Harvest Portfolios Group Inc. Has $18.68 Million Holdings in Caterpillar Inc. $CAT

Key Points

• Harvest Portfolios Group Inc. increased its holdings in Caterpillar Inc. by 3.8%, owning a total of 56,653 shares valued at approximately $18.68 million.
• Several analysts have raised their price targets for Caterpillar, with Oppenheimer setting a new target of $483.00 and Citigroup raising theirs to $500.00, indicating strong market confidence.
• Caterpillar recently declared a quarterly dividend of $1.51 per share, reflecting an increase from the previous dividend and representing an annual yield of 1.4%.

Harvest Portfolios Group Inc. boosted its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 3.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 56,653 shares of the industrial products company's stock after acquiring an additional 2,053 shares during the quarter. Harvest Portfolios Group Inc.'s holdings in Caterpillar were worth $18,684,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Investment Management Corp VA ADV acquired a new stake in shares of Caterpillar during the 4th quarter valued at about $33,000. Curat Global LLC acquired a new stake in Caterpillar in the 1st quarter worth approximately $33,000. Redmont Wealth Advisors LLC acquired a new stake in Caterpillar in the 1st quarter worth approximately $33,000. Quarry LP acquired a new stake in Caterpillar in the 4th quarter worth approximately $35,000. Finally, Mpwm Advisory Solutions LLC acquired a new stake in Caterpillar in the 4th quarter worth approximately $36,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Caterpillar

In related news, Director Susan C. Schwab sold 2,324 shares of the company's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $410.00, for a total value of $952,840.00. Following the completion of the sale, the director owned 6,917 shares in the company, valued at approximately $2,835,970. This represents a 25.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jason Kaiser sold 2,161 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $417.70, for a total value of $902,649.70. Following the completion of the sale, the insider owned 8,632 shares of the company's stock, valued at $3,605,586.40. This represents a 20.02% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.33% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on CAT. Oppenheimer lifted their price target on Caterpillar from $395.00 to $483.00 and gave the stock an "outperform" rating in a research report on Thursday, July 17th. Baird R W upgraded Caterpillar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Citigroup boosted their price objective on Caterpillar from $460.00 to $500.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. UBS Group upgraded Caterpillar from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $272.00 to $357.00 in a research report on Friday, May 16th. Finally, Melius upgraded Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a research report on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $450.87.

Caterpillar Price Performance

Caterpillar stock opened at $432.35 on Tuesday. 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 $202.55 billion, a P/E ratio of 21.99, a P/E/G ratio of 2.60 and a beta of 1.40. The business's fifty day moving average is $407.11 and its two-hundred day moving average is $358.23. Caterpillar Inc. has a 52 week low of $267.30 and a 52 week high of $441.15.

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

Caterpillar Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 20th. Stockholders of record on Monday, July 21st were paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a dividend yield of 1.4%. This is a boost from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date of this dividend was Monday, July 21st. Caterpillar's payout ratio is currently 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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