State of Alaska Department of Revenue Has $18.47 Million Stake in Caterpillar Inc. (NYSE:CAT)

State of Alaska Department of Revenue boosted its stake in shares of Caterpillar Inc. (NYSE:CAT - Free Report) by 1.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,008 shares of the industrial products company's stock after acquiring an additional 960 shares during the quarter. State of Alaska Department of Revenue's holdings in Caterpillar were worth $18,471,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Caterpillar by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 46,809,540 shares of the industrial products company's stock worth $16,980,629,000 after acquiring an additional 284,366 shares in the last quarter. Geode Capital Management LLC raised its stake in Caterpillar by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 10,449,770 shares of the industrial products company's stock worth $3,790,841,000 after acquiring an additional 236,315 shares in the last quarter. Fisher Asset Management LLC raised its stake in Caterpillar by 1.4% during the fourth quarter. Fisher Asset Management LLC now owns 9,081,775 shares of the industrial products company's stock worth $3,294,505,000 after acquiring an additional 129,143 shares in the last quarter. Northern Trust Corp raised its stake in 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 acquiring an additional 724,477 shares in the last quarter. Finally, Norges Bank acquired a new position in Caterpillar during the fourth quarter worth $2,184,364,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CAT has been the subject of several recent analyst reports. DA Davidson increased their price objective on Caterpillar from $325.00 to $331.00 and gave the stock a "neutral" rating in a research note on Monday, May 5th. Citigroup increased their target price on Caterpillar from $320.00 to $370.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Oppenheimer upgraded Caterpillar from a "market perform" rating to an "outperform" rating and set a $395.00 target price on the stock in a report on Thursday, May 1st. Truist Financial restated a "buy" rating and set a $396.00 target price (up previously from $389.00) on shares of Caterpillar in a report on Thursday, May 1st. Finally, Wall Street Zen cut Caterpillar from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $372.92.

Caterpillar Price Performance

Caterpillar stock opened at $357.85 on Wednesday. The business's 50-day simple moving average is $330.03 and its 200 day simple moving average is $347.62. The stock has a market cap of $168.56 billion, a price-to-earnings ratio of 17.44, a P/E/G ratio of 2.41 and a beta of 1.37. Caterpillar Inc. has a 12-month low of $267.30 and a 12-month high of $418.50. The company has a quick ratio of 0.77, a current ratio of 1.32 and a debt-to-equity ratio of 1.43.

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 analysts' consensus estimates of $4.35 by ($0.10). Caterpillar had a return on equity of 53.77% and a net margin of 15.71%. The company had revenue of $14.25 billion for the quarter, compared to the consensus estimate of $14.64 billion. During the same quarter last year, the business posted $5.60 EPS. Caterpillar's quarterly revenue was down 9.8% on a year-over-year basis. As a group, research analysts anticipate that Caterpillar Inc. will post 19.86 earnings per share for the current year.

Caterpillar Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Monday, July 21st will be issued a dividend of $1.51 per share. The ex-dividend date of this dividend is Monday, July 21st. This represents a $6.04 dividend on an annualized basis and a yield of 1.69%. This is a boost from Caterpillar's previous quarterly dividend of $1.41. Caterpillar's dividend payout ratio (DPR) is 27.49%.

Insiders Place Their Bets

In other Caterpillar news, Director David Maclennan purchased 375 shares of the company's stock in a transaction dated 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 transaction, the director now directly owns 6,653 shares in the company, valued at $2,133,617.10. This trade represents a 5.97% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.33% of the company's stock.

Caterpillar 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.

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