Palmer Knight Co Purchases New Position in Caterpillar Inc. $CAT

Key Points

• Palmer Knight Co acquired a new stake in **Caterpillar Inc.**, purchasing 15,158 shares valued at approximately $5.88 million, representing about 2.5% of its portfolio.
• Analysts have raised their price targets for Caterpillar, with **Jefferies Financial Group** setting a new target of **$570** and maintaining a "buy" rating, while the consensus rating is classified as a **"Moderate Buy"** with a target price of **$510.60**.
• Caterpillar has announced a quarterly dividend of **$1.51** per share, which will be paid on **November 20th**, with an annualized yield of **1.1%** and a payout ratio of **30.72%**.

Palmer Knight Co purchased a new stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 15,158 shares of the industrial products company's stock, valued at approximately $5,884,000. Caterpillar makes up about 2.5% of Palmer Knight Co's portfolio, making the stock its 26th largest holding.

Other large investors have also added to or reduced their stakes in the company. Family Legacy Financial Solutions LLC bought a new stake in Caterpillar in the 2nd quarter worth approximately $32,000. Harbor Asset Planning Inc. bought a new stake in Caterpillar in the 2nd quarter worth approximately $34,000. Compass Financial Services Inc grew its position in Caterpillar by 49.2% in the 1st quarter. Compass Financial Services Inc now owns 94 shares of the industrial products company's stock worth $31,000 after purchasing an additional 31 shares during the period. Redmont Wealth Advisors LLC bought a new stake in Caterpillar in the 1st quarter worth approximately $33,000. Finally, Maseco LLP bought a new stake in Caterpillar in the 2nd quarter worth approximately $45,000. Institutional investors own 70.98% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CAT shares. UBS Group lifted their target price on shares of Caterpillar from $450.00 to $506.00 and gave the stock a "neutral" rating in a research report on Monday, October 13th. Jefferies Financial Group boosted their price objective on shares of Caterpillar from $500.00 to $570.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. Melius Research raised shares of Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 price objective for the company in a research report on Wednesday, July 9th. Truist Financial boosted their price objective on shares of Caterpillar from $507.00 to $582.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. Finally, Sanford C. Bernstein boosted their price objective on shares of Caterpillar from $447.00 to $502.00 and gave the company a "market perform" rating in a research report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $510.60.

Insider Activity at Caterpillar

In other Caterpillar news, Chairman Donald J. Umpleby III sold 17,168 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $412.87, for a total value of $7,088,152.16. Following the sale, the chairman owned 482,505 shares in the company, valued at $199,211,839.35. The trade was a 3.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan C. Schwab sold 2,324 shares of the business's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $410.00, for a total transaction of $952,840.00. Following the completion of the sale, the director owned 6,917 shares in the company, valued at approximately $2,835,970. The trade was a 25.15% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 55,985 shares of company stock worth $25,559,300. 0.33% of the stock is owned by corporate insiders.

Caterpillar Stock Down 2.5%

CAT opened at $527.41 on Friday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.81 and a current ratio of 1.34. Caterpillar Inc. has a fifty-two week low of $267.30 and a fifty-two week high of $544.99. The firm's fifty day moving average is $453.38 and its 200 day moving average is $390.93. The stock has a market cap of $247.08 billion, a price-to-earnings ratio of 26.83, a price-to-earnings-growth ratio of 3.01 and a beta of 1.46.

Caterpillar (NYSE:CAT - Get Free Report) last released its earnings results on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share 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 firm had revenue of $16.57 billion for the quarter, compared to analysts' expectations of $16.14 billion. During the same quarter last year, the firm posted $5.99 EPS. The firm's quarterly revenue was down .7% 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 fiscal year.

Caterpillar Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, October 20th will be paid a dividend of $1.51 per share. The ex-dividend date is Monday, October 20th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.1%. Caterpillar's payout ratio is 30.72%.

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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