.33% of the company's stock.

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.