Meridian Wealth Management LLC Grows Stock Position in Caterpillar Inc. (NYSE:CAT)

Key Points

• Meridian Wealth Management LLC increased its stake in Caterpillar Inc. by 4.2%, holding 38,972 shares worth approximately $12.85 million as of the latest SEC filing.
• Caterpillar reported earnings per share of $4.72, missing estimates of $4.88, with revenues of $16.57 billion for the quarter.
• The company recently declared a quarterly dividend of $1.51 per share, up from the previous $1.41, reflecting a dividend yield of 1.5%.

Meridian Wealth Management LLC increased its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,972 shares of the industrial products company's stock after purchasing an additional 1,574 shares during the quarter. Caterpillar makes up about 0.6% of Meridian Wealth Management LLC's portfolio, making the stock its 29th biggest position. Meridian Wealth Management LLC's holdings in Caterpillar were worth $12,853,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Investment Management Corp VA ADV purchased a new stake in Caterpillar during the fourth quarter worth $33,000. Quarry LP purchased a new stake in Caterpillar during the fourth quarter worth $35,000. Mpwm Advisory Solutions LLC purchased a new stake in Caterpillar during the fourth quarter worth $36,000. Mattson Financial Services LLC purchased a new stake in Caterpillar during the fourth quarter worth $39,000. Finally, Curat Global LLC purchased a new stake in Caterpillar during the first quarter worth $33,000. Institutional investors own 70.98% of the company's stock.

Caterpillar Price Performance

Shares of NYSE:CAT traded up $3.70 during trading on Thursday, reaching $417.40. 3,672,937 shares of the company's stock traded hands, compared to its average volume of 2,759,336. Caterpillar Inc. has a fifty-two week low of $267.30 and a fifty-two week high of $441.15. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 1.50. The firm has a market cap of $195.54 billion, a PE ratio of 21.23, a P/E/G ratio of 2.46 and a beta of 1.40. The company has a 50-day simple moving average of $397.18 and a 200-day simple moving average of $355.91.

Caterpillar (NYSE:CAT - Get Free Report) last posted its earnings results 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). Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The business had revenue of $16.57 billion for the quarter, compared to analyst estimates of $16.14 billion. During the same quarter last year, the business earned $5.99 earnings per share. Caterpillar's revenue was down .7% on a year-over-year basis. As a group, analysts predict that Caterpillar Inc. will post 19.86 earnings per share 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 issued a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 1.4%. The ex-dividend date is Monday, July 21st. This is a positive change from Caterpillar's previous quarterly dividend of $1.41. Caterpillar's payout ratio is presently 30.72%.

Insider Transactions at Caterpillar

In other Caterpillar news, insider Jason Kaiser sold 2,161 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $417.70, for a total value 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.33% of the company's stock.

Analyst Ratings Changes

CAT has been the subject of a number of recent analyst reports. Baird R W raised Caterpillar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. JPMorgan Chase & Co. raised their price target on Caterpillar from $475.00 to $520.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. DA Davidson raised 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. Melius raised Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a report on Wednesday, July 9th. Finally, Robert W. Baird raised their price target on Caterpillar from $395.00 to $422.00 and gave the stock an "outperform" rating in a report on Friday, June 20th. Seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $444.00.

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.