Sequoia Financial Advisors LLC Buys 9,512 Shares of Caterpillar Inc. $CAT

Key Points

• Sequoia Financial Advisors increased its Caterpillar stake by 5.3%, adding 9,512 shares to own 188,272 shares valued at approximately $200.5 million. Institutional investors collectively hold 70.98% of CAT’s outstanding shares.
• Caterpillar reported a strong quarter, with EPS of $8.17 versus the $6.22 consensus and revenue of $20.54 billion, up 23.7% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $995.52.
• The company raised its quarterly dividend from $1.51 to $1.63 per share, equivalent to an annualized dividend of $6.52 and a 0.7% yield.

Sequoia Financial Advisors LLC boosted its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 5.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 188,272 shares of the industrial products company's stock after acquiring an additional 9,512 shares during the period. Caterpillar accounts for 1.0% of Sequoia Financial Advisors LLC's portfolio, making the stock its 20th largest holding. Sequoia Financial Advisors LLC's holdings in Caterpillar were worth $200,490,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Axxcess Wealth Management LLC increased its stake in Caterpillar by 2.8% in the 4th quarter. Axxcess Wealth Management LLC now owns 22,420 shares of the industrial products company's stock worth $12,844,000 after acquiring an additional 604 shares during the last quarter. Juno Financial Group LLC bought a new position in shares of Caterpillar during the 4th quarter valued at approximately $877,000. DSG Capital Advisors LLC purchased a new position in shares of Caterpillar in the first quarter valued at $1,226,000. Cornerstone Planning LLC bought a new stake in Caterpillar in the fourth quarter worth $4,517,000. Finally, Ticino Wealth purchased a new stake in Caterpillar during the fourth quarter valued at $2,488,000. Hedge funds and other institutional investors own 70.98% of the company's stock.

Wall Street Analyst Weigh In

CAT has been the subject of a number of recent research reports. Truist Financial set a $980.00 price objective on shares of Caterpillar in a research note on Wednesday, August 5th. Evercore reaffirmed an "outperform" rating and issued a $1,103.00 price target on shares of Caterpillar in a report on Monday, May 11th. Rothschild & Co Redburn lifted their price target on Caterpillar from $700.00 to $950.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. Jefferies Financial Group upped their price objective on Caterpillar from $900.00 to $1,045.00 and gave the company a "buy" rating in a research report on Friday, May 1st. Finally, Bank of America raised their price objective on Caterpillar from $930.00 to $989.00 and gave the company a "buy" rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $995.52.

Caterpillar Trading Up 3.2%

CAT opened at $883.90 on Tuesday. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.85 and a current ratio of 1.37. The stock's 50 day moving average price is $914.46 and its 200-day moving average price is $829.59. Caterpillar Inc. has a one year low of $405.46 and a one year high of $1,073.46. The stock has a market cap of $406.30 billion, a price-to-earnings ratio of 38.03, a P/E/G ratio of 1.53 and a beta of 1.60.

Caterpillar (NYSE:CAT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.22 by $1.95. The company had revenue of $20.54 billion during the quarter, compared to analysts' expectations of $19.34 billion. Caterpillar had a return on equity of 55.53% and a net margin of 14.51%.Caterpillar's revenue was up 23.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.72 EPS. On average, equities analysts forecast that Caterpillar Inc. will post 26.56 EPS for the current year.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Monday, July 20th will be paid a dividend of $1.63 per share. This is an increase from Caterpillar's previous quarterly dividend of $1.51. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, July 20th. Caterpillar's payout ratio is presently 28.06%.

Caterpillar Profile

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company's product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

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