Novare Capital Management LLC Sells 1,300 Shares of Caterpillar Inc. (NYSE:CAT)

Novare Capital Management LLC reduced its position in Caterpillar Inc. (NYSE:CAT - Free Report) by 58.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 910 shares of the industrial products company's stock after selling 1,300 shares during the period. Novare Capital Management LLC's holdings in Caterpillar were worth $300,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Flagship Wealth Advisors LLC bought a new position in Caterpillar in the 4th quarter worth approximately $26,000. Cyrus J. Lawrence LLC bought a new position in shares of Caterpillar in the fourth quarter worth $27,000. Investment Management Corp VA ADV purchased a new position in shares of Caterpillar in the fourth quarter valued at $33,000. Curat Global LLC purchased a new position in Caterpillar during the 1st quarter valued at about $33,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Caterpillar in the first quarter worth about $33,000. Institutional investors own 70.98% of the company's stock.

Caterpillar Stock Down 1.1%

Shares of Caterpillar stock traded down $4.52 during midday trading on Monday, hitting $393.34. The company had a trading volume of 916,861 shares, compared to its average volume of 2,685,754. The company has a 50 day moving average of $351.96 and a 200 day moving average of $346.74. The stock has a market capitalization of $185.28 billion, a P/E ratio of 19.16, a P/E/G ratio of 2.64 and a beta of 1.38. Caterpillar Inc. has a 52-week low of $267.30 and a 52-week high of $418.50. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.77 and a current ratio of 1.32.

Caterpillar (NYSE:CAT - Get Free Report) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $14.64 billion. During the same period last year, the firm posted $5.60 earnings per share. The firm's quarterly revenue was down 9.8% on a year-over-year basis. On average, equities analysts predict that Caterpillar Inc. will post 19.86 earnings per share for the current fiscal year.

Caterpillar Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Monday, July 21st will be given a dividend of $1.51 per share. 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 yield of 1.54%. Caterpillar's dividend payout ratio is 27.49%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CAT. Baird R W upgraded Caterpillar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 13th. Bank of America increased their price target on shares of Caterpillar from $335.00 to $385.00 and gave the stock a "buy" rating in a report on Friday, May 30th. UBS Group upgraded shares of Caterpillar from a "sell" rating to a "neutral" rating and upped their target price for the stock from $272.00 to $357.00 in a research report on Friday, May 16th. Oppenheimer raised Caterpillar from a "market perform" rating to an "outperform" rating and set a $395.00 price target for the company in a research note on Thursday, May 1st. Finally, Truist Financial boosted their target price on Caterpillar from $396.00 to $414.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $380.83.

Insider Buying and Selling at Caterpillar

In other news, Director David Maclennan bought 375 shares of the stock in a transaction on Wednesday, May 7th. The shares were bought at an average price of $320.70 per share, with a total value of $120,262.50. Following the completion of the acquisition, the director owned 6,653 shares in the company, valued at $2,133,617.10. The trade was a 5.97% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.33% of the stock is owned by insiders.

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.