SouthState Corp Raises Position in Caterpillar Inc. (NYSE:CAT)

Key Points

• SouthState Corp increased its stake in Caterpillar Inc. by 33.9%, acquiring an additional 987 shares, bringing its total holdings to 3,897 shares valued at $1,285,000.
• Caterpillar's stock is currently down 0.2%, with a market cap of $195.09 billion and recent earnings showing $4.72 EPS, missing expectations.
• The company announced a quarterly dividend increase to $1.51, reflecting a 1.5% yield, with its dividend payout ratio at 30.72%.

SouthState Corp grew its stake in Caterpillar Inc. (NYSE:CAT - Free Report) by 33.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,897 shares of the industrial products company's stock after buying an additional 987 shares during the period. SouthState Corp's holdings in Caterpillar were worth $1,285,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CAT. GAMMA Investing LLC raised its holdings in shares of Caterpillar by 43,447.3% in the first quarter. GAMMA Investing LLC now owns 3,730,259 shares of the industrial products company's stock worth $1,230,239,000 after buying an additional 3,721,693 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Caterpillar by 2,723.1% during the first quarter. Pacer Advisors Inc. now owns 1,414,280 shares of the industrial products company's stock worth $466,430,000 after purchasing an additional 1,364,183 shares during the last quarter. Nuveen LLC purchased a new position in shares of Caterpillar during the first quarter worth $391,788,000. Capital Research Global Investors raised its holdings in shares of Caterpillar by 69.3% during the fourth quarter. Capital Research Global Investors now owns 2,924,054 shares of the industrial products company's stock worth $1,060,730,000 after purchasing an additional 1,196,861 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Caterpillar by 11.8% during the fourth quarter. Northern Trust Corp now owns 6,847,330 shares of the industrial products company's stock worth $2,483,937,000 after purchasing an additional 724,477 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

Caterpillar Price Performance

NYSE CAT traded up $3.70 during trading hours on Thursday, hitting $417.40. 3,670,919 shares of the company's stock traded hands, compared to its average volume of 2,759,165. Caterpillar Inc. has a 52-week low of $267.30 and a 52-week high of $441.15. The company has a market capitalization of $195.54 billion, a PE ratio of 21.23, a PEG ratio of 2.46 and a beta of 1.40. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.34 and a quick ratio of 0.81. The firm's 50-day moving average is $397.18 and its 200-day moving average is $355.91.

Caterpillar (NYSE:CAT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $4.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.88 by ($0.16). Caterpillar had a net margin of 14.95% and a return on equity of 48.95%. The business had revenue of $16.57 billion for the quarter, compared to analysts' expectations of $16.14 billion. During the same period in the prior year, the company posted $5.99 EPS. The firm's revenue was down .7% on a year-over-year basis. Equities analysts forecast that Caterpillar Inc. will post 19.86 EPS for the current fiscal year.

Caterpillar Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Stockholders of record on Monday, July 21st will be issued a dividend of $1.51 per share. The ex-dividend date is Monday, July 21st. This represents a $6.04 dividend on an annualized basis and a dividend yield of 1.4%. This is an increase from Caterpillar's previous quarterly dividend of $1.41. Caterpillar's payout ratio is 30.72%.

Insider Activity

In other news, insider Jason Kaiser sold 2,161 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $417.70, for a total value of $902,649.70. Following the transaction, the insider directly owned 8,632 shares in the company, valued at approximately $3,605,586.40. This represents a 20.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on CAT. JPMorgan Chase & Co. raised their target price on shares of Caterpillar from $475.00 to $520.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. Baird R W raised shares of Caterpillar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Melius Research raised shares of Caterpillar from a "hold" rating to a "strong-buy" rating and set a $500.00 target price for the company in a report on Wednesday, July 9th. Barclays lifted their price objective on shares of Caterpillar from $383.00 to $425.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Finally, Evercore ISI lowered their target price on shares of Caterpillar from $375.00 to $373.00 and set an "in-line" rating on the stock in a research note on Monday, May 19th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $444.00.

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.