Highland Capital Management LLC Raises Stock Holdings in Caterpillar Inc. (NYSE:CAT)

Highland Capital Management LLC raised its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 10.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,268 shares of the industrial products company's stock after acquiring an additional 1,669 shares during the quarter. Highland Capital Management LLC's holdings in Caterpillar were worth $6,025,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Caterpillar by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 46,809,540 shares of the industrial products company's stock worth $16,980,629,000 after purchasing an additional 284,366 shares in the last quarter. Geode Capital Management LLC grew its stake in Caterpillar by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 10,449,770 shares of the industrial products company's stock worth $3,790,841,000 after buying an additional 236,315 shares during the last quarter. Fisher Asset Management LLC grew its stake in Caterpillar by 1.4% during the 4th quarter. Fisher Asset Management LLC now owns 9,081,775 shares of the industrial products company's stock worth $3,294,505,000 after buying an additional 129,143 shares during the last quarter. Northern Trust Corp grew its stake in Caterpillar by 11.8% during the 4th quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company's stock worth $2,483,937,000 after buying an additional 724,477 shares during the last quarter. Finally, Norges Bank purchased a new position in Caterpillar during the 4th quarter worth $2,184,364,000. Institutional investors own 70.98% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CAT shares. Oppenheimer upgraded Caterpillar from a "market perform" rating to an "outperform" rating and set a $395.00 target price on the stock in a research note on Thursday, May 1st. Morgan Stanley upgraded Caterpillar from an "underweight" rating to an "equal weight" rating and dropped their target price for the stock from $300.00 to $283.00 in a research note on Wednesday, April 16th. JPMorgan Chase & Co. dropped their target price on Caterpillar from $490.00 to $380.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Truist Financial boosted their target price on Caterpillar from $396.00 to $414.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Finally, Bank of America boosted their price target on Caterpillar from $335.00 to $385.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $380.83.

Caterpillar Stock Performance

Shares of CAT traded up $3.30 during mid-day trading on Friday, reaching $385.18. The company had a trading volume of 4,445,249 shares, compared to its average volume of 2,521,036. Caterpillar Inc. has a 52-week low of $267.30 and a 52-week high of $418.50. The company has a quick ratio of 0.77, a current ratio of 1.32 and a debt-to-equity ratio of 1.43. The stock has a market capitalization of $181.44 billion, a P/E ratio of 18.77, a PEG ratio of 2.56 and a beta of 1.37. The stock has a 50 day moving average of $342.13 and a two-hundred day moving average of $346.17.

Caterpillar (NYSE:CAT - Get Free Report) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $4.25 EPS 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 company had revenue of $14.25 billion during the quarter, compared to analysts' expectations of $14.64 billion. During the same quarter in the previous year, the company earned $5.60 EPS. The firm's quarterly revenue was down 9.8% compared to the same quarter last year. On average, analysts expect that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Monday, July 21st will be paid a $1.51 dividend. This is an increase from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date is Monday, July 21st. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.57%. Caterpillar's dividend payout ratio is presently 27.49%.

Insider Transactions at Caterpillar

In related news, Director David Maclennan bought 375 shares of the stock in a transaction dated 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 purchase, the director now directly owns 6,653 shares of the company's stock, valued at $2,133,617.10. This represents a 5.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.33% of the company's stock.

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.