Zions Bancorporation National Association UT Takes $417,000 Position in Caterpillar Inc. (NYSE:CAT)

Key Points

• Zions Bancorporation National Association UT has acquired a new stake in Caterpillar Inc., purchasing 1,264 shares valued at approximately $417,000 in the first quarter.
• Several analysts have upgraded Caterpillar's stock ratings, with Melius Research setting a target price of $500.00 and a majority rating of "strong buy" and "buy" from analysts.
• Caterpillar has announced an increase in its quarterly dividend from $1.41 to $1.51 per share, reflecting a 1.5% dividend yield and a payout ratio of 30.72%.

Zions Bancorporation National Association UT purchased a new position in shares of Caterpillar Inc. (NYSE:CAT - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,264 shares of the industrial products company's stock, valued at approximately $417,000.

A number of other hedge funds have also modified their holdings of the business. Investment Management Corp VA ADV acquired a new position in Caterpillar during the 4th quarter worth about $33,000. Curat Global LLC acquired a new stake in shares of Caterpillar during the 1st quarter worth about $33,000. Redmont Wealth Advisors LLC purchased a new position in Caterpillar during the 1st quarter worth approximately $33,000. Quarry LP purchased a new position in Caterpillar during the 4th quarter worth approximately $35,000. Finally, Mpwm Advisory Solutions LLC purchased a new position in Caterpillar during the 4th quarter worth approximately $36,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Caterpillar Price Performance

NYSE CAT traded up $3.70 on Thursday, reaching $417.40. 3,658,360 shares of the stock traded hands, compared to its average volume of 2,755,359. The company has a market cap of $195.54 billion, a price-to-earnings ratio of 21.23, a P/E/G ratio of 2.46 and a beta of 1.40. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 1.50. The firm's fifty day simple moving average is $397.18 and its 200 day simple moving average is $355.91. Caterpillar Inc. has a 12 month low of $267.30 and a 12 month high of $441.15.

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

Caterpillar Increases Dividend

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

Wall Street Analysts Forecast Growth

CAT has been the topic of a number of analyst reports. Citigroup lifted their price target on Caterpillar from $460.00 to $500.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Barclays boosted their price target on Caterpillar from $383.00 to $425.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. upped their target price on Caterpillar from $475.00 to $520.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Bank of America boosted their price target on Caterpillar from $460.00 to $495.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, Truist Financial upped their target price on Caterpillar from $414.00 to $507.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $444.00.

Insiders Place Their Bets

In other Caterpillar news, insider Jason Kaiser sold 2,161 shares of Caterpillar stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $417.70, for a total transaction of $902,649.70. Following the sale, the insider directly owned 8,632 shares of the company's stock, valued at approximately $3,605,586.40. The trade was a 20.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.33% of the stock is currently owned by company insiders.

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.