Caterpillar Inc. (NYSE:CAT) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc raised its holdings in shares of Caterpillar Inc. (NYSE:CAT) by 4.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,743 shares of the industrial products company’s stock after buying an additional 3,051 shares during the period. CIBC Asset Management Inc’s holdings in Caterpillar were worth $28,451,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. M&G Plc purchased a new stake in shares of Caterpillar during the 1st quarter valued at about $15,009,000. First Foundation Advisors boosted its stake in shares of Caterpillar by 4.8% in the first quarter. First Foundation Advisors now owns 3,861 shares of the industrial products company’s stock valued at $1,415,000 after purchasing an additional 177 shares during the period. Spirepoint Private Client LLC acquired a new stake in Caterpillar during the 1st quarter valued at $221,000. TIAA Trust National Association lifted its holdings in Caterpillar by 3.6% in the 1st quarter. TIAA Trust National Association now owns 21,080 shares of the industrial products company’s stock worth $7,724,000 after buying an additional 729 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its position in Caterpillar by 17.2% in the 1st quarter. Acadian Asset Management LLC now owns 9,037 shares of the industrial products company’s stock valued at $3,308,000 after buying an additional 1,327 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Citigroup cut their price target on Caterpillar from $445.00 to $435.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Robert W. Baird upped their target price on Caterpillar from $299.00 to $300.00 and gave the company an “underperform” rating in a research report on Thursday, October 31st. Bank of America raised their price target on shares of Caterpillar from $376.00 to $434.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Truist Financial upped their price target on shares of Caterpillar from $399.00 to $456.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Caterpillar from $435.00 to $500.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $365.33.

Insider Buying and Selling at Caterpillar

In other Caterpillar news, Director Daniel M. Dickinson sold 1,300 shares of Caterpillar stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $418.00, for a total transaction of $543,400.00. Following the sale, the director now owns 4,976 shares of the company’s stock, valued at $2,079,968. The trade was a 20.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lange Bob De sold 12,657 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $410.25, for a total value of $5,192,534.25. Following the completion of the transaction, the insider now directly owns 71,107 shares of the company’s stock, valued at approximately $29,171,646.75. The trade was a 15.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,749 shares of company stock valued at $9,251,912 in the last ninety days. Company insiders own 0.29% of the company’s stock.

Caterpillar Stock Performance

Shares of NYSE CAT opened at $384.08 on Friday. The stock has a market capitalization of $185.43 billion, a P/E ratio of 17.81, a P/E/G ratio of 1.91 and a beta of 1.10. The firm’s 50-day moving average price is $380.76 and its two-hundred day moving average price is $353.83. Caterpillar Inc. has a 52-week low of $241.81 and a 52-week high of $418.50. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.33.

Caterpillar (NYSE:CAT) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $5.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.33 by ($0.16). The company had revenue of $16.11 billion for the quarter, compared to analyst estimates of $16.37 billion. Caterpillar had a net margin of 16.26% and a return on equity of 59.09%. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.52 EPS. As a group, sell-side analysts forecast that Caterpillar Inc. will post 21.69 earnings per share for the current year.

Caterpillar Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Monday, October 21st will be issued a $1.41 dividend. The ex-dividend date of this dividend is Monday, October 21st. This represents a $5.64 dividend on an annualized basis and a dividend yield of 1.47%. Caterpillar’s dividend payout ratio (DPR) is presently 26.15%.

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.