Pacer Advisors Inc. Buys 1,364,183 Shares of Caterpillar Inc. (NYSE:CAT)

Key Points

• Pacer Advisors Inc. significantly increased its holdings in Caterpillar Inc. by 2,723.1%, acquiring an additional 1,364,183 shares, bringing its total to 1,414,280 shares.
• Caterpillar's quarterly earnings report showed earnings per share of $4.25, which was below the expected $4.35, contributing to a 9.8% decline in revenue compared to the same quarter last year.
• The company declared a quarterly dividend increase to $1.51 per share, marking a boost from the previous dividend of $1.41 and indicating a 1.41% yield for investors.

Pacer Advisors Inc. boosted its position in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 2,723.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,414,280 shares of the industrial products company's stock after buying an additional 1,364,183 shares during the quarter. Caterpillar makes up about 1.1% of Pacer Advisors Inc.'s holdings, making the stock its 27th biggest holding. Pacer Advisors Inc. owned about 0.30% of Caterpillar worth $466,430,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Pacific Point Advisors LLC bought a new stake in Caterpillar in the fourth quarter valued at $579,000. Brighton Jones LLC boosted its position in shares of Caterpillar by 51.5% during the fourth quarter. Brighton Jones LLC now owns 7,409 shares of the industrial products company's stock valued at $2,688,000 after purchasing an additional 2,519 shares in the last quarter. Quantbot Technologies LP bought a new position in Caterpillar in the fourth quarter worth $933,000. Zions Bancorporation N.A. boosted its holdings in shares of Caterpillar by 9.2% during the 4th quarter. Zions Bancorporation N.A. now owns 923 shares of the industrial products company's stock valued at $335,000 after buying an additional 78 shares in the last quarter. Finally, PKS Advisory Services LLC purchased a new stake in shares of Caterpillar in the 4th quarter worth about $202,000. Institutional investors own 70.98% of the company's stock.

Caterpillar Trading Up 0.5%

Shares of CAT stock opened at $429.58 on Friday. 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 Inc. has a 52-week low of $267.30 and a 52-week high of $430.16. The stock has a fifty day simple moving average of $375.41 and a two-hundred day simple moving average of $351.40. The firm has a market capitalization of $202.35 billion, a PE ratio of 20.93, a PEG ratio of 2.68 and a beta of 1.38.

Caterpillar (NYSE:CAT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $4.25 earnings per share for the quarter, missing the consensus estimate of $4.35 by ($0.10). The business had revenue of $14.25 billion during 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 company's revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.60 earnings per share. On average, analysts predict that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Monday, July 21st will be paid a $1.51 dividend. The ex-dividend date is Monday, July 21st. This represents a $6.04 annualized dividend and a yield of 1.41%. This is a boost from Caterpillar's previous quarterly dividend of $1.41. Caterpillar's payout ratio is presently 29.43%.

Insider Activity at Caterpillar

In other news, Director David Maclennan bought 375 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were bought at an average cost of $320.70 per share, for a total transaction of $120,262.50. Following the completion of the transaction, the director owned 6,653 shares of the company's stock, valued at approximately $2,133,617.10. This represents a 5.97% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.33% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CAT has been the topic of several research reports. Citigroup reissued a "buy" rating and set a $420.00 price objective (up previously from $370.00) on shares of Caterpillar in a research note on Tuesday, June 24th. Truist Financial increased their target price on Caterpillar from $396.00 to $414.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Barclays increased their price target on shares of Caterpillar from $335.00 to $383.00 and gave the company an "equal weight" rating in a report on Monday. Oppenheimer boosted their price target on Caterpillar from $395.00 to $483.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. Finally, Melius Research upgraded Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price objective for the company in a report on Wednesday, July 9th. Seven 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's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $419.33.

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.

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