Minneapolis Portfolio Management Group LLC Sells 1,180 Shares of Caterpillar Inc. (NYSE:CAT)

Minneapolis Portfolio Management Group LLC lessened its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 1.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,063 shares of the industrial products company's stock after selling 1,180 shares during the quarter. Caterpillar makes up approximately 4.3% of Minneapolis Portfolio Management Group LLC's holdings, making the stock its 8th largest holding. Minneapolis Portfolio Management Group LLC's holdings in Caterpillar were worth $30,692,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC grew its stake in Caterpillar by 38.3% during the fourth quarter. Proficio Capital Partners LLC now owns 2,218 shares of the industrial products company's stock worth $805,000 after buying an additional 614 shares during the period. Victrix Investment Advisors purchased a new position in shares of Caterpillar during the 4th quarter valued at approximately $2,090,000. Pacific Point Advisors LLC bought a new position in Caterpillar during the 4th quarter valued at $579,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Caterpillar by 18.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 191,640 shares of the industrial products company's stock worth $63,202,000 after buying an additional 30,070 shares during the last quarter. Finally, Brighton Jones LLC lifted its stake in Caterpillar by 51.5% during the fourth quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company's stock worth $2,688,000 after purchasing an additional 2,519 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

Caterpillar Stock Up 2.1%

Shares of CAT traded up $8.42 during mid-day trading on Wednesday, hitting $402.71. 3,072,710 shares of the company's stock were exchanged, compared to its average volume of 2,694,346. 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 cap of $189.69 billion, a price-to-earnings ratio of 19.63, a P/E/G ratio of 2.60 and a beta of 1.38. The firm has a fifty day moving average of $355.40 and a two-hundred day moving average of $347.25. Caterpillar Inc. has a twelve month low of $267.30 and a twelve month high of $418.50.

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

Caterpillar Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Monday, July 21st will be given a $1.51 dividend. The ex-dividend date is Monday, July 21st. 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 1.50%. Caterpillar's payout ratio is 27.49%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Truist Financial raised their target price on shares of Caterpillar from $396.00 to $414.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Bank of America lifted their price objective on shares of Caterpillar from $335.00 to $385.00 and gave the company a "buy" rating in a research report on Friday, May 30th. DA Davidson lifted their price objective on shares of Caterpillar from $325.00 to $331.00 and gave the company a "neutral" rating in a research report on Monday, May 5th. Baird R W raised Caterpillar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, Melius raised Caterpillar from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a research note on Wednesday. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $397.86.

Insider Buying and Selling

In other Caterpillar news, Director David Maclennan bought 375 shares of Caterpillar stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average cost of $320.70 per share, with a total value of $120,262.50. Following the acquisition, the director directly owned 6,653 shares of the company's stock, valued at $2,133,617.10. The trade was a 5.97% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, 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.