Kovitz Investment Group Partners LLC Grows Stake in Caterpillar Inc. $CAT

Key Points

• Kovitz Investment Group Partners LLC increased its stake in Caterpillar Inc. by 188.4% during the first quarter, acquiring an additional 35,836 shares, bringing its total holdings to 54,855 shares valued at approximately $18.1 million.
• Caterpillar recently announced a quarterly dividend increase to $1.51, reflecting a boost from $1.41 previously, resulting in an annualized yield of 1.4%.
• Analyst price targets for Caterpillar shares are bullish, with recent raises from firms like Truist Financial and JPMorgan Chase, setting targets as high as $520.00.

Kovitz Investment Group Partners LLC increased its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 188.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 54,855 shares of the industrial products company's stock after buying an additional 35,836 shares during the period. Kovitz Investment Group Partners LLC's holdings in Caterpillar were worth $18,091,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. OneAscent Investment Solutions LLC bought a new position in Caterpillar in the 1st quarter worth $356,000. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in Caterpillar by 1.4% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 101,846 shares of the industrial products company's stock worth $33,589,000 after buying an additional 1,400 shares during the period. Community Bank of Raymore boosted its holdings in Caterpillar by 1.9% in the 1st quarter. Community Bank of Raymore now owns 19,466 shares of the industrial products company's stock worth $6,420,000 after buying an additional 355 shares during the period. E Fund Management Co. Ltd. boosted its holdings in Caterpillar by 18.1% in the 1st quarter. E Fund Management Co. Ltd. now owns 6,210 shares of the industrial products company's stock worth $2,048,000 after buying an additional 950 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. boosted its holdings in Caterpillar by 4.4% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,515 shares of the industrial products company's stock worth $4,787,000 after buying an additional 614 shares during the period. Institutional investors own 70.98% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Baird R W raised shares of Caterpillar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Oppenheimer increased their price objective on shares of Caterpillar from $395.00 to $483.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. Citigroup increased their price objective on shares of Caterpillar from $460.00 to $500.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Melius raised shares of 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. Finally, Barclays increased their price objective on shares of Caterpillar from $383.00 to $425.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $444.00.

Caterpillar Trading Down 2.4%

Shares of NYSE:CAT traded down $10.09 during trading on Friday, reaching $407.41. 3,105,803 shares of the company were exchanged, compared to its average volume of 3,193,540. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $441.15. The firm has a market capitalization of $190.86 billion, a PE ratio of 20.72, a P/E/G ratio of 2.43 and a beta of 1.40. The business's fifty day simple moving average is $399.63 and its 200-day simple moving average is $355.78. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81.

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

Caterpillar Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be paid a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 1.5%. This is an increase from Caterpillar's previous quarterly dividend of $1.41. The ex-dividend date of this dividend is Monday, July 21st. Caterpillar's payout ratio is currently 30.72%.

Insider Transactions at Caterpillar

In related news, insider Jason Kaiser sold 2,161 shares of Caterpillar stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $417.70, for a total transaction of $902,649.70. Following the transaction, the insider directly owned 8,632 shares of the company's stock, valued at $3,605,586.40. This trade represents a 20.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.33% of the stock is currently owned by company insiders.

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.