Mackenzie Financial Corp Buys 2,491 Shares of Caterpillar Inc. (NYSE:CAT)

Key Points

• Mackenzie Financial Corp increased its holdings in Caterpillar Inc. by 1.5%, acquiring an additional 2,491 shares in the first quarter, bringing their total to 173,302 shares worth approximately $57.16 million.
• Wall Street analysts are optimistic about Caterpillar's growth, with several raising their price targets, including Oppenheimer increasing it to $483.00 and JPMorgan Chase to $475.00.
• Caterpillar recently declared a quarterly dividend of $1.51 per share, up from $1.41, reflecting the company's ongoing commitment to returning capital to shareholders.

Mackenzie Financial Corp increased its holdings in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 173,302 shares of the industrial products company's stock after buying an additional 2,491 shares during the quarter. Mackenzie Financial Corp's holdings in Caterpillar were worth $57,155,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Victrix Investment Advisors acquired a new position in Caterpillar in the 4th quarter worth about $2,090,000. Pacific Point Advisors LLC acquired a new stake in Caterpillar during the fourth quarter worth approximately $579,000. Wealth Enhancement Advisory Services LLC grew its stake in Caterpillar by 18.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 191,640 shares of the industrial products company's stock worth $63,202,000 after purchasing an additional 30,070 shares during the period. Crestwood Advisors Group LLC grew its stake in Caterpillar by 3.4% during the first quarter. Crestwood Advisors Group LLC now owns 22,689 shares of the industrial products company's stock worth $7,483,000 after purchasing an additional 743 shares during the period. Finally, Liberty Square Wealth Partners LLC grew its stake in Caterpillar by 5.8% during the first quarter. Liberty Square Wealth Partners LLC now owns 1,636 shares of the industrial products company's stock worth $540,000 after purchasing an additional 90 shares during the period. 70.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Caterpillar from $395.00 to $475.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Sanford C. Bernstein reiterated a "market perform" rating on shares of Caterpillar in a report on Monday, July 14th. Oppenheimer increased their price target on Caterpillar from $395.00 to $483.00 and gave the stock an "outperform" rating in a report on Thursday, July 17th. Truist Financial increased their price target on Caterpillar from $396.00 to $414.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Finally, DA Davidson increased their price target on Caterpillar from $331.00 to $388.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Caterpillar currently has a consensus rating of "Moderate Buy" and a consensus target price of $419.33.

Insider Buying and Selling

In other Caterpillar news, Director David Maclennan purchased 375 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The shares were acquired at an average cost of $320.70 per share, for a total transaction of $120,262.50. Following the completion of the acquisition, the director owned 6,653 shares of the company's stock, valued at $2,133,617.10. The trade was a 5.97% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.33% of the company's stock.

Caterpillar Stock Down 0.1%

CAT stock opened at $433.16 on Tuesday. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $436.40. 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's 50 day moving average is $378.63 and its 200-day moving average is $352.33. The firm has a market capitalization of $204.04 billion, a PE ratio of 21.11, a P/E/G ratio of 2.71 and a beta of 1.38.

Caterpillar (NYSE:CAT - Get Free Report) last issued its quarterly 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). The business had revenue of $14.25 billion for the quarter, compared to the consensus estimate of $14.64 billion. Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The business's revenue was down 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $5.60 earnings per share. Sell-side analysts expect 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. Investors of record on Monday, July 21st will be issued a dividend of $1.51 per share. This is a positive change from Caterpillar's previous quarterly dividend of $1.41. This represents a $6.04 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend is Monday, July 21st. Caterpillar's dividend payout ratio (DPR) is 29.43%.

Caterpillar Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.